Group Life Insurance
Group life insurance coverage is optional for regular employees. The University contributes approximately one-half of the premium. The plan is experience-rated and net costs may vary from year to year.
The plan began in February of 1950 with Prudential Life Insurance Company as the carrier. It required participation of 75 percent of the eligible employees. Coverages vary with age and salary level. Premiums vary with age level.
Page 43Paid-up coverage of $1,000 was provided in July 1953 for retirees. In July of 1961 coverage was improved to approximately one and one-half of salary level. Retiree coverage was increased to $2,000 in July of 1961. In July of 1964 coverage was increased to approximately twice the salary level, and since 1972 ranges from two to three times salary level. From age sixty-five to seventy coverage now reduces gradually to $2,000 for active employees. These are some of the salient changes that have occurred in this benefit program since 1950.