Group Life Insurance
The College provides employees with life insurance equal to one and one-half times the employee's base salary immediately upon employment, up to a maximum amount of $400,000. The Internal Revenue Service imposes an imputed income tax on employer-provided group life insurance in excess of $50,000. The employee must pay the tax on the value of the premium for the amount over $50,000.
Supplemental Term Life Insurance
The College offers a voluntary term life insurance program for employees, their spouses/Domestic Partners and dependent children. Employees pay a minimal amount for this voluntary benefit.
| Guaranteed Issue Amount | Maximum Amount |
|---|---|
| Employee - The amount You elect in increments $10,000, subject to a minimum of $10,000 and a maximum of $100,000. | The amount You elect in increments of $10,000, subject to a maximum of $300,000 and a minimum of $10,000. |
| Guaranteed Issue Amount | Maximum Amount |
|---|---|
| Spouse – The amount You elect in Increments of $10,000, subject to a Minimum of $10,000 and a maximum of $50,000. | The amount You elect in increments of $10,000, subject to a minimum of $10,000 and a maximum of $300,000. |
Maximum Amount
Dependent Children: $5,000 or $10,000 policies are available.
Forms