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Life Insurance and Disability Programs

The College partners with The Standard to provide the College's life insurance and disability programs.  

Life Insurance

Life insurance provides protection for your family in the event of your death.  In addition to Basic Life insurance provided by the College, you can purchase Additional Life insurance and Dependent Life insurance to fit your family's needs.

Basic Life Insurance

The College pays the premium for your Basic Life insurance coverage and Accidental Death and Dismemberment insurance coverage.  The benefit is 100% of your basic annual salary, rounded to the next higher multiple of $1,000, if it is not already a multiple of $1,000.  

Additional Life Insurance

Additional Life insurance is an opportunity for you to provide an additional benefit to your beneficiaries.  Coverage is elected in $10,000 increments up to a maximum of $700,000 ($500,00 without Guarantee Issue).  Elections and increases are subject to Evidence of Insurability.

The premium will vary depending on your benefit choice and age and are paid on an after-tax basis through payroll deduction.

Dependent Life Insurance

Dependent Life insurance for your spouse and children is available.  Benefit coverage is a flat dollar amount of $10,000 for your spouse, and $5,000 for your dependent child.  Elections may be subject to Evidence of Insurability questions.

The premium for this coverage is $2.45/month for your spouse and $.50/month for your child (regardless of how many children you have on the plan).  You pay the premiums on an after-tax basis through payroll deduction.

Disability Programs

The College offers both Short Term and Long Term Disability programs.

Short Term Disability

Short Term Disability is designed to replace a portion of your income to help meet your financial obligations if you are unable to work for an extended period of time due to a non- workrelated accident or illness.  Short Term Disability pays a weekly benefit of up to 60% of your weekly earnings (to a maximum of $1,000).  The waiting period for benefits is 7 days for disability due to physical disease, pregnancy or mental disorder (some pre-existing condition limitation may apply).  There is no waiting period for disability due to an accident.

Premium is $.653 (monthly) per $10.00 of Short Term Disability benefit (see example).  You pay the premiums on an after-tax basis through payroll deduction.

Long Term Disability

Long Term Disability is designed to pay a monthly benefit to you in the event you cannot work due to a covered illness or non-workrelated injury.  Long Term Disability pays a monthly benefit of 60% of the first $25,000 of your monthly earnings.  Benefits become payable after you have been continuously disabled for 90 calendar days (some pre-existing condition limitations may apply.  

You and the College share the premium costs of this benefit based on your annual salary.  The premium amount will be visible on IvyBenefits when you enroll for your employee benefits.  Your portion of the premium is paid on an after-tax basis through payroll deductions.