Local 100 - Term Life Insurance
Life insurance can provide valuable financial protection and Columbia University offers you the choice of different levels of coverage to help meet your needs. Optional Term Life Insurance is available for members of Local 100. Please note that New York Life recently acquired Cigna Group Insurance. As part of this transition, Cigna has changed its name to New York Life Group Benefit Solutions (NYL GBS).
Term Life Insurance
Local 100 employees who have completed six months of service are eligible for the Basic Term Life Insurance Plan provided by Columbia University at no cost to you. This Plan provides a benefit of one times your Annual Benefits Salary, up to $50,000.
The Basic Term Life Insurance plan pays a lump sum benefit to your beneficiary in the event of your death while actively employed by Columbia University.
The Plan can also pay a living benefit. If you become terminally ill, you may elect to have the Plan pay out a benefit while you are still living. Any amount you receive will reduce the benefit paid to your beneficiary.
You may elect additional amounts of coverage of one to five times your Annual Benefits Salary up to a maximum of $1,000,000, including your Basic Term Life Insurance coverage amount. The premium payment for additional coverage is paid with post-tax dollars.
The benefit will be determined using your Annual Benefits Salary rounded to the next highest $1,000. You will see your personal monthly premiums on CUBES based on your age. Login CUBES to add or update beneficiaries at any time during your employment.
You pay a monthly premium for each $1,000 of Optional Term Life coverage. Your premium is based on your age as of January 1:
Life Insurance Monthly Costs
Example: A member of Local 100, age 41, with an Annual Benefits Salary of $40,000, elects Optional Term Life Insurance of 3x Annual Benefits Salary ($120,000).
You must provide Evidence of Insurability (EOI) and be approved by New York Life Group Benefits Solutions if:
- You are newly hired and elect Optional Term Life Insurance coverage in excess of 3x your Annual Benefits Salary or $500,000 Guaranteed Issue Amount, whichever is less;
- You did not elect Optional Term Life Insurance previously and want to elect this coverage during Benefits Open Enrollment;
- You wish to increase the level of your coverage by more than 1x your salary or beyond the Guaranteed Issue Amount during Benefits Open Enrollment.
If you need to provide EOI, the process steps and required forms are available online via CUBES.
New Opportunity: After six months of service, members of Local 100 may take advantage of the one-time opportunity to enroll in Optional Term Life Insurance without providing Evidence of Insurability for amounts up to the Guaranteed Issue Amount of 3x salary or $500,000.
Imputed Income: If you purchase Employee Optional Term Life Insurance and the combined value of your Basic Term life Insurance plus your Employee Optional Term Life exceeds $50,000, the premium based on IRS table rates minus the premium you pay for the employee coverage in excess of $50,000 is considered imputed income and subject to tax due to IRS regulations.