Effective with the beginning of the month following hire, the College provides life and AD&D insurance to full-time employees of two times annual earnings, rounded to the next higher $1,000. The College pays the entire premium for group policy; however, amounts in excess of $50,000 are considered taxable and employees are required to pay taxes on the IRS determined value. Eligible terminating employees may convert coverage to a private policy. Coverage ends the last day of employment.
Additional supplemental life insurance and spousal and dependent life insurance is available on a voluntary basis to employees. Depending on amount of coverage elected, employees may be required to complete an evidence of insurability form for approval before coverage will become effective.