Highlights of the Life Insurance Plan

WHO IS ELIGIBLE

Regular employees working 20 or more hours per week are eligible for life insurance.

WHEN COVERAGE BEGINS

Coverage begins the day after you complete one month of continuous employment during which you must be actively at work.

SUMMARY OF COVERAGE PROVISIONS

The College provides life insurance in the amount of 2 times your annual base salary rounded to the next thousand dollars (with a minimum of $50,000). In the event of an accidental death, an additional amount equal to the amount of your life insurance will be paid to your beneficiary. This is term life insurance: there is no cash value, and can only be used if the benefit is paid while you are an employee of the College. Should you leave the College, the benefit ends unless you elect to pay the insurance company directly to keep it as a term life insurance plan or convert it to a portable whole life insurance policy. This is subject to the portability provisions outlined in the Summary Plan Description.

COST

The College pays 100% of the cost of the plan for all eligible employees

ADDITIONAL INFORMATION

Beneficiaries: You may list one primary beneficiary or multiple parties. The primary beneficiary(ies) receive the life insurance in the event that something happens to you while you are employed by Bowdoin College. Contingent beneficiary(ies) receive the life insurance only if something happens to both you and primary beneficiary(ies). Therefore, it is optional to list contingent beneficiary(ies).
 
You may change your beneficiaries as often as you wish. Each year during open enrollment, you will be given an opportunity to change your life insurance beneficiary(ies). Whenever you change your beneficiary(ies) it is very important to sign and date the form. The most recent beneficiary designation determines who will receive the benefit in the event of your death.