The
University's Group Life Insurance Program is insured by The Hartford
Insurance Company effective September 1, 2009. In the event of
your death, the amount of your Group Life Insurance will be paid
to the beneficiary of your choice.
Base Plan:
The first component of the Life Insurance Program
provides insurance in the amount of one times the covered employee's
base annual or contract salary - up to a maximum of $400,000.
The
entire premium for the Base Plan is paid by Saint Louis University,
and becomes effective on your date of full time employment.
Optional Coverage:
You may select additional levels of life insurance
equal to one, two, or three times your base annual salary, with
a maximum amount of $400,000 between the base and optional coverage.
The optional insurance will be at your cost.
The
monthly cost for optional coverage is based upon the participating
employee's age according to the schedule below.
|
|
|
|
Age
|
Monthly
Rate Factor
|
Bi-Weekly
Rate Factor
|
|
Less
than 30
|
0.000039
|
0.0000180
|
|
30-34
|
0.000052
|
0.0000240
|
|
35-39
|
0.000059
|
0.0000272
|
|
40-44
|
0.000072
|
0.0000332
|
|
45-49
|
0.000124
|
0.0000572
|
|
50-54
|
0.000221
|
0.0001020
|
|
55-59
|
0.000383
|
0.0001768
|
|
60-64
|
0.000584
|
0.0002695
|
|
65-69
|
0.00974
|
0.004495
|
|
70-74
|
0.001532
|
0.007071
|
|
75+
|
0.00206
|
0.009508
|
To calculate
the premium for an additional one, two or three times your annual
salary, multiply your annual salary by the monthly or bi-weekly
rate factor that corresponds to your age. This amount will equal
the premium for each optional 1 time the annual salary benefit
amount.
State-Specific
Requirements
There
are state-specific requirements that may change the provisions
under the Coverage(s) described in your Group Insurance Certificate.
If you live in a state that has such requirements, those requirements
will apply to your Coverage(s) and are made a part of your Group
Insurance Certificate. The Hartford has a website that describes
these state-specific requirements. You may access the website
at www.thehartford.com.
If you
are unable to access this website, and want to receive a printed
copy of these requirements or have any questions, call The Hartford
at 1-800-243-5433.
Dependent
Coverage
The
Hartford will also provide a Dependent Life insurance Plan which
includes a $25,000 spouse benefit and a $12,500 benefit for each
eligible dependent child. The rate for dependent coverage is $4.35
monthly or $2.01 biweekly. This program is optional and is paid
by the employee.
Beneficiaries
- "Beneficiary"
means a person or entity, such as a trust or estate, chosen
on a form approved by Prudential, to receive the insurance
benefits.
- You may change
Beneficiaries at any time.
- Change of Beneficiary
forms are available in the Benefits Office, and also by clicking
this link.
Changing Life
Insurance
- Your may decrease
your life insurance at any time.
- To increase
life insurance, please contact the Benefits
Office for the Proof of Insurability forms.
