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Life and Dependent Life Insurance Benefits

Employer Paid Life / Accidental Death & Dismemberment [AD&D]

Benefit Amount
One times annual salary rounded to the next lower hundred, subject to a maximum of $400,000

Your benefit will reduce: 8% every year upon attainment of age 60 up to age 71. Benefit of $1,000 at age 72 and older.

Other benefits included: Conversion privilege, waiver of premium, living benefit, AD&D.

Optional Life / AD&D

Employee Benefit Amount
One, two or three times annual salary rounded to the next lower hundred, subject to a maximum of $400,000 (provided you enroll as a new hire otherwise you are a late entrant and subject to insurance company approval.).

Your benefit will reduce: 8% every year upon attainment of age 60 up to age 71. Benefit of $1,000 at age 72 and older.

Other benefits included: Conversion privilege, waiver of premium, living benefit, AD&D.



Effective Date
NEW HIRE: The effective date for new hire coverage will be the first day of the month following the completion of 30 days of service.

OPEN ENROLLMENT: Satisfactory evidence of insurability is required for all entrants during open enrollment. Effective date will be based on insurance company underwriting approval.


Monthly Cost

To calculate your monthly cost, please follow these instructions:

Age

Rate

00-29

0.05

30-34

0.05

35-39

0.05

40-44

0.07

45-49

0.09

50-54

0.13

55-59

0.19

60-64

0.29

65-69

0.51

70-74

0.71

75-99

1.51

List your base salary (benefit):

 

$

Find your age rate (table) & multiply:

X

$

 

 

$

Round down to 100 th & divide by $1000:

/

$

Your monthly cost:

 

$



Example: A 47 years old employee with a yearly salary of $30,463
 

X .09
$2,700
÷ 1,000
$2.70 / month


Optional Dependent Life Insurance
(regardless of the number of children)

Flat cost: $3.50 per month. Spouse or Domestic Partner [DP]: maximum of $15,000. Child(ren): $500 from age 14 days to 6 months, $7,500 from age 6 months to 25 years or marriage..

 

Life & Dependent Life Eligibility Requirements:

Please see your certificate for your minimum hour requirements. You must also be a permanent employee and be actively at work* on the coverage effective date.

*Actively at work means the full-time performance of all customary duties of your occupation.

If Spouses and Dependent Children are in a ‘Period of Limited Activity'* their effective date will not take effect until the day after: (1) his or her final discharge from the health care facility; or (2) resuming the normal activities of a healthy person of the same age and sex.

*Period of Limited Activity means a period when a spouse or child is confined in a health care facility; or, whether confined or not, is unable to perform the regular and usual activities of a healthy person of the same age and sex.

SPECIAL NOTE: The above is just a brief summary of benefits and does not constitute a contract. Please refer to your Certificate of Insurance for further information on your Employee Benefits.

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Miami Dade College is accredited by the Southern Association of Colleges and Schools Commission on Colleges to award associate and baccalaureate degrees. Contact the Commission on Colleges at 1866 Southern Lane, Decatur, Georgia 30033-4097 or call 404-679-4500 for questions about the accreditation of Miami Dade College.
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