Optional Employee Life Insurance

Faculty and staff may purchase additional term life insurance equal to 1, 2, 3, 4, or 5 times annual salary, up to a maximum of $750,000, at any time. Evidence of insurability, however, may be required depending on when and how insurance is purchased. No questionnaire or examination is required for the first $200,000 of optional life insurance or less that is purchased during the first thirty days of employment or during the first thirty days after marriage, or birth or adoption of a child. Optional life insurance purchased at other times and all optional life insurance in excess of $200,000 requires medical evidence of insurability satisfactory to the insurance company. This may consist of a medical questionnaire or a medical questionnaire and an examination.

Optional life insurance may be reduced or cancelled at any time by the participant. The amount of optional life insurance an employee may obtain and premiums change on July 1 each year based on any salary increase.

Rates for optional life insurance are based on age.

Spouse/qualified domestic partner rates are the same as employee optional life insurance rates.

For each thousand dollars of optional life insurance coverage, the monthly rates are: