Employee Life Insurance

Employee Life Insurance is available to members of collective bargaining units.

You can update your beneficiary information through Penn’s online benefits enrollment site at any time.

Coverage and Cost

You must elect a coverage amount that is at least equal to your benefits base salary, but may go up to six times that (maximum of $300,000).

You can elect the maximum coverage when you’re hired or become newly eligible for benefits. After your initial election, you can only increase your insurance by the amount of your benefits base salary once in a plan year (July 1–June 30). So, if you started with coverage twice that of your base salary, it would take four years to increase it to six times your salary. Take this into account when considering your initial Employee Life Insurance coverage.

Penn provides flex credits based on your age and salary (minimum of the cost of coverage for your benefits base salary). You may elect more or less coverage than your flex credits will purchase. If you choose more coverage, you pay the additional cost in after-tax dollars. If you elect a lower amount, the flex credits are applied toward the cost of your other benefits (such as 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
Under 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


Contact the Benefits Solution Center