[Wesleyan University]

Group Term Life Insurance Plans

 
Life Insurance - Active Employees
Life Insurance - Retirees
 

 DISCLAIMER


           
Eligibility
           
The university’s group term life insurance plan consists of :
           
  •  Basic life insurance that is fully paid by the university.
  •  Optional employee, spouse, and dependent children life insurance that is fully paid by the participant.
  •  A death benefit for the beneficiaries of eligible retirees.
           
Both basic and optional 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.
           
           
 
Rates for optional 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 the July 1 after age increases to the next bracket.)
           
           
Example: if you are 43 years old with an annual base salary of $30,000 and you elect optional life insurance equal to three times your annual salary or $90,000, you pay $9.90 a month.
           
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
           
           
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Optional Dependent Children's Life Insurance  -- Plan Description
  $5,000 of insurance on the life of each dependent child after the age of 15 days and through age 18 years (through age 24 years if a full-time student) may be purchased without evidence of insurability during the first 30 days of employment or during the first 30 days following the birth or adoption of the child. At other times, medical evidence of insurability satisfactory to the insurance company is required. The total cost is 36˘ a month, regardless of how many dependent children are covered.
           
           
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Life Insurance Payments and Beneficiary Designation
  Participant payments for life insurance are automatically deducted from faculty or staff member’s pay.
           
  A beneficiary must be designated for employee life insurance. The faculty or staff member is assumed to be the beneficiary for spouse/qualified domestic partner and dependent children life insurance unless a different beneficiary is designated.
           
  Life insurance forms are available in Human Resources.
           
           
Termination of Coverage and Retiree Death Benefit
  Both basic and optional insurance coverage ends when Wesleyan employment ends unless the participant is eligible for benefits under the long term disability plan or as an early retiree. The designated beneficiary of an eligible retiree who has completed ten years of continuous service will receive a death benefit of $5,000 if the retiree dies after basic and optional insurance coverage has ended.
           
           
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