Life Insurance

Basic Life Insurance

Princeton University provides, at no cost to you, basic term life insurance coverage, until age 60, equal to one time your annual base salary, rounded up to the next $1,000, up to a maximum of $500,000. For example, if your annual base salary is $40,500, the term life insurance benefit is $41,000. Life insurance coverage increases automatically with salary increases. 

The following benefit reduction table became effective on January 1, 2010, for insured employees age 60 and older. After age 60, coverage is reduced according to the following table: 

Benefit Reduction Table 

Age
% Coverage in Effect
Age
% Coverage in Effect
60
90%
71
34%
61
82%
72
28%
62
75%
73
28%
63
68%
74
28%
64
62%
75
25%
65
56%
76
25%
66
51%
77
25%
67
46%
78
25%
68
42%
79
25%
69
41%
80+
15%
70
34%
 
 
Effective January 1, 2010, the percentage of coverage in effect is recalculated as of the pay period end date in which your birthday occurs.
 
For example, if you earn $55,250 and turn age 68 in March 2014, your coverage will be recalculated as of the pay period end date in which your birthday occurs, and your life insurance would be as follows: $55,250 x 1 = $55,250 x 42% = $23,205 rounded up to the nearest $1,000 would be $24,000.
 
The annual Benefits Open Enrollment Period is a good time to review and update your life insurance beneficiaries. You may review and modify your life insurance beneficiaries online using eBenefits or a paper form, Life Insurance Beneficiary Designation Change Form.
 
More information about what happens to your life insurance coverage when you retire or terminate is available on our website.
  
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.