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Cooperative Extension Service |
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Agricultural
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U of A Board Policies
Dale Bumpers College
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Summary: Establishes policies for participation in the University of Arkansas Group Life Insurance Program. Employees have the option of participating in the following group life insurance plans: • Basic Life Insurance
Life InsuranceBasic Employees are automatically provided basic term life insurance coverage free of cost. This plan pays the beneficiary a benefit of one times the employee's annual salary, adjusted to the nearest thousand, up to a maximum benefit of $50,000. As your pay increases, coverage automatically increases. Optional Employees have the option of purchasing additional term life coverage of one, two, three, or four times the annual salary, rounded up to the next $1,000. Maximum coverage is $500,000. The cost is based on age. Dependent You have the option of buying insurance for your spouse/children (those eligible to be your IRS dependents) at the following coverage levels: Level I: $10,000/$5,000, Level II: $15,000/$7,500, or Level III: $20,000/$10,000. If you wish to purchase Dependent Life insurance, you must purchase Optional Life insurance of at least 1 times your salary. Children ages 14 days to 6 months are covered for $100. Unmarried children age 19 through 25 are covered if they are full-time students and are designated as your IRS dependent. Optional Accidental Death and Dismemberment Insurance Employees have the option of enrolling themselves and their family in this program. If the employee or a covered family member dies as a result of an accident (on or off the job), the beneficiary will receive a benefit based on the amount of coverage selected. If family coverage is chosen, the spouse's coverage is 60% of the employee's amount and each child's coverage is 20% of the employee's amount. The plan also pays partial benefits if a covered person is seriously injured in an accident and suffers the loss of a limb or eyesight. The amount of coverage you can choose begins at $25,000 and increases in $25,000 increments up to $300,000. You are limited to 15 times your annual salary (rounded up to the next level) for all coverage amounts in excess of $150,000. Maximum coverage is $300,000. For additional information about these life insurance plans, consult the appropriate Summary Plan Description or contact the Human Resources Office. Return to Fringe Benefits Index |
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University of Arkansas • Division of Agriculture |
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