Basic Life Insurance
The New School provides you with a basic life insurance policy, at no cost to you, in the amount of 1½ times your basis salary (rounded up to the next multiple of $1,000) up to a maximum of $1 million in coverage. Please note that while this benefit
is provided at no cost, any amounts over $50,000 are subject to imputed income.
Supplemental Life Insurance
In addition to the basic coverage noted above, employees may elect, at their own cost, additional supplemental coverage for themselves, their spouse/domestic partner, or their children (through age 19, or 23 for a full-time student).
Employee Supplemental Life Insurance
Employees may select an additional one, two, or three times their annual salary (up to a maximum of $250,000), at their own cost, in addition to the basic coverage that the university provides. Please note that in order to be eligible for this coverage, you must submit
an evidence of insurability (medical questionnaire) to The Standard for underwriting. You will not be charged for this insurance until we receive approval from The Standard. Please note that the university does not see your evidence of insurability;
we are just notified if you are approved or not.
Spouse/Domestic Partner Life Insurance
Employees many select a $10,000 or $25,000 policy for their spouse or domestic partner, at the employee's own cost. As with the employee supplemental life insurance, the spouse/domestic partner must submit an evidence of insurability to The Standard for
underwriting as described above.
Child Life Insurance
Employees may select a $4,000 policy per child at the employee's own expense (children are eligible through age 19, or 23 for full-time students).
Please note that under most life insurance policies, there is an age reduction in terms of percentages one would receive from their coverage. They are as follows:
- Age 65-69: Policy is reduced to 65 percent of value.
- Age 70-74: Policy is reduced to 55 percent of value.
- Over age 75: Policy is reduced to 35 percent of value.
Estimating Your Cost of Coverage
Age of insured as of last January; monthly rate in multiples of $1,000:
|Age||Cost Per Month|
|75 and Over||$2.060|
For example, if a 36-year-old is applying for $100,000 in supplemental life insurance, their monthly rate would be $9 ($100,000/$1,000/$0.09).
Enroll in or make a change to your supplemental life insurance elections via the Open Enrollment Benefit Event in MyDay. If you elect or increase supplemental life insurance
coverage, you must complete a health questionnaire (also known as an Evidence of Insurability or EOI), which is subject to approval by our carrier, The Standard, before coverage can become effective.
Once you elect coverage, you will be directed to complete this form and there will be instructions for mailing directly to The Standard. The Standard will notify you and The New School if you are approved. Upon approval, your coverage will be effective
and you will begin to be charged for the elected coverage.