Basic Group Term Life Insurance

SMCPS provides basic life insurance that covers you at all times.  SMCPS pays 90% of the cost of life insurance (45% for part-time employees) for a benefit equal to your annual salary (rounded to the next $1,000). The monthly rates for this coverage are $.10 per $1,000 of coverage. For example, an individual earning $29,428 would be entitled to $30,000 of life insurance, which corresponds to a monthly premium of $3.00. For this basic coverage, the employee would pay, through payroll deductions, their share (10% or if part-time, 55%) of the monthly premium. Refer to your negotiated agreement for the hours determination.

Supplemental Life Insurance

Additionally, we are able to offer supplemental, voluntary life insurance at competitive rates. This supplemental insurance is completely paid by the employee through payroll deductions. This coverage can be elected in increments of $10,000 up to 5X annual salary, limited to $250,000. In other words, that same employee earning $29,428 could elect, at their own cost, to carry additional insurance up to $150,000 (5X salary rounded up to the next $5,000 increment).

The monthly premium for each $1,000 of supplemental coverage is $.21 for individuals up to and including age 49, and $.36 for those ages 50 and over. The age determination is made on July 1 of each year. If you were age 50 on July 1, 2009, then your monthly rate this year would be $.36. If you are less than 50, then the rate would change July 1, after you turn 50.

If you already are carrying supplemental insurance, then you can continue that amount (to the next higher $5,000 interval) without any medical evidence of insurability. If you are electing supplemental coverage for the first time, you can elect supplemental coverage up to 2X your salary - to the next higher $5,000, without medical evidence of insurability. Any additional coverage will require medical evidence of insurability.