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Contributory Group Life Insurance Plan

Questions and Answers about the Contributory Group Life Insurance Plan for New Employees

Contributory Group Life is a plan that allows you to buy term life insurance at group rates and to pay for it through the convenience of payroll deductions. The plan is insured through Aetna Life Insurance Company. New employees can enroll within 60 days of their hire date without providing Evidence of Insurability (certain limits apply).

If you do not enroll when you are first eligible, or within 30 days of a family status change (marriage, birth of a child, etc.) you will not be eligible for "guaranteed issue" insurance at future open enrollments. You will be required to fill out an Evidence of Insurability Form (Health Statement) for review by Aetna's underwriters before any insurance can be obtained.

Who is eligible?
Generally, you are eligible to participate in this plan if you are covered by the University's Group Life Insurance policy (i.e., you are a benefits-eligible employee).

What options are available under this plan?
There are two options. You can purchase either option or both options.
1. Supplemental Life Insurance - allows you to buy additional insurance for yourself
2. Dependent Life Insurance - covers your spouse and eligible children.

How does Supplemental Life Insurance Work?
As a new employee, you may elect to buy insurance in $1,000 increments, up to a maximum of one times your annual base salary. This is the Guaranteed Issue Amount and no health information is required. (The Guaranteed Issue Amount is capped at $250,000.)

Can I request more than the Guaranteed Issue Amount?
Yes, on the Enrollment Form you can request an Additional Amount of insurance, also in $1,000 increments, but you must then complete a Health Statement available from the Benefits Office. The Additional Amount of insurance will be effective only after Aetna reviews the Health Statement and approves the request. Once you are participating in the plan, you may also purchase Additional Amounts during each year's Open Enrollment period, up to one times salary, without submitting a Health Statement (up to $250,000). The total insurance amount can never exceed the lesser of four times salary or $500,000.

What is the Dependent Life Insurance option?
Dependent Life Insurance is purchased in units. A unit of insurance covers your spouse for $10,000 and each eligible child for $5,000. An eligible child is your unmarried child by birth, legal adoption or guardianship, or marriage, over 14 days old and under age 23 (a step-child or legal ward must reside in your home). Refer to the Enrollment Form instructions for additional information. (A dependent may not be hospitalized, confined at home due to sickness or injury, nor entitled to disability income due to sickness or injury as of the effective date of insurance.) Please note that no person may be covered as a dependent of more than one employee. Also, a spouse may not be covered as a dependent if the spouse is an employee of Boston College and is eligible for Supplemental Life coverage through the Boston College plan.

How much Dependent Life coverage can I purchase?
As a new employee, you can buy one unit without submitting any health information. A 2nd or 3rd unit may be requested initially, but a Health Statement would be required for each covered dependent, and the insurance would become effective only after approval by Aetna. Once you are participating, you may also add a unit during the annual Open Enrollment period, without submitting health information. The maximum coverage is 3 units.

Does this Contributory Insurance have cash value?
No, this is term insurance and builds no cash value.

Is the coverage convertible upon termination of employment?
Under Aetna's "portability" option, there is a one-month period during which you can normally elect to continue your term life insurance coverage after your employment ends. If you are not eligible for portability (for example, due to age limitations), there is a "conversion" option that allows you to convert your coverage to a 'whole life' policy.

How do I enroll?
Simply complete the Supplemental Life Enrollment Form and/or the Dependent Life Enrollment Form and send to the Benefits Office, Room 140, 129 Lake Street. If you are requesting more than the Guaranteed Issue Amount of insurance, or extra units of Dependent Insurance, you will also have to submit a Health Statement. Forms are available from the Benefits Office, and on the Human Resources Website Forms & Documentation page.

What is the deadline?
As a new employee, in order to take advantage of the Guaranteed Issue Amount for yourself, or the 1 Unit of insurance for your dependents, you must enroll within 60 days of your hire date. If you do not elect to participate during that 60-day period, you will lose the Guarantee Issue opportunity (except for family status change), and you will be required to submit evidence of good health that is acceptable to Aetna in order to participate in the future.