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Life Insurance Procedure - 63.07.05

College Policy Number/Title:

Basic Life Insurance

Howard Community College has a group life insurance plan and an accidental death and dismemberment (AD&D) plan that provide full-time budgeted and temporary with benefits employees with coverage amounting to twice their annual salary. 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 and AD&D 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 budgeted and temporary with benefits 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 an employee’s separation from employment, basic life coverage ends on the last day of the month in which the separation occurs.

Supplemental Life Insurance

All budgeted and temporary with benefits employees who elect supplemental coverage for themselves can elect to purchase additional supplemental life and AD&D insurance for their dependents. There are limitations on the amounts of coverage that may be purchased for the employee and dependents, and requirements for medical reviews for certain requests. The limitations and rules for medical reviews are outlined in the yearly benefits guide and shown on the human resources portal page.

Each year at open enrollment, employees have the opportunity to enroll, increase, or decrease their supplemental life insurance elections. All supplemental life and AD&D coverage ends on the day of an employee’s separation.

Upon separation from employment with the college, employees are provided with an opportunity to convert basic and supplemental policies to individual policies.

Effective Date: 04/12/19

President's Office Use:  VPAF

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