5.3 Group Life Insurance
Group term life insurance through The Standard Insurance Company is offered as part of the flexible benefits program to regular full-time and part-time faculty members. Faculty may choose one of the following options: (1) $10,000; (2) $50,000; (3)$100,000; (4) two times annual base salary; or (5) four times annual base salary. The University pays the cost of insurance up to two times the annual base salary. Faculty members who choose the "four times base salary" option pay the difference between the University's funding and the cost of their selection. Proof of insurability is necessary for more than $400,000 of insurance. The maximum coverage is $1,000,000.
Group life insurance is cancelled upon termination of service, except that the full amount or a portion thereof may be converted to an individual policy. A faculty member must apply to the insurance company and make appropriate payment within 31 days of separation from the University. Application forms are available from the Office of Human Resources. (Revised 11/94; 1/99; 9/02; 4/03)