Life Insurance
University-Paid Life Insurance
Regular full-time faculty and staff are covered by a University-paid group-term life insurance policy in the amount of $5,000. Coverage is effective on the date of appointment. Prudential is responsible for administering this insurance. The group policy number is 35200.
Employee-Paid Age-Graded Life Insurance
As a new employee, you may elect coverage up to three times your salary (rounded to the nearest $1,000) without providing any medical history or proof of good health. The maximum amount available during your first year is $150,000.
During your initial eligibility as a new employee and during subsequent open enrollment periods, age-graded life insurance enrollment and changes will be done on-line through ESSIC, the Employee Self Service Information Center.
During the annual open enrollment period, you may increase your age-graded life insurance amount by one times your salary, without providing medical history or evidence of insurability. The maximum amount may be increased each year up to the lesser of five times salary or $500,000.
To be sure that any benefits are paid correctly, you must name your beneficiary. You may change your beneficiary at any time and it is very important that you keep your beneficiary designations up-to-date as your life changes.
To make a beneficiary change you will need to complete the following forms:
Premiums
2012 Rates
| AGE RANGE | BIWEEKLY | MONTHLY |
|---|---|---|
| Contributions (per $1,000 of coverage) | ||
| Less than 25 | $.009 | $.02 |
| 25-29 | $.011 | $.024 |
| 30-34 | $.015 | $.032 |
| 35-39 | $.0165 | $.036 |
| 40-44 | $.0205 | $.044 |
| 45-49 | $.0295 | $.064 |
| 50-54 | $.048 | $.104 |
| 55-59 | $.0795 | $.172 |
| 60-64 | $.122 | $.264 |
| 65-69 | $.2345 | $.508 |
| 70 and above | $.3805 | $.824 |
Calculations
Annual Salary X Coverage Amt (1 times your salary up to a max of 5 times) = Insurance Coverage Amt
Insurance Coverage Amount /1000 (per $1000 of coverage) x rate = Monthly Premium Amount
Example: Annual Salary is $51,000
Coverage Amount – 5 times Salary
$51,000 x 5 = Insurance Coverage Amount of $255,000
Age = 44
$255,000/1000 (per $1,000 of coverage) x .044 (2012 Rate Chart) = $11.22
2011 Rates
| AGE RANGE | BIWEEKLY | MONTHLY |
|---|---|---|
| Contributions (per $1,000 of coverage) | ||
| Less than 25 | $.02 | $.05 |
| 25-29 | $.03 | $.06 |
| 30-34 | $.04 | $.08 |
| 35-39 | $.04 | $.09 |
| 40-44 | $.05 | $.11 |
| 45-49 | $.07 | $.16 |
| 50-54 | $.12 | $.26 |
| 55-59 | $.20 | $.43 |
| 60-64 | $.30 | $.66 |
| 65-69 | $.59 | $1.27 |
| 70 and above | $.95 | $2.06 |
Conversion of Coverage
When you end your employment with Penn State, either at retirement or termination, you may convert your life insurance coverage to an individual policy. To do so, visit Prudential's website for more information
Additional Resources
- Life Insurance Booklet (Certificate of Coverage is available on Pg. 6)
- Life Insurance Booklet (Plan Closed. For Information Only to those Hired Prior to 1993)
