All benefit eligible employees automatically receive Basic Term Life Insurance & Accidental Death and Dismemberment (AD&D) coverage. The Basic Term Life Insurance is equal to two times the employee's basic annual earnings to a maximum of $400,000. The guaranteed issue amount is $400,000. Lawrence University pays 100% of this premium; there is no cost to the employee.
Eligible employees also have the option of purchasing Supplemental Term Life Insurance & AD&D for the employee, employee's spouse/domestic partner, and any dependent child(ren). Employees may elect from a minimum of $20,000 to a maximum of $500,000 (in $10,000 increments), not to exceed five times your basic yearly earnings. For spouse/domestic partner supplemental life insurance, employees may elect up to 50% of the employee's supplemental life insurance. The Guaranteed issue amount for employees is $180,000 and $50,000 for spouses/domestic partners. Any amounts over $180,000 (employee) or $50,000 (spouse/domestic partner) will require Evidence of Insurability. Supplemental coverage for children may be purchased in $2,500 increments to a maximum of $10,000. Premiums are paid by the employee and are based on age and tobacco use. You may find more information on the Basic and Supplemental Term Life and AD&D insurance by referring to the Summary Plan Description or by visiting ING's website.
