HR Policies: 6.8.8
Life Insurance
Subject: Providing Benefits
Number: 6.8.8
Issued: 3/1/82
Revised: 6/30/98
Basic Life Insurance
Purpose
To provide financial protection for beneficiaries in the
event of the death of an employee.
General Provisions
Benefit payable in equal to one-half the annual budgeted
salary for endowed employees. Beneficiaries of statutory employees
receive at least one-half of the employee's annual budgeted salary.
The benefit for statutory employees will be offset by the amount
of any benefits payable under the Survivor's Benefit Program, the
New York State Retirement System (NYSERS), or the Federal Civil
Service Retirement System.
Post Retirement Coverage
Coverage after retirement will depend on your age as of
January 1, 1980.
Disclaimer
While every attempt has been made to ensure the accuracy of the
above statements, the legal documents, policies, or certificates
pertaining to this benefit prevail in the event of any discrepancy.
This description does not constitute a legal document.
Group Universal Life Insurance
Purpose
To provide financial protection for beneficiaries of a covered employee,
spouse/same-sex partner, and/or eligible children.
Procedure
Upon employment, new employees will be eligible to enroll for
one to five times their salary to a maximum of $1,000,000. All inquiries
regarding life insurance should be directed to CIGNA Group Insurance,
1-800-231-1193. Employees should review beneficiary designations
regularly and may change designations at anytime by contacting the
above CIGNA number.
General Provisions
Group Universal Life Insurance will change effective January 1 of
each year. Levels of coverage will reflect the employee's age as
of January 1 and the employee's salary as of the previous November
1. Levels of coverage will remain consistent throughout the year
based on these factors. Should an employee wish to increase or decrease
their level of coverage, they will need to contact GIGNA Customer
Service, 1-800-231-1193.
Post Retirement Coverage
After retirement, employees will be able to continue levels of coverage
by direct billing from CIGNA. Billing will be at proated rates.
Please contact CIGNA, 1-800-231-1193, to discuss the proated rate
structure.
Supplemental Group Life Insurance Plan for Retirees
Available for retirees who desire to purchase additional life insurance
at the point of retirement.
Disclaimer
While every attempt has been made to ensure the accuracy of the
above statements, the legal documents, policies, or certificates
pertaining to this benefit prevail in the event of any discrepancy.
This description does not constitute a legal document. Details of
the coverage described in this policy will soon be available in
outline form, in the "Cornell Group Universal Life Insurance
Plan" summary plan booklet.
All inquiries regarding life insurance should be directed to CIGNA Group Insurance, 1-800-231-1193.