Life Insurance

Optional life insurance (with a portability option) is available to all full-time employees and their spouses and children and is provided by The Hartford. This benefit is 100% paid by the employee through payroll deduction. Employees can purchase additional life insurance in $10,000 increments, with a maximum benefit allowed of five (5) times the employee’s salary, or $500,000 (whichever is lower). The cost is based on the amount of coverage selected and the employee’s age.

Full-time employees are eligible to purchase optional term life insurance when they have met a 60-day waiting period from the date of full-time employment. New employees may elect up to $350,000 (not to exceed 5x your scheduled pay) of coverage regardless of health conditions with no medical underwriting required. Employees requesting coverage above $350,000 will need to submit an Evidence of Insurability (medical history questionnaire) and will be subject to approval (premium increases will be applied accordingly). An employee’s amount of optional life insurance will reduce to 50% when he attains age 70.

Spouse Coverage
Employees who elect this benefit also have the option to purchase life insurance for their spouse. The cost is based on the amount of coverage selected and the spouse’s age. Policies may be purchased in $5,000 increments, to a maximum of $250,000 in coverage, and cannot exceed 50% of the amount of coverage for the employee. Coverage amounts above $50,000 will require Evidence of Insurability (medical history questionnaire) and will be subject to approval.

Child Coverage
Employees also have the option to purchase life insurance for their child(ren). For dependent children ages 6 months to 26 years, employees may elect to purchase a flat $10,000 policy. For dependent children ages 14 days to 6 months, the coverage is a flat $1,000.