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Basic Life Insurance

Howard Community College has a group life insurance plan and an accidental death and dismemberment (AD&D) plan that provides full-time position control/budgeted and temporary with benefits faculty and staff members with life insurance amounting to twice their annual salary, not to exceed $450,000.  The employee must complete an initial enrollment form and beneficiary information and keep the office of human resources informed of the latest beneficiary status.  Medical examinations are not required for the basic life insurance.

Federal law requires that additional taxes must be withheld based on the value of the benefit on life insurance in excess of $50,000.  This law affects all full-time position control/budgeted employees who make more than $25,000 per year.  The Internal Revenue Service has specific tables that are based on age to determine the additional tax to be withheld.

Upon resignation, an employee will be offered the opportunity to convert the life insurance policy from a group policy to an individual policy.

Supplemental Life Insurance

Full-time position control/budgeted and temporary with benefits employees can elect to purchase portable supplemental life and AD&D insurance for themselves and their spouses or same-sex domestic partners.  If an employee or their spouse enrolls, the employee may also elect coverage in the amount of $5,000 or $10,000 for children between the ages of six months and 19 years of age.   The age may be extended to 25 years if the child is a full-time student.  There is limited coverage for children between the ages of 14 days to six months.  The employee can buy coverage in units of $10,000 up to $500,000 for life and $250,000 for AD&D.  The minimum purchase amount is $20,000.  If electing life and AD&D, the amounts must match except those amounts over $250,000 for life insurance.

At initial employment, full-time position control/budgeted and temporary with benefits employees are eligible to obtain guaranteed supplemental coverage up to $100,000.  If supplemental coverage in excess of $100,000 is desired, an evidence of insurability form must be completed.  Spouses are guaranteed supplemental coverage up to $40,000.  If supplemental coverage in excess of $40,000 is desired, an evidence of insurability form must be completed.  This information will be submitted to the life insurance carrier for approval.  Payroll deductions for supplemental life/AD&D insurance will not begin until it has been approved.  The insurance becomes effective the first day of the following month after approval.

Each year at open enrollment, employees also have the opportunity to enroll, increase, or decrease their life insurance elections.  Upon separation of employment with the college, employees are provided with an opportunity to convert basic and supplemental policies to individual policies.

Effective Date:  12/6/13