Life Insurance

You may elect Supplemental Life Insurance up to six times the annual base salary, with a maximum volume of $1.5 million. This plan will provide term life insurance in a lump sum benefit equal to one times to a maximum of six times your annual base salary (rounded to the next highest thousand). The total basic life and supplemental life insurance maximum volume is $2 million.

 

The Supplemental Life Insurance Plan utilizes the same benefit reduction schedule as the Basic Life Insurance Plan for covered employees age 60 and older and, listed 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.” The percentage of coverage in effect is recalculated as of the pay period end date in which your birthday occurs.  Conversion brochures with rates and application forms are available in your Office of Human Resources. 

 

The supplemental life insurance rates are as follows:

Supplemental Life Insurance Rates

Age Range	Rate per Thousand
<30	$0.04
30‒34	$.0.05
35‒39	$.0.06
40‒44	$0.07
45‒49	$0.09
50‒54	$0.14
55‒59	$0.26
60‒64	$0.39
65‒69	$0.76
70+	$1.23

 

All elections or increases in supplemental life insurance will require 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 onto eBenefits and elect the approved supplemental life insurance level to activate your coverage.

 

If you are on Long Term Disability, you may not increase your Supplemental Life Insurance until you return to active status.  

Faculty and staff enrolled in the Supplemental Life Insurance Plan may choose to cover eligible dependent children at $5,000 or $10,000 in child life insurance.

 

The cost is $0.080/$1,000 per month, or $.80/month for $10,000 or $.40/month for $5,000, per family unit.

 

You must cover all children for the same amount of life insurance — either $5,000 or $10,000. For example, if you have three children and you elect $10,000 of coverage, your monthly cost is $.80 for all three children.

 

If both parents are employees of Princeton University and eligible for benefits, only one parent may cover therensp;child(ren). If, at the time of a claim, duplicate coverage existed, Prudential would pay only one benefit. 

Faculty and staff members enrolled in the Supplemental Life Insurance Plan may choose to cover their spouse, civil union, or same-sex domestic partner at $10,000, $25,000 or $50,000.  

 

 

The cost of the spousal life insurance is based upon the spouse, civil union or same-sex domestic partner’s date of birth, and utilizes the same rates as charged for Supplemental Life Insurance. The rates are listed in the table below:

Spousal/Same-Sex Domestic Partner Voluntary Life Insurance Rates

Age Range	Rate per Thousand	Age Range	Rate per Thousand
<30	$0.04	50‒54	$0.14
30‒34	$.0.05	55‒59	$0.26
35‒39	$.0.06	60‒64	$0.39
40‒44	$0.07	65‒69	$0.76
45‒49	$0.09	70+	$1.23

 

If you and your spouse, civil union or same–sex domestic partner are benefits–eligible employees of Princeton University and covered under the supplemental life insurance plan, then you are not eligible for spousal voluntary life insurance. According to Prudential’s standard practice, you are covered as either an employee or a dependent, but not both. If, at the time of a claim, duplicate coverage exists, Prudential would pay only one benefit.

 

All elections or increases in the Spousal Life Insurance Plan will require your spouse to complete and return the EOI application to Prudential for processing.

 

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 form. 

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.