Two types of life insurance are available to full-time and eligible part-time Berklee employees: basic employee life insurance and voluntary supplemental life insurance.
Basic Employee Life Insurance Coverage
For full-time faculty and staff: Berklee provides basic life insurance coverage equal to your annual salary rounded up to the next thousand dollars. This amount does not include any compensation for summer employment. Accidental death and dismemberment coverage (AD&D) is included with this benefit. Berklee pays the entire cost of this life insurance and AD&D coverage.
For part-time eligible faculty and staff: Berklee provides basic life insurance coverage equal to $25,000. Accidental death and dismemberment coverage (AD&D) is included with this benefit. Berklee pays the entire cost of this life insurance and AD&D coverage.
Voluntary Supplemental Employee Coverage
Full-time faculty and staff have the option to purchase additional life insurance and AD&D coverage in amounts equal to one, two, or three times one's annual salary (up to $200,000 of optional supplemental coverage).
Part-time eligible faculty and staff have the option to purchase additional life insurance and AD&D coverage in $10,000 increments (up to $50,000 of optional supplemental coverage).
Voluntary Coverage for Spouse/Children
Faculty and staff members may purchase life insurance for their spouses and children and AD&D insurance for their spouses.
Cost of Voluntary Coverage
You pay the cost of optional coverage through post-tax payroll deductions. The cost of optional coverage is based on your age.
Download the Optional Supplemental Life Insurance Rates in effect through 12/31/13.
Voluntary Enrollment Deadline
The voluntary life insurance enrollment deadline for guaranteed enrollment is 30 days after one's hire date. If you miss this date, you (or your spouse) may be required to take a physical examination at your expense and you may risk being turned down for coverage.
Voluntary Coverage Effective Date
Voluntary life insurance coverage becomes effective the first of the month following the hire date, or upon approval from the insurance company, if later.
Naming Your Beneficiary
Use the Life Insurance Beneficiary Change Form to name your beneficiary.
When Coverage Ends
All coverage ends on the date your employment (or eligibility) ends. You may continue coverage by converting some or all of your insurance to a policy that you own. You must complete the conversion process within 31 days of losing coverage. For more information, contact the insurance company, Lincoln Financial, at 1-800-423-2765.
Loans and Your Berklee Life Insurance Coverage
Life insurance coverage from Berklee is "term" insurance. This means that the insurance has no "cash value" or investment component. As a result, you cannot borrow from your policy or pledge it as collateral.