VII. FACULTY AND ACADEMIC STAFF RETIREMENT AND BENEFIT PROGRAMS (Cont.)
OPTIONAL BENEFITS (Cont.)1
Employee-Paid Life
A faculty/academic staff member may select employee paid life within 60 days of initial appointment to an eligible status or by furnishing evidence of insurability during Open Enrollment.
Eligibility
Faculty/academic staff appointed 50 percent time or more for nine months or more are eligible to enroll for coverage.
Coverage
The coverage is decreasing term insurance with no cash or loan value. Coverage may be selected in varying amounts up to a $500,000 maximum depending on age and plan selected, as shown in the brochure.
Optional dependent coverage (for spouse or MSU recognized same-sex domestic partner and children, if any) may also be selected.
Benefits are payable to the designated beneficiary in the event of death while the plan is in force. Beneficiaries are designated by the faculty/academic staff member and may be changed at any time.
Cost
Costs vary according to the plan selected; rates are subject to future group experience.
Footnote:
1For benefit purposes only, half-time is defined as 50.0-64.9 percent time; three-quarter time is defined as 65.0-89.9 percent time; full-time is 90.0-100.0 percent time.
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