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Life Insurance

Life insurance is provided to FIT full-time employees by The Standard Life Insurance Company of New York.      

BASIC TERM LIFE INSURANCE AND ACCIDENTAL DEATH AND DISMEMBERMENT INSURANCE (AD &D) (No cost to employee for Basic Term and AD & D coverage)

Effective the first day of employment, FIT provides term life insurance coverage equal to an employee's basic annual salary. This amount is rounded out to the next higher multiple of $1,000 if not already a multiple thereof. For example, if your annual earnings are $44,331, your life insurance amount would be $45,000.

The amount of life insurance for employees age 70 and over is computed differently. The amount of life insurance for employees age 70 or over will be 65% of the amount determined above. The amount of life insurance for employees age 75 and over will be 50% of the amount determined above.

Accidental Death and Dismemberment insurance (AD & D) covered is provided in an amount equal to term life insurance.

OPTIONAL ADDITIONAL TERM LIFE INSURANCE (If Optional insurance is elected by employee, the full premium costs are paid by the employee through payroll deduction)

During your first 30 days as a new employee, you will have the opportunity to purchase Optional (additional) term life insurance with the Standard over and above the amount of Basic coverage provided by the College. If you elect the Optional term life insurance coverage, you will pay the full premium cost of the Optional coverage through payroll deductions. You may elect Optional term life coverage in multiples of your annual salary: 1x, 2x, 3x, or 4x salary to a maximum of $500,000. The first $250,000 of Optional insurance you elect is guarantee issued and will not require any medical evidence of insurability. For any amount you elect over $250,000, you will be required to submit medical evidence of insurability and approval will be determined by the Standard after review. Employee-paid premiums for the Optional insurance are age-banded; and are available from HR/Benefits upon request.

Each year, an annual enrollment period for the Optional additional insurance will be held in the month of December. If you do not elect to purchase any Optional insurance during your first 30 days as a new employee and if you later wish to elect Optional insurance or increase your level of Optional insurance during an annual enrollment period, you will be required to submit medical evidence of insurability for any Optional coverage you elect. Approval for the Optional insurance will then be determined by the Standard. If an employee has a change in family status, the employee will be permitted to increase/decrease insurance within 30 days of the family status change event.

LIVING LIFE OPTION

This option under the term life insurance plan is provided to assist terminally ill employees. Under this provision, upon certification from a physician indicating 12 month or less to live, an employee may elect to receive up to 75% of the amount of his/her term life insurance to use for any purpose.

FRONTIER MEDEX TRAVEL ASSISTANCE PROGRAM

This benefit is provided by The Standard Life Insurance Company to assist FIT employees and their families who are more than 100 miles from home with worldwide emergency assistance services. Frontier MEDEX Travel Assistance offers a full range of professional 24-hour medical, legal and travel assistance services.

Reminder: Please be sure to keep your life insurance Beneficiary designation up-to-date. You may change your Beneficiary designation at any time by filling out a change form in Human Resources.

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