Life Insurance

All full time employees are eligible for group term life and accidental death and dismemberment benefits.  You are a full time employee if you are customarily and regularly scheduled to work 1,560 hours or more per fiscal year.  Taylor University pays for the entire cost of this benefit.

Q. How much is my life insurance volume?
All full time employees receive an amount of group term life insurance that equals two times your annual salary, rounded to the nearest thousand dollar with a minimum of $50,000 of life insurance protection and a maximum of $250,000.  The program also provides for double indemnity in the event of an accidental death.

Q. Can I purchase additional life insurance?
No.  Purchasing additional insurance is not available.  However, TIAA/CREF provides this insurance.  For more information, contact TIAA/CREF at 1-800-842-2776.

Q. Can I purchase life insurance for my family members?
No.  Purchasing additional insurance for family members is not available.  However, TIAA/CREF provides this insurance.  For more information, contact TIAA/CREF at 1-800-842-2776.

Q. How do I know if I qualify for life insurance?
If you are a full time employee, a full time employee is one whom is scheduled to work 1,560 hours or more per fiscal year.

Q. Will my life insurance benefit terminate when I retire?
Yes.  All benefits under this program terminate on your retirement or your termination of employment with the University.

Q. Does this benefit reduce with age?
Yes.  Benefits under this program will reduce by 35% starting at the age of 70 and each subsequent 5-year period.

Q. Can I change my beneficiary designations?
Yes.  You may update, whenever necessary.  You should remember to do this whenever your family status changes, such as when you get married, divorced or when family death occurs.

For more details see the Hourly Summary of Plan Benefits or the Salaried Summary of Plan Benefits.


Long Term Disability

All full time employees are eligible for long-term disability insurance benefits.  You are a full time employee if you are customarily and regularly scheduled to work 1,560 or more hours per fiscal year.  Taylor University pays for the entire cost of this benefit.

Q. What would be my monthly benefit?
The monthly disability benefit is 60% of your basic salary, excluding overtime, bonuses or extra compensation.  Your minimum monthly long-term disability benefit is the greater of $100 of the gross benefit per month and the maximum benefit is $7,500 per month.

Q. How do I know if I am eligible to receive this benefit?
All full time employees are eligible for long-term disability insurance.  Full time employees are scheduled to work 1,560 or more hours per fiscal year.

Q. Is there a waiting period before this benefit would be in effect?
Yes.  This benefit will be payable after 90 calendar days of the disability.

Q. What determines a “disability”?
For the first 36 months of benefit payments, you will be “disabled” if because of injury, illness or disease you cannot perform each of the substantial and material duties of your regular occupation.  After benefits have been paid for 36 months, you will be “disabled” if because of injury, illness or disease you cannot perform each of the substantial and material duties of any gainful occupation for which you are reasonably fitted by training, education or experience and you are under a physician’s regular care.

Q. Does this benefit terminate when I retire?
Yes.  All benefits under this program terminate on your retirement, when you cease to be “disabled” or when you terminate employment with the University.

Q. Will I receive the same benefit, as I get older?
No.  If you are disabled at age 62 or earlier, your benefits will be payable to age 65.  For disabilities commencing at age 63 or later, your benefits will be payable for certain maximum specified periods; at age 69 or older benefits will be paid for one year.

For more details see the Summary Plan Description.