Basic Life Insurance

Basic life insurance coverage up to $50,000 is paid by Colby  for all employees as shown in the chart below.

Age Amount
under 30 $50,000
30-34 $45,000
35-39 $40,000
40-44 $35,000
45-49 $30,000
50-54 $25,000
55-59 $20,000
60+ over $15,000

Optional Life Insurance

Optional life insurance coverage may be purchased from Hartford Life through payroll deduction.

  • Note these are monthly rates. If you are on bi-weekly payroll, the cost for each pay period will be half the amount listed
  • Example – For $100,000 of additional coverage for a 35 year old, the employee would pay $9.00/month or $4.50/bi-weekly
Monthly Rate by Age Group <30 30-34 35-39 40-44 45-49 50-54 55-59 60-64 65+
Option I $50,000 3.00 3.00 4.50 7.00 11.00 19.00 30.50 39.50 63.50
Option II Level 1 $100,000 6.00 6.00 9.00 14.00 22.00 38.00 61.00 79.00 127.00
Option II Level 2 $150,000 9.00 9.00 13.50 21.00 33.00 57.00 91.50 118.50 190.50
Option II Level 3 $200,000 12.00 12.00 18.00 28.00 44.00 76.00 122.00 158.00 254.00
Option II Level 3 $250,000 15.00 15.00 22.50 35.00 55.00 95.00 152.50 197.50 317.50

 


Spousal Life Insurance

Spousal life insurance may be purchased from Hartford Life through payroll deduction. It is available in increments of $10,000 up to a maximum of $50,000.

  • Note: These are monthly rates. If you are on bi-weekly payroll, the cost for each pay period will be half the amount listed
  • Example – For $100,000 of coverage for a 35 year old spouse/partner, the employee would pay $9.00/month or $4.50/bi-weekly
Rate by Age Group <35 35-39 40-44 45-49 50-54 55-59 60-64 65-69 70-74 75+
Monthly Rate per $10,000 .60    .90 1.40 2.20 3.80 6.10 7.90 12.70 22.50 38.30

 


Dependent Life Insurance

Dependent life insurance may be purchased from Hartford Life through payroll deduction.

  • Dependent Child(ren) means:
    1) Your unmarried children, stepchildren, legally adopted children; or
    2) any other children related to you by blood or marriage or domestic partnership who:
    a) live with you in a regular parent-child relationship; and/or
    b) You claimed as a dependent on your last filed federal income tax return;
    provided such children are primarily dependent upon You for financial support and maintenance and are:
    1) from live birth to age 26; or
    2) age 19 or older and disabled. Such children must have become disabled before attaining age 19
    You must submit proof, satisfactory to Hartford, of such children’s disability
  • Dependents birth to six months – there is a maximum of $2,000 coverage
  • Qualifying dependents six months up to 26 years old – see rate table below

NOTE:  These are monthly rates per dependent covered. If you are on bi-weekly payroll, the cost for each pay period will be half the amount listed. Example – For $10,000 of coverage for each six month to 18 year old dependent, the employee would pay $1.40/month or .70/bi-weekly

Coverage Amount $2,000 $4,000 $6,000 $8,000 $10,000
Monthly Rate per dependent .28    .56 .84 1.12 1.40

 


Long Term Disability Insurance

Colby’s long term disability benefit provides a monthly benefit equal to 60 percent of covered salary, subject to completion of the 180-day elimination period. In the event of disability after 2 years of service, the insurance program will contribute 12 percent of covered salary to the retirement plan, normally until age 65. The disability plan is underwritten by Hartford Life.