Supplemental Life Insurance

Effective July 1, 2008, Lesley University began offering Supplemental Life insurance through AETNA to benefits eligible employees, their respective spouses/spousal equivalents and dependents.

Benefit Options

Employees can elect coverage in increments of $25,000 to a maximum of $500,000 not to exceed five times an employee's basic annual earnings.

Spouses/Spousal Equivalents: Employees can elect coverage for their spouses/spousal-equivalents in increments of $10,000 to a maximum of $250,000 (not to exceed 50% of the employee elected coverage amount)

Dependents: Employee can elect coverage for their dependent children in the flat amount of $10,000 (not to exceed 50% of the employee elected coverage amount)

Monthly Premium Payments:

Premiums are deducted post-tax from an employee's wages on a monthly basis. Rates are based on an employee's age as of January 1st of a given calendar year, the following rates would apply:

• Child(ren) = $1.80 per child per month
• Employee and Spouse/Spousal-Equivalent per $1000 of coverage per month:

Example: Employee John Doe (age 40) elects $50,000 in self-coverage and $20,000 in spousal coverage. In this scenario he would be paying:

• .16 * $50,000 / $1,000 = $8 per month for self-coverage
• .16 * $20,000 / $1,000 = $3.20 per month for dependent coverage

For a total of $11.20 deducted per month.

When can I enroll?:

Employees have the opportunity to enroll in this benefit when they first become benefit-eligible (the first month after an employee's date of hire in most cases). After the initial offering, employees are eligible to enroll, terminate or change cover each year during open enrollment effective for the upcoming calendar year.

Guarantee Issue:

At their initial hire date employees can enroll in any amount up to the guarantee issue. For self coverage the guarantee issue amount is the lesser of $125,000 or 3 times an employee's annual salary. For spousal coverage, the guarantee issue amount is $20,000. For dependent coverage, the guarantee issue amount is $10,000 per child.

Employees who elect coverage above the guarantee issue amount will need to complete evidence of insurability documentation subject to AETNA's approval.

There is no guarantee issue amount for employees who enroll or change coverage during open enrollment. In this case employees wishing to enroll or change coverage must fill out evidence of insurability subject to AETNA's approval.

Age Reductions:

On the first of the year following your 65th birthday, your insurance coverage amount will reduce to 65% of the original amount; and to 50% of the original amount on the first of the year following your 70th birthday.

Conversion of Coverage:

For further information please contact Benefits at benefits@lesley.edu and 617.349.8783.