ERIC Number: ED216568
Record Type: Non-Journal
Publication Date: 1981-Jan
Reference Count: N/A
The Status of Group Life Insurance Plans.
Cook, Thomas J.
Business Officer, Jan 1981
Information on provisions of group life insurance plans and the tendency of colleges and universities to provide this coverage is considered. There has been an increase in the percentage of institutions adopting group life insurance plans over the last decade. Absence of coverage is concentrated among smaller two-year and four-year institutions with relatively few employees. In addition to providing basic protection for all eligible employees, group life insurance enables the purchase of more insurance premium dollars than do most individual life policies, and no physical examination is required, except on late enrollment. Benefits payable under a group plan may be assigned as a flat amount, by age, or according to salary or job category. About 30 percent of both public and independent four-year institutions incorporate a decreasing pattern of benefits based on age in their assignment of group insurance benefits. In addition to life insurance benefits and the death benefits of a retirement plan, there may be substantial monthly survivor benefits from Social Security. About 60 percent of the four-year institutions report that accidental death and dismemberment provisions are included in their life insurance plans, as do about 75 percent of two-year institutions. Other decisions institutions must make concerning group life insurance plans include: (1) classes of employees eligible for coverage, (2) waiting period for participation, (3) roles of employer and employee in applying for the insurance, (4) coverage for dependents, and (5) continuation of coverage for retired employees. (SW)
Descriptors: College Faculty, Community Colleges, Eligibility, Fringe Benefits, Higher Education, Insurance, Private Colleges, Retirement, School Personnel, State Universities, Teacher Employment Benefits
National Association of College and University Business Officers. 1110 Vermont Avenue NW Suite 800, Washington, DC 20005. Tel: 800-462-4916; Tel: 202-861-2500; Fax: 202-861-2583; Web site: http://www.nacubo.org
Publication Type: Opinion Papers; Collected Works - Serials
Education Level: N/A
Authoring Institution: National Association of College and University Business Officers, Washington, DC.