Basic Life Insurance
Basic life insurance coverage up to $50,000 is paid by Colby for all employees as shown in the chart below.
Optional Life Insurance
There may be less expensive rates available through an independent agent or optional life insurance coverage may be purchased from The Hartford through payroll deduction.
- Note: Below 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
- Newly eligible employees have a Guaranteed Issue (GI) amount of $200,000. Elections are made in Workday; if you’re electing more than $200,000, The Hartford will send you an Evidence on Insurability from to complete and notify you of the necessary steps required via email
- Adding or increasing optional coverage is subject to underwriting approval by The Hartford. Evidence of Insurability must be completed and submitted to The Hartford
|Monthly Rate by Age Group||<30||30-34||35-39||40-44||45-49||50-54||55-59||60-64||65-69||70-74||75+|
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 $10,000 of coverage for a 35 year old spouse, the employee would pay $.90/month or $.45/bi-weekly
- Adding or increasing optional coverage is subject to underwriting approval by ‘The Hartford’. An Evidence of Insurability form must be completed and submitted to The Hartford.
|Rate by Age Group||<30||30-34||35-39||40-44||45-49||50-54||55-59||60-64||65-69||70-74||75+|
|Monthly Rate per $10,000||.60||.80||.90||1.40||2.20||3.80||5.20||7.20||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:
- Your unmarried children, stepchildren, or legally adopted children
- Any other children related to you by blood or marriage or domestic partnership who:
- Live with you in a regular parent-child relationship
- 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:
- From live birth up to age 26
- 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.
|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 two 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.