From the day you start work as a benefits-eligible employee, Princeton provides you with coverage under Basic Life Insurance, Accidental Death & Dismemberment Insurance (AD&D), and Business Travel Accident Insurance. If you want to increase the amount of your life insurance coverage, we offer an optional Supplemental Life Insurance Plan as well as Spousal Voluntary Life Insurance and Child Voluntary Life Insurance.
If you die while insured, this plan pays your beneficiary a lump sum equal to one and one-half times your annual base salary up to a maximum of $500,000. This term insurance coverage increases automatically with salary increases.
If you suffer the loss of your eyesight, the loss of a limb, or die as a result of an unusual or unexpected event, this insurance pays a lump sum to you or to your beneficiary. If you die, the full benefit amount equals one and one-half times your annual base salary up to a maximum of $500,000.
If you die as the result of an accident while you are on authorized University business, your beneficiary will be paid a lump sum equal to five times your annual base salary up to a maximum of $500,000.
In all of these plans:
- the amount of your benefit is rounded up to the nearest $1,000
- once you reach age 60, the amount of the benefit gradually decreases each year until you are age 70
The University offers you the option to purchase additional life insurance up to six time your base salary and maximum volume of $1.5 million to supplement the basic life insurance provided for you.
Faculty and staff enrolled in the Supplemental Life Insurance Plan can elect to participate in our Spousal Voluntary Life Insurance Plan at $10,000, $25,000 or $50,000. The amount of spousal life insurance cannot exceed the amount of your supplemental life insurance.
Faculty and staff enrolled in the Supplemental Life Insurance Plan can elect to participate in our Child Voluntary Life Insurance Plan at $5,000 or $10,000. You must cover all children for the same amount. If both parents are employees and benefits eligible, only one parent may cover the child(ren).
Your life insurance policy terminates the day your employment terminates at Princeton. You have 31 days from your termination date to convert
your basic term and/or supplemental life insurance coverage to an individual whole life policy. Rates for conversion are high since no physical examination is required and the conversion is from term life to an individual whole life policy.
You can count on support from knowledgeable and responsive HR staff when you have a benefits question or problem. Just call or send us an e-mail. We’re here to help!
While the University intends to continue each of the benefit plans, the University reserves the right to terminate or amend any plan, at any time, and for any reason.