Basic and Supplemental Life Insurance
Both are “term” life insurance plans -- there is no cash value unless you die while you are an employee of the College and are covered by one or both of the plans.
NOTE: A beneficiary is the person who receives a benefit. In the case of life insurance, this would be the person you choose to receive your life insurance benefit if you die.
Important Tips about Basic and Supplemental Life Insurance
- You must choose a beneficiary for both basic and employee supplemental life insurance.
- You may choose more than one beneficiary. If you do this, your total benefit will be split among the beneficiaries by the percentage that you choose.
- You can also choose “contingent beneficiaries” or secondary beneficiaries, who will receive the benefit if something happens to both you and your primary beneficiary.
- You can change your beneficiaries as often as you wish.
- YOU are automatically the beneficiary of any dependent supplemental life insurance that you elect.
- The Basic and Supplemental Life Insurance are portable plans or can be converted to a whole life policy. This means that if you leave Bowdoin College, you can apply (within 31 days) to keep the policy and pay the insurance company directly.