Voluntary Supplemental Life Insurance

Supplemental Life Insurance

Princeton’s Supplemental Life Insurance Plan offers employees the option to purchase additional life insurance to supplement the Basic Term Life Insurance provided by the University through the Prudential Life Insurance Company. 

Effective January 1, 2014, employees may elect up to six and one-half times the annual base salary in the Supplemental Life Insurance Plan with a maximum volume of $1.5 million. This plan provides term life insurance in a lump sum benefit equal to one times to a maximum of six and one-half times your annual base salary (rounded to the next highest thousand). The total combined basic life and supplemental life insurance maximum volume is $2 million.
 
The Supplemental Life Insurance Plan has the same benefit reduction schedule as utilized in the Basic Life Insurance Plan for covered employees age 60 and older and is described below.

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%
 
 
If, due to this reduction table, your current amount of supplemental life insurance is further reduced, you will be able to convert the amount of “coverage lost.” Conversion brochures with rates and an application form are available online or in your Office of Human Resources.
 
Effective January 1, 2010, the percentage of coverage in effect is recalculated as of the pay period end date in which your birthday occurs.
 
The monthly supplemental life insurance rates are as follows:
 

Age Range

Rate per Thousand

<30
$0.047
30-34
$0.058
35-39
$0.070
40-44
$0.082
45-49
$0.105
50-54
$0.164
55-59
$0.304
60-64
$0.456
65-69
$0.888
70+
$1.438
 
Effective January 1, 2010, all increases in supplemental life insurance require an Evidence of Insurability (EOI).
 
If you are required to complete the EOI form, you should submit it directly to Prudential. The EOI form is available online. Prudential will notify you of your approval or denial, or request more information. If approved, we will notify you to log into eBenefits and elect the approved supplemental life insurance level to activate your coverage.
 
If you are on long term disability leave, you may not increase your supplemental life insurance until you return to active status.
 
The annual Benefits Open Enrollment Period is a good time to review and update your life insurance beneficiaries. You can review and modify your life insurance beneficiaries online using eBenefits or a paper 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 e-mail us. 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.