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
- Newly eligible employees have a Guaranteed Issue (GI) amount of $50,000. If electing more than $50,000, an Evidence of Insurability form must be completed and submitted to The Hartford.
- Adding or increasing optional coverage is subject to underwriting approval by ‘The Hartford’. A Personal Health Application 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+ | |
| 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 $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 | <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.