University of New England

LIFE INSURANCE

LIFE INSURANCE:

Regular full-time employees get $10,000 of life insurance at no cost, and are given $2.50 per month to buy additional Life Insurance, pay toward other benefits, or take in cash.  You can upgrade insurance coverage from $10,000 to:

                                                      *1 x your annual salary + $10,000
                                                      *2 x your annual salary + $10,000
                                                      *3 x your annual salary + $10,000
                                                      *4 x your annual salary + $10,000

at the following rates:

                                                       Employee's                  Cost per $1,000

                                                        Age:                            per month:

 Under 30                       $ .048
 30-39                               .056
 40-44                               .096
 45-49                               .16
 50-54                               .28
 55-59                               .44
 60-64                               .656
 65-69                             1.008
 70  +                               2.536

EXAMPLE:   If your annual salary is $15,000 and you are 36 years old, and you wish to have your salary equivalent in life insurance, you would buy $15,000 in life insurance at  $ .056 per thousand per month, or $.84 per month.  If you want twice your salary equivalent in insurance, you would need to buy $30,000 at $ .056 per thousand, or $1.68.  If you have money left over, you can spend it on other benefits or take it in cash.  If you spend more than you are given, you can pay it through payroll deduction.

Half-time employees do not get the $10,000 core coverage or the $2.50 per month, but may purchase insurance in multiples of one, two, three or four times their salary.

The maximum total life insurance you may purchase is four times your salary up to $500,000, including your basic coverage.  You may purchase $350,000 of this coverage with no proof of insurability.  Amounts in excess of $350,000 will require that you answer questions about your health history.

INFORMATION ON THIS PAGE IS OF A SUMMARY NATURE, INTENDED TO PROVIDE GENERAL INFORMATION IN A USER-FRIENDLY MANNER.  PLEASE CONSULT PLAN DOCUMENTS OR THE HUMAN RESOURCES OFFICE FOR DETAILED POLICY GUIDANCE APPROPRIATE TO THE SPECIFICS OF YOUR SITUATION.