Supplemental Life Insurance

Supplemental Life Insurance

You can purchase additional life insurance through MIT's Supplemental Life Insurance Plan that is separate from your MIT Basic Life Insurance. You can choose a coverage level equal to one, two, three, four, five, six or seven times your base annual salary. You pay the full cost of Supplemental Life Insurance.

Eligibility

You are eligible for Supplemental Life Insurance if you are paid by MIT, are appointed to work at MIT for at least three months, and work at least 50% of the normal full-time work schedule. More on eligibility.

Next steps

  1. Confirm your eligibility.
  2. Enroll in the plan (below).
  3. Designate or update your beneficiary (below).

Your Supplemental Life Insurance Coverage

You pay the full cost of your supplemental life insurance through deductions from your MIT pay each pay period. In the event of your death, the MIT Supplemental Life Insurance policy pays the full amount of your coverage to your designated beneficiary in a single payment.

Coverage levels

When you enroll in the Supplemental Life Insurance Plan, you can choose a coverage level equal to one, two, three, four, five, six or seven times your base annual salary (your regular pay, not including any overtime or other premium pay). The initial cost of your supplemental life insurance depends on your age when you enroll and the coverage amount based on the level you choose. The maximum Supplemental Life Insurance coverage amount is $2,000,000. See the Supplemental Life Insurance Rate Chart below for details.

Evaluate your additional insurance needs

Use the MetLife insurance coverage calculator to estimate the amount of coverage that best suits your needs.

Reductions in coverage as you age

When you reach age 65, the amount of your MIT Supplemental Life Insurance coverage may decrease as a result of these conditions.

  • If your coverage level at age 65 is more than 3.3 times your base annual salary, the amount of your coverage will be reduced to 3.3 times your base annual salary.
  • If your coverage level at age 65 is less than 3.3 times your base annual salary, the amount of your coverage will not change for five years.
  • Your coverage level is subject to a similar reduction test and possible decrease every five years until you reach age 95 (see table below).
  • There are no further decreases in your coverage level after you reach age 95.
Age as of July 1 following your birthday Amount of your coverage
at least 65 but less than 70 no more than 3.3 times base annual salary
at least 70 but less than 75 no more than 2.2 times base annual salary
at least 75 but less than 80 no more than 1.6 times base annual salary
at least 80 but less than 85 no more than 1.2 times base annual salary
at least 85 but less than 90 no more than 0.9 times base annual salary
at least 90 but less than 95 no more than 0.7 times base annual salary
95 or older no more than 0.6 times base annual salary

See the Group Life Insurance Plan Description (below) for further information. See Retiree Life Insurance for details on coverage after you retire from MIT.

More on Eligibility

Who is eligible

  • you have been appointed — and are currently employed — to work at MIT for at least three months
  • you work at least 50% of the normal full-time work schedule
  • you are paid by MIT

Who is NOT eligible

  • visitor
  • contractor
  • affiliate
  • teaching or research assistant
  • honorary lecturer
  • summer appointment
  • non-MIT student program worker
  • international visiting student
  • post-doctoral fellow
  • paid by MITemps
  • student in a work-study program
  • family member who is not employed by MIT
  • member of the armed services assigned to MIT

How to Enroll

Sign up when you start work at MIT

As a new hire, you can enroll in Supplemental Life Insurance coverage using Atlas. You may also complete and return the Supplemental Life Insurance Enrollment/Change Form and Life Insurance Beneficiary Designation Form (below) to the MIT Benefits Office within 31 days of your date of hire or appointment or within 31 days of the date you receive your official Welcome Letter — whichever is later. You may enroll in Supplemental Life Insurance at any time. However, the guarantee issue coverage described below is only available when you enroll within 31 days of your date of hire or appointment.

Enrollment and evidence of good health

Depending on the coverage level you choose, you may not have to provide evidence of good health if you enroll within 31 days of your date of hire or appointment or within 31 days of the date you receive your official Welcome Letter — whichever is later.

  • If your coverage is up to three times your base annual salary or $500,000-whichever is less-your coverage is called a guaranteed issue, and you do not have to provide evidence of good health. Coverage begins on the first day of the next month, depending on when you enroll online or return the Supplemental Life Insurance Enrollment/Change Form (below) to the MIT Benefits Office.
  • If your coverage is more than three times your base annual salary or $500,000--whichever is less--you must provide a Statement of Health (below) to MetLife for additional coverage amount. Your coverage begins on the date the insurance provider approves your coverage but not earlier than the first day of the month described above.
  • You must be actively at work for coverage to become effective. If you are not actively at work on the date coverage would otherwise take effect, coverage will take effect on the day you resume active work.

Change your coverage

You may cancel, reduce, or increase your coverage level at any time. If you increase your coverage level, you must provide a Statement of Health (below).

Supplemental Life Insurance Rate Chart

2016 Supplemental Life Insurance Rates
Age on January 1 Monthly Cost per $1,000 of Coverage
Under age 30 $0.030
Age 30-39 $0.039
Age 40-44 $0.049
Age 45-49 $0.097
Age 50-54 $0.146
Age 55-59 $0.233
Age 60-64 $0.323
Age 65-69 $0.565
Age 70-74 $0.900
Age 75-79 $1.365
Age 80+ $2.060

Example: You are age 42 and would like to purchase $250,000 in Supplemental Life Insurance. Your monthly cost would be $0.049 per $1,000 of coverage ($0.049 x 250) or $12.25 per month.

Preparing your will

Once you enroll in MIT Supplemental Life Insurance, you can receive free expert assistance in preparing your will from Hyatt Legal Plans at (800) 821-6400. You will be asked for the MIT group number — 112757 — when you call.