Basic Term Life Insurance Plan
The Basic Term Life Insurance Plan is provided automatically by Columbia University at no cost to you. You will automatically receive Basic Term Life Insurance of one times your Annual Benefits Salary, up to $50,000.
The Basic Term Life Insurance Plan pays a lump sum benefit to your beneficiary in the event of your death while actively employed by Columbia University. The Plan can also pay a living benefit. If you become terminally ill, you may elect to have the Plan pay out a benefit while you are still living. Any amount you receive will reduce the benefit paid to your beneficiary.
Take advantage of the one-time opportunity to enroll in:
• Optional Life Insurance without providing Evidence of Insurability for amounts up to the Guaranteed Issue Amount.
• Spouse/Same-Sex Domestic Partner Life Insurance up to $50,000 without having to provide Evidence of Insurability.
Optional Term Life Insurance Plan
You may elect additional amounts of coverage of one, two, three, four or five times your Annual Benefits Salary up to a maximum of $1,000,000, including your Basic Term Life Insurance coverage amount. The additional amounts of coverage are paid with post-tax dollars.
The benefit will be determined using your Annual Benefits Salary rounded to the next highest $1,000. You will see your personal monthly premiums on the CU Benefits Enrollment System based on your age. Go to http://hr.columbia.edu/support-staff and click on “CU Benefits Enrollment System” to add or update beneficiaries at any time during your employment.
We encourage you to use the tool, “Determine My Life Insurance Needs,” also available on the CU Benefits Enrollment System.
Monthly Cost of Coverage
You pay a monthly premium for each $1,000 of coverage. Your premium is based on your age as of January 1:
|Term Life Insurance Coverage|
|Age||Monthly cost per $1,000||Age||Monthly cost per $1,000|
|Less than 25||0.029||50 to 54||0.139|
|25 to 29||0.038||55 to 59|
|30 to 34||0.048||60 to 64||0.396|
|35 to 39||0.060||65 to 69|
|40 to 44||0.068||70 to 74||0.844|
|45 to 49||0.089||75 or older||1.091|
How to Calculate Your Optional Term Life Monthly Premium Cost
Example: An employee, age 41, with an Annual Benefits Salary of $40,000, elects Optional Term Life Insurance of 3x salary ($120,000):
Amount of Optional Term Life Insurance $120,000
Divide by 1,000 120
Rate @ age 41, from table above x 0.068
Your total monthly premium = $8.16
Evidence of Insurability
You must provide Evidence of Insurability (EOI) and be approved by Cigna if:
- You are newly hired and elect Optional Term Life Insurance coverage in excess of 3x your Annual Benefits Salary or $500,000 Guaranteed Issue Amount,whichever is less;
- You did not elect Optional Term Life Insurance previously and want to elect this coverage during Benefits Open Enrollment;
- You wish to increase the level of your coverage by more than 1x your salary or beyond the Guaranteed Issue Amount during Benefits Open Enrollment.
If Evidence of Insurability applies to you, the CU Benefits Enrollment System will guide you through what to do next. Download and complete the Evidence of Insurability forms, which can also be printed using the link in the CU Benefits Enrollment System once the election has been made, and send the completed forms directly to Cigna.
Basic Accidental Death & Dismemberment Insurance
The Basic Accidental & Dismemberment (AD&D) Insurance Plan is provided automatically by Columbia University at no cost to you when you are hired and without having to provide Evidence of Insurability. You will automatically receive Basic AD&D Insurance of one time your Annual Benefits Salary, up to $50,000. For more information visit http://hr.columbia.edu/forms-doc/search (and search “AD&D”).