91ɬÂþ Seal (for official use only)
 

POLICY #8.2.6
SUBJECT: Life Insurance

I. PURPOSE

The purpose of this Policy is to state terms of life insurance that is provided to all qualified employees of the University.

II. REFERENCES

N/A

III. DEFINITIONS

N/A

IV. POLICY

  1. All salaried employees under regular University appointment who qualify for the health insurance program are eligible for term life insurance coverage. Term life insurance coverage is two times the employee's salary (up to $200,000 of salary) of term life insurance with double indemnity. Employees will be covered with at least $40,000 of term life insurance with double indemnity. Also provided is $10,000 term life insurance on the employee's spouse and each dependent child under the age of 26. For additional information or changes contact the Human Resources Office.
  2. The term life insurance premium cost is shared equally by the University and the employee. The University pays 50% and the employee pays 50% of the term life insurance premium. If an employee is less than full-time, the University participation in the premiums is pro-rated.

V. RELEVANT FORMS/LINKS

N/A

VI. QUESTIONS/RESPONSIBLE OFFICE

The responsible office for this Policy is the Vice President for Finance. For questions about this Policy, contact the Office of Human Resources.

VII. POLICY ADOPTION AND AMENDMENT DATES

Date Approved: December 13, 1990

Amended: July 1, 1998; June 11, 2010; July 6, 2011