Life Insurance
Basic
Princeton University provides, at no cost to you, basic term life insurance coverage, until age 60, equal to one and one–half 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 $17,000, the term life insurance benefit is $26,000 ($17,000 times 1.5 rounded up to the next $1,000.) Life insurance coverage increases automatically with salary increases.
Effective January 1, 2010, we are implementing a new benefit reduction table for insured employees age 60 and older. After age 60, coverage is reduced according to the following table:
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Benefit Reduction Table
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Age
|
% Coverage in Effect
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Age
|
% Coverage in Effect
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|
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 2010, 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 1.5 = $82,875 x 42% = $34,807.50.
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.
When You Retire or Terminate
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.
Supplmental Insurance
The University offers voluntary supplemental life insurance for you, your spouse or same–sex domestic partner, and/or children. You can review information on our supplemental life Web page.
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.