Basic and Supplemental Life Insurance - The Standard 2023

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Life Insurance

Carnegie Institution provides basic life insurance, plus the opportunity to purchase elective life insurance. To be eligible for basic life insurance coverage, you must be an active full-time employee. Eligible Carnegie employees are automatically enrolled in our basic life insurance program. Both the basic life insurance and supplemental life insurance are provided by The Standard Insurance Company.

Basic Life Insurance Information

Carnegie’s basic term life insurance provides a benefit if you die while employed at the Institution. The Institution-paid benefit of two-times (2x) annual salary with a maximum benefit of $200,000 is offered at no cost to Carnegie employees.

Supplemental Life Insurance Information

Carnegie full-time regular employees have the option to purchase additional life insurance with The Standard in $10,000 increments up to $500,000. You pay the full cost of this extra insurance through payroll deduction. Coverage ends when your employment with Carnegie ends (although you may continue the policy directly with the insurance company). The monthly premium rates are based on your age. As you grow older and move into a new age bracket, your premiums increase.

New Hires

  • New Hires who do not enroll within 30 days of their employment date will be eligible for guaranteed issue of $200,000 during open enrollment. After the 2023 Open Enrollment period, any amount over $200,000 will require the completion of the Evidence of Insurability (EOI) form.

Current Employees

  • During the 2023 Open Enrollment period, employees can increase your election up to $200,000 during open enrollment, without Evidence of Insurability (EOI).
  • Any increase amount that takes the employee over $200,000 requires the completion of the Evidence of Insurability (EOI)  form.

Dependent Supplemental Life Insurance

You may elect Dependent Life coverage only if you have also enrolled in Employee Supplemental Life insurance for yourself. Once you purchase elective coverage for yourself, you may also purchase coverage for your spouse and unmarried children.

  • For your spouse, you may purchase up to 50% of the amount you buy on your own life (in $10,000 increments). The spousal guaranteed life is $50,000. Any election amount above this requires EOI. 
  • For your dependent children, you may purchase 10% of the amount of Employee Supplemental Life you elected for yourself, up to $10,000 for each child.

 

Life Insurance Resources