Life Insurance
In addition to providing our life and disability coverage, Lincoln Financial Group does offer the following benefits:
Life Keys Benefit- No matter how well you plan, unexpected challenges will arise. When they do, help and support are nearby — thanks to LifeKeys® services from Lincoln Financial Group.
TravelConnect-Services offer help, comfort and reassurance — helping make travel less stressful.
The College offers Basic, Contributory and Spouse Life Insurance if you are eligible:
- Lincoln Financial Life Insurance Policy
- You are automatically covered for Basic coverage equal to one times your annual pay, rounded to the next higher $1,000, to a maximum of $450,000.
Life insurance is a tax-free benefit in amounts up to $50,000. Once your College-sponsored life insurance benefit exceeds $50,000, the College is required to report the cost for this coverage to the IRS as imputed income, which is subject to ordinary income tax. You will see the value reported to the IRS on your annual W-2 and on your pay stub.
- You may apply to enroll in Contributory coverage at 1x, 2x, 3x or 4x your annual pay, rounded to the next higher $1,000, to a maximum of $900,000.
- You may apply to elect Spouse coverage if you elect Contributory coverage.
You pay for Contributory and Spouse coverage on a post-tax basis so you may change your coverage at any time. Limits and evidence of insurability may apply.
To contact Lincoln Financial, go tohttps://www.lfg.com/public/individualor call 1 (877) 275-5462.