Group Life insurance
There are two types of life insurance plans offered to eligible employees:
- Basic Term Life Insurance
Eligible employees automatically receive basic life insurance equal to one times your annual salary to the max of $50,000. The City pays the full cost of this benefit.
- Optional Employee Life Insurance
You may purchase additional life insurance coverage equal to one, two, three, four or five times your annual salary as of January 1 st of the current year (or your hire date, if later). The maximum coverage amount is $500,000.
You can elect to pay for optional coverage using either pre-tax or after-tax payroll deductions. The monthly cost (pdf) is based on your age as of January 1 st of the current year, your smoker status and the amount of life insurance you elected.
If you elect to pay for optional life with pre-tax dollars, federal law requires that you pay income taxes on the value of life insurance in excess of $50,000.
The Life Insurance Certificate of Insurance provides additional information on this benefit.
Dependent Life Insurance
If you enroll for optional employee life insurance, you may also elect to purchase life insurance coverage for your eligible dependents (your legal spouse to age 70 and your dependent children to age 19). Dependent life insurance equals $5,000 for each covered dependent ($500 for newborns to 6 months of age). The monthly cost for this coverage is $1.60 which is deducted from your pay on an after-tax basis. The cost is the same no matter how many eligible dependents are enrolled.
Enrolling for Optional Life Insurance
Eligible employees may enroll for optional life insurance within 31 days of the date they are first eligible for coverage, typically, the first of the month following 30 days of employment. Enrollment information is included on the Personal Enrollment Form.
Employees who have been employed by the City longer than 31 days may apply for optional life insurance on an after tax basis and subject to evidence of good health. To apply, complete the entire evidence of insurability packet and return it to the Benefits Office at 100 Public Service Center. Your application will be reviewed by the life insurance company.
Changing Life Insurance and Beneficiary Elections
Options for changing plan elections are based on whether you purchase coverage with pre-tax or after-tax payroll deductions. You can change your beneficiaries at any time by completing a Beneficiary Designation Form (pdf) and returning it to the Benefits Office.
Last updated Jan. 2, 2014