Employee Life Insurance
You may elect Employee Life Insurance coverage of up to six times your
benefits base salary, to a maximum of $300,000. You must elect at least a minimum of
one times your benefits base salary.
It’s important to note that you can elect up to six times your benefits base salary in Employee Life Insurance at the time that you are hired or become newly eligible for benefits, but afterwards you may only increase your Employee Life Insurance by one times your benefits base salary per benefits plan year (July 1 - June 30). For example, if you elected to purchase two times your base salary in Employee Life Insurance at the time that you were hired, it would take four years for you to increase that amount to the maximum of six times your base salary. Please take this into account when considering your Employee Life Insurance choices.
You are eligible for Employee Life Insurance if you are a member of a collective
bargaining unit at the University.
Upon appointment. Employee Life Insurance coverage begins on your date of
hire.
Log on to the Penn Benefits enrollment website at
www.upenn.edu/u@penn (click on
“Health benefits – view, enroll, change” under Benefits) to enroll and name
your life insurance beneficiary(ies).
Penn provides you with flex credits equal to at least the cost of one times
your benefits base salary in coverage. The amount of your flex credits is
determined by your age and your salary. You may elect more or less coverage
than your flex credits will purchase (minimum coverage of one times your
benefits base salary). If you elect a higher coverage amount, you will pay
the additional cost in after-tax dollars. If you elect a lower coverage
amount, your flex credits will be applied toward the cost of your other
benefits (e.g., medical coverage). Any remaining credits will be returned to
you in your paycheck as taxable income.
| Age as of July 1 |
Rate Per $1,000 of Coverage |
Multiple of Salary Provided as Flex Credit |
| Less than 30 |
$0.050 |
4.0 |
| 30 - 34 |
$0.067 |
4.0 |
| 35 |
$0.075 |
4.0 |
| 36 - 39 |
$0.075 |
3.5 |
| 40 - 44 |
$0.083 |
3.5 |
| 45 |
$0.124 |
3.5 |
| 46 - 49 |
$0.124 |
3.0 |
| 50 |
$0.191 |
3.0 |
| 51 - 54 |
$0.191 |
2.5 |
| 55 |
$0.354 |
2.5 |
| 56 - 59 |
$0.354 |
2.5 |
| 60 - 64 |
$0.537 |
2.5 |
| 65 - 69 |
$1.031 |
2.0 |
| 70 |
$1.868 |
2.0 |
| 71 - 74 |
$1.868 |
1.0 |
| 75 and over |
$2.060 |
1.0 |
For more detailed information about the rules governing Employee Life Insurance, please see the relevant section of the Health and Welfare Summary Plan Description [pdf].