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
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 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
|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.