It's always a good idea to plan ahead, especially when it comes to protecting you and your family.  That's what these extra benefits are all about.  New for 2019, the College will be offering a variety of fully portable or convertible insurance products through The Standard Company.  You have the opportunity to purchase optional coverage for yourself, spouse and dependent child(ren) up to age 26.

Optional Life Plan Highlights

Employee Optional Life Coverage

Benefit Schedule: $10,000 increments up to $500,000
Minimum Coverage: $10,000
Maximum Coverage: $500,000, not to exceed 6x Annual Salary when combined with your employer-paid life insurance coverage
Guaranteed Issue Amount: $150,000
Age Reduction Schedule: 65% at Age 65 
Additional 50% at age 70 
Additional 35% age Age 75

 

Spouse Optional Life Coverage

You must enroll in Employee Optional Life Coverage in order to elect coverage for your Spouse.  The combined coverage amount(s) of Spouse and Child(ren) cannot exceed 100% of the employee's optional life coverage.

Benefit Schedule: $5,000 increments up to $250,000
Minimum Coverage: $5,000
Maximum Coverage: $250,000
Guaranteed Issue Amount: $50,000
Age Reduction Schedule: 65% at Age 65
Additional 50% at Age 70
Additional 35% ag Age 75

 

Dependent Child(ren) Optional Life Coverage

You must enroll in Employee Optional Life Coverage in order to elect coverage for your dependent child(ren).  Eligible dependents are child(ren) from birth to age 26.  Each eligible child is covered at $10,000.  The rate is a per family charge, meaning you pay the same rate no matter how many eligible children are covered.

Benefit Schedule: Flat $10,000

 

Evidence of Insurability (EOI)

If you elect an amount above the Guaranteed Issue Amount for Employee and/or Spouse Optional Life Coverage, you will be asked to provide proof that you and/or your spouse are in good health, otherwise known as Evidence of Insurability.

If you make an election that is subject to EOI, you will be asked to complete your EOI online.  Human Resources will enroll you and/or your spouse at the Guaranteed Issue Amount.  Once The Standard Company reviews your EOI, they will notify you directly if you are approved.  They will also let Human Resources know what coverage amount you were approved for.  Human Resources will then adjust your election appropriately.

 

Optional Life Premiums

Premiums for both Employee and Spouse Optional Life Coverage are based on the employee's age as of the prior year's January 1st.

Employee's Age Rate per $1,000 of Coverage per Month
20-29 $0.06
30-34 $0.08
35-39 $0.09
40-44 $0.10
45-49 $0.15
50-54 $0.23
55-59 $0.43
60-64 $0.66
65-69 $1.27
70-74 $2.06
75+ $6.82
Child(ren) Coverage $0.20

 

How do I enroll?

Current Active, Benefit-Eligible Employees - you may enroll during 2019 Open Enrollment, which is November 5 - November 23, 2018.   Coverage will be effective January 1, 2019.  This is your only opportunity to enroll up to the Guaranteed Issue Amount without having to provide Evidence of Insurability.   After the 2019 Open Enrollment period, you will have the opportunity to enroll into or make changes to your coverage amounts during future Open Enrollment periods; however, you will be required to provide Evidence of Insurability for any new enrollments or increases in current coverage amounts.

Newly Hired Benefit-Eligible Employees - You have 31 days from your hire date to enroll into these plans.  This is your only opportunity to enroll up to the Guaranteed Issue Amount without having to provide Evidence of Insurability.  After your 31 day new hire enrollment period, you will have the opportunity to enroll into or make changes to your coverage amounts during future Open Enrollment periods; however, you will be required to provide Evidence of Insurability for any new enrollments or increases in coverage amounts.

Please contact Human Resources in you are interested in enrolling into these plans.