Life Insurance

Life Insurance

In addition to providing our life and disability coverage, Lincoln Financial Group does offer the following benefits:

 

  • Life Keys Benefit - No matter how well you plan, unexpected challenges will arise. When they do, help and support are nearby — thanks to LifeKeys® services from Lincoln Financial Group.

  • TravelConnectServices offer help, comfort and reassurance — helping make travel less stressful.

  • EmployeeConnectSM - Life has its share of ups and downs and sometimes you may need a little guidance through the "downs." EmployeeConnectSM services included with your employer's long-term disability insurance offer an array of confidential services to help you and your loved ones meet the challenges that life, work, and relationships can bring. To take advantage of the EmployeeConnectSM program, visit www.GuidanceResources.com or call 888-628-4824.

 

The College offers Basic, Contributory and Spouse Life Insurance if you are eligible:

  • Lincoln Financial Life Insurance Policy
  • You are automatically covered for Basic coverage equal to one times your annual pay, rounded to the next higher $1,000, to a maximum of $450,000.
  • Life insurance is a tax-free benefit in amounts up to $50,000. Once your College-sponsored life insurance benefit exceeds $50,000, the College is required to report the cost for this coverage to the IRS as imputed income, which is subject to ordinary income tax. You will see the value reported to the IRS on your annual W-2 and on your pay stub.

  • You may apply to enroll in Contributory coverage at 1x, 2x, 3x or 4x your annual pay, rounded to the next higher $1,000, to a maximum of $900,000.
  • You may apply to elect Spouse coverage if you elect Contributory coverage.

You pay for Contributory and Spouse coverage on a post-tax basis so you may change your coverage at any time. Limits and evidence of insurability may apply.

To contact Lincoln Financial, go to https://www.lfg.com/public/individual or call 1 (877) 275-5462.

Your employment classification determines when you are eligible for Life Insurance:

Faculty

 

Faculty are eligible on the 1st of the month coincident with or following your date of hire if you work at least half-time.

Administrative Staff

 

Administrative employees are eligible on the 1st of the month coincident with or following your date of hire if you work at least 17.5 hours per week.

Union

 

Union employees are eligible after 12 consecutive months of being actively at work if you work at least 40 hours per week.