Optional Life Insurance
You may elect Optional Life Insurance coverage of two times your benefits
base salary.
You are eligible for Optional Life Insurance if you are a part-time member
of the University faculty or staff in a benefits eligible position.
Upon appointment. Optional Life Insurance coverage begins on your date of
hire.
During your new employee eligibility period or the annual Open Enrollment period, you may enroll for Optional Life Insurance online 24 hours a day, 7 days a week at Penn’s online benefits enrollment site. You may also be eligible to make specific changes to your coverage at other times as the result of an employment status change or a qualifying life event change, such as a change in marital status or the arrival of a new child. You can update your beneficiary information online at any time through the same site. If you have questions about Penn’s Optional Life Insurance options, or about how to make your benefits elections online, please contact the Penn Benefits Center at 1-888-PENN-BEN (1-888-736-6236).
You pay for Optional Life Insurance with after-tax dollars.
| Age as of July 1 |
Rate Per $1,000 of Coverage |
| Less than 30 |
$0.050 |
| 30 - 34 |
$0.067 |
| 35 - 39 |
$0.075 |
| 40 - 44 |
$0.083 |
| 45 - 49 |
$0.124 |
| 50 - 54 |
$0.191 |
| 55 - 59 |
$0.354 |
| 60 - 64 |
$0.537 |
| 65 - 69 |
$1.031 |
| 70 - 74 |
$1.868 |
| 75 and over |
$2.060 |
For more detailed information about the rules governing Optional Life Insurance, please see the relevant section of the Health and Welfare Summary Plan Description [pdf].