Life Insurance - M&P
Eligibility
Eligible participants are regular employees who are scheduled to work at least 20 hours per week.
Enrollment
Enrollment in Group Term (non-contributory) Life Insurance is automatic. Employees should contact the Benefits Office to obtain and complete a beneficiary card.
Eligible employees must enroll in the supplemental life insurance plan during the first 60 days of employment to avoid proof of insurability issues.
Group Term Life Insurance
Yale University provides all eligible Managerial & Professional employees with $25,000 of basic term life insurance and an equivalent amount of Accidental Death and Dismemberment coverage .
Supplemental Life Insurance
The University currently offers all eligible employees the opportunity to purchase Group Term Life Insurance and an equivalent amount of Accidental Death and Dismemberment coverage in multiples of 1, 2, 3, 4 or 5 times their base annual salary or a flat amount of $50,000. The maximum amount of coverage is $1,000,000.
New employees who enroll within the first 60 days of employment are eligible to purchase up to two times their annual base salary without proof of insurability. Employees wishing to purchase Group Term Life Insurance and new employees electing coverage above two times their annual base salary must complete an evidence of insurability form and be approved by the Insurance company.
The monthly cost of insurance is based on the age of the employee and the amount of term life insurances elected. Monthly costs will also be adjusted as the employee's salary increases and his/her age reaches one of the age brackets shown below. Premiums will be taken from the employee's paycheck as a pre-tax salary reduction on the first $50,000 of coverage and as an after-tax deduction for the cost of coverage over $50,000.
Rate Schedule
Monthly
Premium Costs per $1,000 of Coverage
Rates effective January 1, 2006:
| Age bracket | Monthly costs per $1,000 of coverage |
|---|---|
| less than 30 | 0.040 |
| 30–34 | 0.044 |
| 35–39 | 0.051 |
| 40–44 | 0.073 |
| 45–49 | 0.113 |
| 50–54 | 0.169 |
| 55–59 | 0.276 |
| 60–64 | 0.426 |
| 65–69 | 0.668 |
| 70–74 | 1.002 |
| 75 and up | 1.417 |
Please contact the Benefits Office at 2-5550 if you need additional information or an enrollment card.
Terminating or Retiring Employees
Employees who terminate or retire may continue their supplemental coverage by purchasing a policy directly from Standard. Please contact the Benefits office for additional information and application.
