Life Insurance Rates
Basic Life/AD&D Insurance
Active Employees
- 12-month employee: $0.165 (as of 09/01/2022) per $1,000 (university paid)
- 9-month employee: $0.220 (as of 09/01/2022) per $1,000 (university paid)
Retired Employees
- Basic Coverage $2,500 & $25,000; $0.155 (as of 09/01/2022) per $1,000 (university paid)
Supplemental Life/AD&D Insurance
The amount that is deducted from an employee's paycheck is determined by a few factors: age, salary, coverage level elected and employee type. Substitute your age, salary, coverage level elected and employee type in the below example to calculate the per-pay cost for Supplemental Life Insurance.
Using the table and example below:
Monthly Rates (as of 09/01/2021):
| Age | Employee Type | Total Rate (Including AD&D Rate) | University Contribution Rate (Including AD&D Rate) | Employee Contribution Rate (Including AD&D Rate) |
| Less than 25 | 12-month | $0.06 | $0.01 | $0.05 |
| 9-month | $0.08 | $0.01 | $0.07 | |
| Age 25 29 | 12-month | $0.07 | $0.01 | $0.06 |
| 9-month | $0.09 | $0.01 | $0.08 | |
| Age 30 34 | 12-month | $0.09 | $0.01 | $0.08 |
| 9-month | $0.12 | $0.01 | $0.11 | |
| Age 35 39 | 12-month | $0.10 | $0.01 | $0.09 |
| 9-month | $0.13 | $0.01 | $0.12 | |
| Age 40 44 | 12-month | $0.11 | $0.01 | $0.10 |
| 9-month | $0.15 | $0.01 | $0.14 | |
| Age 45 49 | 12-month | $0.16 | $0.01 | $0.15 |
| 9-month | $0.21 | $0.01 | $0.20 | |
| Age 50 54 | 12-month | $0.23 | $0.01 | $0.22 |
| 9-month | $0.31 | $0.01 | $0.30 | |
| Age 55 59 | 12-month | $0.40 | $0.02 | $0.38 |
| 9-month | $0.53 | $0.02 | $0.51 | |
| Age 60 64 | 12-month | $0.57 | $0.02 | $0.55 |
| 9-month | $0.76 | $0.03 | $0.73 | |
| Age 65 & over | 12-month | $0.68 | $0.07 | $0.61 |
| 9-month | $0.91 | $0.09 | $0.82 |
Example:
Substitute your age, salary and employee type in the below example to calculate your cost per-pay:
12 month employee, 47 years old, $50,100 salary, electing coverage at two times salary level:
- Multiply salary by 2 (since coverage is two times salary): $100,200
- Round up to the nearest 1,000: $101,000
- Divide by 1,000: 101
- Determine age and Employee Contribution Rate (using table above) : $0.15
- Multiply answer from #3 above by answer from #4 above (this represents the monthly cost): $15.15
- Divide by 2 (this represents the bi-weekly cost): $7.57
- In this example, $7.57 will be deducted from each paycheck
Dependent Life Insurance
Bi-weekly Rates (as of 01/01/2020):
| Coverage Option | Benefit Amounts | 12-month Employee Cost Per Pay | 9-month Employee Cost Per Pay |
|---|---|---|---|
| Family Coverage | $20,000 Spouse and $10,000 per Child | $2.25 | $3.00 |
| Spouse Only | $20,000 Spouse | $1.50 | $2.00 |
| Children Only | $10,000 Per Child | $0.75 | $1.00 |