EMPLOYEE BENEFITS

Basic Life Insurance Supplemental Life Insurance Supplemental Rate Chart

Supplemental Life Insurance

In addition to the Basic Life Insurance coverage provided by MIT, you may purchase supplemental life insurance coverage equal to one, two, three, four or five times your base annual salary.

Cost

You pay the full cost of supplemental life insurance coverage through payroll deduction. For details on rates, please see the Supplemental Life Insurance rate chart.

Enrollment

You may enroll in supplemental coverage within 31 days of your date of hire or appointment, and choose coverage up to the lesser of three times your base annual salary or $250,000 without providing evidence of good health; this coverage (referred to as the "guaranteed issue") begins on the first of the month following the date you submit your enrollment to the Benefits Office. If you elect coverage greater than the "guaranteed issue", the additional coverage begins as soon as the insurance company approves the additional amount.

Note: For purposes of supplemental coverage, base annual salary does not include any overtime or other premium pay.

Coverage Increase

You may request to increase your coverage at any time during the year. If you apply to increase your coverage you must provide evidence of good health. You may cancel or reduce coverage at any time during the year.

Supplemental Life Insurance and Coverage Reduction due to Age

The amount of your supplemental life insurance after you reach age 65 will periodically be reduced based on the salary multiplier specified in the table below:

Age of Employee as of July 1 Following One’s Date of Birth Associated with the Age Schedule Below	Amount (Salary Multiplier)
65 but less than 70	3.3
70 but less than 75	2.2
75 but less than 80	1.6
80 but less than 85	1.2
85 but less than 90	0.9
90 but less than 95	0.7
95+	0.6

For more information please refer to the Group Life Plan Description (download as a PDF).

Naming a Beneficiary

It is important that you name a beneficiary to receive benefits from the life insurance plan in the event of your death. It is important to keep your beneficiary designation up to date and to let your beneficiary know about your MIT life insurance coverage.

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This information is intended to be a summary of the Plan. The Plan document (available from the Benefits office) contains all the details. If there is a conflict between this summary and the Plan document, the Plan document will control.

MIT expects to continue the Plan as a benefit to employees, but reserves the right to change or terminate the Plan should this become necessary or advisable.

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