Life Insurance
New York Life is the administrator for Pace University’s Basic Life and Accidental Death and Dismemberment Insurance Plans.
The University provides you with Basic Life and Accidental Death and Dismemberment (AD&D) insurance coverage equal to one times your salary (up to $100,000) at no cost to you. You may choose additional life insurance and AD&D coverage equal to an additional one, two or three times your salary, to a maximum of $750,000 in combined basic and supplemental coverage.
For active full-time employees, supplemental life insurance benefits reduce to 67% at age 70 and 50% at age 75. Spousal Life Insurance ($10,000) also decreases to 67% ($6,700) at age 70 and 50% ($5,000) at age 75.
The cost of optional (additional) life and AD&D insurance coverage is based upon age-related rates, according to this schedule:
Supplemental Life Insurance
| Age | Monthly Rate Per $1000 |
|---|---|
| 25-29 | $0.08 |
| 30 - 34 | $0.09 |
| 35 - 39 | $0.10 |
| 40 - 44 | $0.15 |
| 45 - 49 | $0.27 |
| 50 - 54 | $0.46 |
| 55 -59 | $0.71 |
| 60 - 64 | $0.81 |
| 65 - 69 | $1.43 |
| 70 - 74 | $2.41 |
| 75+ | $4.08 |
Rates are in effect through December 31, 2024.
To calculate your semi-monthly payroll deduction multiply your salary by the additional level of coverage desired (i.e. 1,2 or 3), then multiply by the rate based on your age bracket above and divide by 1000, divide again by 2 to calculate your semimonthly deduction.
For example: If you are age 29 and earn $55,000 per year and wanted 2x your salary in supplemental life coverage, the calculation would be:
$55,000.00 x 2 = $110,000 x 0.08 = 8,800 / 1000 = $8.80 per month or $ 4.40 per pay period.
Note: You must be an active full time employee to be eligible for this benefit.