On the first of the month following three consecutive months of employment, faculty members are eligible for College-paid group life insurance coverage. To age 65 the insurance coverage is equal to 1.5 times an employee's annual salary. Upon attainment of age 65, the amount of insurance is equal to 1 time the basic annual salary and 67% at age 70.
In all cases, if the amount of insurance is not an even multiple of $1,000, it is raised to the next higher $1,000 multiple.
Optional life insurance with additional coverage of one, two, or three times a faculty member's annual salary may be purchased at low group rates, subject to a $300,000 overall maximum. Enrollment for additional coverage can occur at time of appointment. If application for additional coverage occurs at a later time, a health statement and examination will occur.
A faculty member leaving the College may convert this insurance to a private plan and continue it at his or her own expense. To do so, he or she should consult the Human Resources Office.