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LIFE AND AD&D INSURANCE

The University provides you with basic life and accidental death and dismemberment (AD&D) insurance coverage equal to one times your base salary (up to $150,000), at no cost to you.

You may choose additional life insurance and AD&D coverage equal to another one, two or three times your base salary, up to a maximum of $450,000 in combined basic and supplemental coverage. The Sun Life Insurance Company of New York is the carrier for this coverage.

The cost of supplemental life and AD&D insurance coverage will be based on age related rates, according to the following schedule through June 30, 2003:

Age	Monthly Cost Per $1000 of Coverage
Under 30	$ .09
30 to 34	.10
35 to 39	.11
40 to 44	.16
45 to 49	.27
50 to 54	.45
55 to 59	.68
60 to 64	.78
65 to 69	1.35
70 to 74	2.27
75 to 79	3.83

If you are over age 79, contact the Benfits office to determine the monthly cost.

Example:

Base Salary: $55,000	Monthly Cost: $11.00
Age: 34	Total Life Insurance: $165,000 ($55,000 basic and $110,000 supplemental)
Elect: 2XLife Insurance

Enrollment Considerations

Here are some things to keep in mind as you make your decisions about life and AD&D insurance:

You should consider other sources of income your beneficiary would have at your death. These may include other life insurance policies, the retirement plan and any other assets you have.

Please keep in mind that the cost of group term life insurance in excess of $50,000 is includable as income and also subject to Social Security and Medicare taxes. The IRS defines an age related table to impute the value of this benefit. Contact the Payroll Office (x2898) for additional details or refer to IRS Pub. 525, Taxable and Non Taxable Income.

No evidence of good health is needed to choose one additional level of life insurance up to $400,000 in combined basic and supplemental coverage, during open enrollment. (If your current combined coverage is between $400,000 and $450,000, you may continue that level without evidence of your good health.) If you increase coverage by more than one additional level, evidence of your good health will be needed. Please contact the Human Resources/Benefits Office for the necessary forms.

Any increase or decrease in your life insurance will be effective on the first day of the month following the change. If the change is made while you are not actively at work, then the change will take place on the first day of the month following your return to active work.

You may name one or more beneficiaries to your life insurance. If you do not name a beneficiary, benefits will be paid to your estate. You should review your beneficiary designations from time to time to make sure they are current.