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Employee Life Insurance/
Personal Accident Coverage
Eligibility
Active full-time non-student employees are eligible if the most recent appointment period is continuous for a minimum of one year (nine or twelve months as appropriate to the appointment).
Enrollment and Coverage
All eligible employees receive free of charge, one times annual base salary up to a maximum of $35,000. Optional life and personal accident coverage for employee, spouse, and dependent children are available and paid for by the employee. A statement of health is not required if application is made within 30 days following the date of initial eligibility. If an employee rejects the optional insurance and decides later to apply for coverage, he/she may make application at any time by furnishing a satisfactory Statement of Health.
Portability and Conversion
Upon termination of employment, the optional voluntary life insurance ay be ported to a term life insurance policy if application is made within 30 days from the date of termination of employment with Auburn University. The basic coverage provided by Auburn University ends upon termination but it may, under certain circumstances, be converted to a
whole life policy.
R A T E S H E E T
AUBURN UNIVERSITY
Rates Effective: March 1, 2000
|
Optional Term Life* (Employee) and Dependent Term Life* (Spouse) |
Age
(Initial rates based on age as of effective date of your coverage. Rates will change based on the following age
schedule.)
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Monthly Cost of Insurance
(Rates per $1,000 of Coverage)
For Employee and Spouse**
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18-pay Cost of Insurance
(Rates per $1,000 of Coverage)
For Employee and Spouse**
|
Biweekly Cost of Insurance
(Rates per $1,000 of Coverage)
For Employee and Spouse**
|
| Under 25 |
$ 0.050 |
$ 0.0340 |
$ 0.023 |
| 25-29 |
$ 0.060 |
$ 0.0400 |
$ 0.028 |
| 30-34 |
$ 0.080 |
$ 0.0530 |
$ 0.037 |
| 35-39 |
$ 0.100 |
$ 0.0667 |
$ 0.046 |
| 40-44 |
$ 0.120 |
$ 0.0800 |
$ 0.055 |
| 45-49 |
$ 0.180 |
$ 0.1200 |
$ 0.083 |
| 50-54 |
$ 0.260 |
$ 0.1733 |
$ 0.120 |
| 55-59 |
$ 0.490 |
$ 0.3267 |
$ 0.226 |
| 60-64 |
$ 0.760 |
$ 0.5067 |
$ 0.351 |
| 65-69 |
$ 1.458 |
$ .9722 |
$ 0.673 |
| 70+ |
$ 2.365 |
$ 1.5767 |
$ 1.092 |
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** Spouse rate is based on employee’s age. |
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Dependent Term Life* (Child(ren) - Regardless of the number of children) |
| Coverage Amount |
Monthly Cost of Insurance
(Rates per $1,000 of Coverage)
|
18-pay Cost of Insurance
(Rates per $1,000 of Coverage)
|
Biweekly Cost of Insurance
(Rates per $1,000 of Coverage)
|
| $ 5,000 |
$ 0.120 |
$ 0.080 |
$ 0.055 |
| $ 10,000 |
$ 0.120 |
$ 0.080 |
$ 0.055 |
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Optional PAI* |
| Insured |
Monthly Cost of Insurance
(Rates per $1,000 of Coverage)
|
18-pay Cost of Insurance
(Rates per $1,000 of Coverage)
|
Biweekly Cost of Insurance
(Rates per $1,000 of Coverage)
|
| Children for $5,000 |
$ 0.012 |
$ 0.008 |
$ 0.0055 |
| Children for $10,000 |
$ 0.012 |
$ 0.008 |
$ 0.0055 |
| Employee & Spouse |
$ 0.012 |
$ 0.008 |
$ 0.0055 |
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*This is optional coverage and the entire cost of coverage is employee paid.
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Supplementary Life Insurance
Active full-time non-students and their dependents may be eligible to purchase universal life insurance on a payroll deduction basis. These policies may be continued on a direct bill basis upon termination of employment with Auburn University. Please contact the local representative at 334-887-5533 or toll free 866-887-5533.
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