Life Insurance

Learn more about College-paid and voluntary life insurance offered through AIG.

College Paid Life Insurance

Eligibility

Regular full-time employees who are scheduled to work more than 1,462 hours per year.

Details

The College provides you with a Life Insurance policy of twice your annual base salary rounded to the next highest $1,000 up to a maximum of $500,000.

The policy includes an additonal accidental death & dismemberment (AD&D) benefit. If you pass away as a result of an accident, the AD&D benefit is equal to twice your annual base salary rounded to the next highest $1,000 up to a maximum of $500,000.

If the Life Insurance provided by the college totals more than $50,000, the cost of the insurance coverage over $50,000 will be taxed as income and identified as excess life on your statement of earnings. This policy is convertible upon separation from employment.

Voluntary Life

Eligibility

AIG provides the opportunity to elect voluntary life insurance to regular part-time and full-time employees who are scheduled to work more than 1,000 hours per year and eligible dependents. Eligible dependents:

  • Legal spouse
  • Dependent children or step children through the end of the calendar year they reach age 26
  • Same or opposite gender partners See Policy for Domestic Partners
  • Children of domestic partner through the end of the calendar year they reach age 26

Details

Coverage is available in the following amounts:

  • from $10,000 to $500,000 for employees
  • from $5,000 to $250,000 for spouse/domestic partner; not to exceed 50% of employee coverage rounded to the next lower $5,000
  • child(ren) coverage in increments of $2,500 up to $10,000

The amount of voluntary life insurance will reduce to 65% of the original amount at age 65, 40% of the original amount at age 70 and 25% of the original amount at age 75.

To elect spouse/domestic partner or child(ren) coverage, the employee must have voluntary coverage. Premiums for spouse/domestic partner coverage are based on the employee's age as of 4/1 of the plan year. Voluntary life insurance premiums is paid for on an after-tax basis. This plan is portable for employee, spouse/domestic partner and child(ren).

An evidence of insurability application is required on all amounts that are not guaranteed issue. Enrollments are guaranteed for up to $150,000 for employee and up to $50,000 for spouse.

For more information on this benefit, please login to your ICUBA Benefits site and visit the Reference Center.