The University's Group Life Insurance Program is insured by The Hartford Insurance Company effective September 1, 2009. In the event of your death, the amount of your Group Life Insurance will be paid to the beneficiary of your choice. (View the complete Summary Plan Description.)
The first component of the Life Insurance Program provides insurance in the amount of one times the covered employee's base annual or contract salary - up to a maximum of $400,000.
The entire premium for the Base Plan is paid by Saint Louis University, and becomes effective on your date of full time employment.
You may select additional levels of life insurance equal to one, two, or three times your base annual salary, with a maximum amount of $400,000 between the base and optional coverage. The optional insurance will be at your cost.
The monthly cost for optional coverage is based upon the participating employee's age according to the schedule below.
|Age||Monthly Rate Factor||Bi-Weekly Rate Factor|
|Less than 30||0.000039||0.0000180|
To calculate the premium for an additional one, two or three times your annual salary, multiply your annual salary by the monthly or bi-weekly rate factor that corresponds to your age. This amount will equal the premium for each optional 1 time the annual salary benefit amount.
There are state-specific requirements that may change the provisions under the Coverage(s) described in your Group Insurance Certificate. If you live in a state that has such requirements, those requirements will apply to your Coverage(s) and are made a part of your Group Insurance Certificate. The Hartford has a website that describes these state-specific requirements. You may access the website at www.thehartford.com.
If you are unable to access this website, and want to receive a printed copy of these requirements or have any questions, call The Hartford at 1-800-243-5433.
The Hartford will also provide a Dependent Life insurance Plan which includes a $25,000 spouse benefit and a $12,500 benefit for each eligible dependent child. The rate for dependent coverage is $4.35 monthly or $2.01 biweekly. This program is optional and is paid by the employee.
- "Beneficiary" means a person or entity, such as a trust or estate, chosen on a form approved by Prudential, to receive the insurance benefits.
- You may change Beneficiaries at any time by completing a new Beneficiary Form and submitting it to the Benefits office.
Changing Life Insurance
- Your may decrease your life insurance at any time by completing a new Hartford Enrollment form.
- To increase life insurance outside of your 31 day enrollment period, please complete the Proof of Insurability form and a new Hartford Enrollment form.
Return the completed forms to the Benefits office or fax to 314-977-1785.