Human Resources

LIFE INSURANCE

The Univeristy offers basic & supplemental life insruance policies to eligible employees.                       

Life Insurance Plan Description

Basic Life Insurance

  • Basic life insurance is fully paid by the university. Coverage equals one times salary up to $50,000. Eligible employees are automatically enrolled in this benefit.

Supplemental Life Insurance

  • Employee Life Insurance: Optional employee life insurance that is fully paid by the participant.  You can apply for up to five times your salary up to $750,000.  Maximum guarantee issue amount is $200,000.  Participant payments for life insurance are automatically deducted from faculty or staff member’s pay.
  • Spouse/Partner Life Insurance: Optional insurance that is fully paid by the participant.  Spouse/partner can apply in increments of $10,000 up to $100,000.  Maximum guarantee issue amount is $30,000.  Please note: Spouse/partner life insurance cannot exceed 50% of employee supplemental life insurance. Participant payments for life insurance are automatically deducted from faculty or staff member’s pay.
  • Dependent Children Life Insurance: Optional dependent children life insurance is fully paid by the participant.  The flat amount of life insurance is $100 after age 15 days to 6 months and then $5,000 to age 26. Dependent Child Life Rates are $0.35 per month regardless of how many dependent children are covered. Participant payments for life insurance are automatically deducted from faculty or staff member’s pay.

Enrolling in Coverage as a new employee: Eligible employees will be given the opportunity to enroll when initially hired up to the applicable guaranteed issue amounts. Employees can apply beyond the guaranteed issue amount, by submitting a medical questionnare to Cigna Life Insurance. Please contact Wesleyan Benefits at benefits@weselyan.edu to request a form and review the application process.

Enrolling in Coverage as an existing employee: Eligible employees do not have to wait until the open enrollment period to apply for life insurance.  Eligible employees may apply at any time during the year by submitting a medical questionnare to Cigna Life Insurance. Please contact Wesleyan Benefits at benefits@weselyan.edu to request a form and review the application process.

Termination of Coverage: Both basic and supplemental life insurance end when the participant’s Wesleyan employment ends unless the participant is eligible for benefits under the long term disability plan or as an early retiree. Terminating employees may be eligible to port or convert their policies directly with the carrier. Please contact Wesleyan Benefits at benefits@weselyan.edu with further questions in regards to termination of life insurance coverage.

Beneficiaries: A beneficiary must be designated for employee basic and supplemental life insurance. The faculty or staff member is assumed to be the beneficiary for spouse/qualified domestic partner and dependent children life insurance.  If you wish to change your beneficiary, you may do so at any time. Life insurance forms are available by emailing benefiets@wesleyan.edu.

Life Insurance Reductions: Life insurance will decrease by 65% on the anniversary date which occurs on or follows the date you attain age 65 and again when you attain age 70.  In no event will the amount of life insurance be less than $10,000.

Rates for Supplemental Insurance

Rates for supplemental life insurance are based on age. For each thousand dollars of optional life insurance coverage, the monthly rates are:

Age

Monthly Rate per $1,000

Non-Smoker Rates

Smoker Rates

< 25

.04

.05

25 - 29

.04

.05

30 - 34

.05

.06

35 - 39

.06

.07

40 - 44

.07

.09

45 - 49

.10

.15

50 - 54

.16

.23

55 - 59

.26

.38

60 - 64

.45

.65

65 - 69

.63

.92

> 69

.90

1.30

(Rates will increase on January 1st after age increases to the next bracket.)

 

 ERISA STATEMENT

HIPAA STATEMENT

 

 
Benefit Disclaimer
Benefit summaries are provided for the convenience of Wesleyan employees. Employees are directed to read the relevant benefit plan documents. In the event of a conflict between the terms of any summary and the terms of actual plan document, the terms of plan documents will control. Except where prohibited by collective bargaining or other agreement, Wesleyan reserves the right to alter, modify or suspend any benefit at any time. While Wesleyan selects its benefit providers after thoughtful review, it disclaims responsibility for the ultimate performance of such providers.