Life Insurance
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Information and Forms Life Certificate (PDF) Additional Life/LTD Benefits through The Hartford including Travel Assistance, Will Preparation, etc. |
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Group Life Insurance Enrollment/Change Form (PDF) Personal Health Application (PDF) Portability Application (PDF) Portability FAQ (PDF) Notice of Conversion Privilege/Request for Quotation (PDF) Conversion FAQ (PDF) |
Basic Coverage
Eligible employees are covered by a group term life insurance policy with The Hartford at amounts and levels as summarized in the table below. Life insurance coverage amounts start to decrease on a graduated scale beginning at age 70. Our life insurance policy includes accidental death and dismemberment benefits. These policies come with portability and conversion options upon termination of employment.
Upon employment, eligible employees have a basic term life coverage equal to their salary with The Hartford. The basic life benefit reduces on a graduated scale beginning at age 70. Optional supplemental insurance coverage is available at a subsidized employee cost in amounts of one, two or three times your annual salary. The maximum death benefit is $750,000. The life insurance policy includes accidental death and dismemberment benefits.
For new employees, if completed forms are received by Total Compensation & Wellness within 30 days of the date of hire, coverage begins on the date of hire. Otherwise, coverage begins on the first of the month following receipt of the completed form.
Dependent Coverage
Eligible employees also have the opportunity to purchase life insurance for a spouse and/or dependent child(ren) at group rates. Domestic partners are eligible for spouse coverage. Eligible dependent children include any child claimed on your most recent income tax return, foster children to age 19 (or 25 if a full-time student) and disabled dependents over age 25.
Life Over $50,000
The value of employer-paid group term life insurance in excess of $50,000 may generate income that must be included in your W-2 earnings. The value of this coverage is determined using IRS established rates.
Because of the change in the basic level of insurance to an amount equal to one times your salary, you may notice a change in your tax withholdings.
Taxable life premiums are collected once per month, so if you are subject to the tax, you will notice a fluctuation in your net pay.
For more information see http://www.irs.gov/vt/fslg/article/0,,id=110345,00.html.
Increasing Your Life Insurance
You can increase your insurance coverage to one of the following options:
- the basic plus one times your salary,
- the basic plus two times your salary, or
- the basic plus three times your salary.
The maximum available insurance option is the basic life insurance plus three times your salary. To increase to either option, you must complete a Personal Health form, in addition to an enrollment/change form. Both forms must be submitted to The Hartford for review. If your request is approved by The Hartford, the change takes effect immediately. You will receive confirmation of the approval from Total Compensation & Wellness.
Monthly Hartford Life Insurance Rates
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Active Employees |
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Basic University Cost 12 - month $0.151 per thousand |
Attained Age | Death Benefit |
| Less than 70 | 100% of salary | |
| 70 but less than 75 | 67% of salary | |
| 75 but less than 80 | 45% of salary | |
| 80 but less than 85 | 30% of salary | |
| 85 or over | 20% of salary | |
Retired Employees:
Basic Coverage - $2,500, $0.131 per thousand
Supplemental Coverage
(Rates are the Cost/$1,000/month)
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Active Employees |
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| Age | Employee Type | Total | University Contribution |
Employee Contribution |
| Less than 25 | 12-month | 0.07 | 0.002 | 0.068 |
| 9-month | 0.09 | 0.003 | 0.090 | |
| 25-29 | 12-month | 0.08 | 0.002 | 0.078 |
| 9-month | 0.11 | 0.003 | 0.104 | |
| 30-34 | 12-month | 0.10 | 0.003 | 0.097 |
| 9-month | 0.13 | 0.004 | 0.129 | |
| 35-39 | 12-month | 0.11 | 0.003 | 0.107 |
| 9-month | 0.15 | 0.004 | 0.143 | |
| 40-44 | 12-month | 0.12 | 0.004 | 0.116 |
| 9-month | 0.16 | 0.005 | 0.155 | |
| 45-49 | 12-month | 0.17 | 0.005 | 0.165 |
| 9-month | 0.23 | 0.007 | 0.220 | |
| 50-54 | 12-month | 0.25 | 0.008 | 0.242 |
| 9-month | 0.33 | 0.010 | 0.323 | |
| 55-59 | 12-month | 0.45 | 0.014 | 0.436 |
| 9-month | 0.60 | 0.018 | 0.582 | |
| 60-64 | 12-month | 0.617 | 0.019 | 0.598 |
| 9-month | 0.82 | 0.025 | 0.798 | |
| 65 & over | 12-month | 0.759 | 0.072 | 0.687 |
| 9-month | 1.01 | 0.096 | 0.916 | |
How to Calculate Rates for Supplemental Coverage
- Example: If salary equals $23,649 ($11.37/hr.) and employee elects coverage at the two times salary level.
Round salary to $24,000 - Multiply by 2 since coverage is two times salary (24 x 2= 48)
- Determine age and rate (assume age 30 and employee is 12 months)
- Multiply amount of insurance (48) by rate (.097)
- Monthly cost is 48 x .097 = $4.65; biweekly cost is ½ of the monthly cost or $2.33
Dependent Life Insurance Rates
| Coverage Option | Benefit Amounts | 12-month Employee Cost Per Pay | 9-month Employee Cost Per Pay |
| Family Coverage | $20,000 Spouse and $10,000 per Child | $2.25 | $3.00 |
| Spouse Only | $20,000 Spouse | $1.50 | $2.00 |
| Children Only | $10,000 Per Child | $0.75 | $1.00 |