Group
Life Insurance and Accidental Death /
Dismemberment
| Effective Date: |
01.16.1980 |
Revision Date: |
|
| Chapter Name: |
Employment
/ Affirmative Action |
Policy Number: |
3.4.1.2 |
| Policy Name: |
Group
Life Insurance and Accidental Death /
Dismemberment |
| A
PDF version of this policy is available
via this link. |
The Employer shall provide for all regular employees
who, during the first 30 calendar days
following their first day of actual
work, enroll for the group insurance
plan, life insurance in an amount equal to the employee's
annual salary rounded up to the nearest $1,000 and
accidental death and dismemberment insurance coverage
in an equal amount at no cost to the
employee for a
period of one year from the date of completion of
his or her probationary period. Commencing
with the month following completion of one year
of coverage as provided above, the Employer shall
pay the cost of providing coverage in an amount
equal to twice the employee's annual salary rounded
up to the nearest $1,000 and accidental death and
dismemberment in an equal amount.
The University’s obligation for paying the
cost of life insurance and accidental
death and dismemberment insurance shall
be subject to the same rules set forth on page 60
for the payment of health insurance premiums. Such
life insurance coverage shall terminate if the employee
terminates his employment, provided
that when an employee terminates his or her employment,
he or she is covered for a grace period of thirty-one
(31) days. During such 31-day period,
the employee may convert his group life insurance,
without medical examination, to an individual policy
and the employee shall pay the full cost of such
policy. The employee may select any type of individual
policy then customarily being issued by the insurer,
except term insurance or a policy containing disability
benefits. The premiums will be the same as the employee
would ordinarily pay if he or she applied for an
individual policy at that time.
When an employee reaches age 65 and continues working,
his or her insurance continues at a
decreasing rate of coverage as can be
provided at the normal cost per $1,000
of insurance. When an individual retires
(providing he or she is over age 50
with 10 or more years of service), his or her coverage
is automatically reduced to $1,000 and such coverage
shall be maintained at no cost to the employee.
Changes in amounts of insurance based on changes
in basic annual salary occur on each October 1 based
on the basic annual salary on the preceding July
1st. Basic annual salary excludes supplemental appointments,
overtime, longevity pay and other extra
compensation.
Additional regulation on this subject
may also be found and may supersede this
policy for employees covered by collective bargaining.
| Authority
for Creation or Revision: |
| Minutes
of the Board of Regents, January 16, 1980;
para. .2181M. |
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