CONTACT: Stanford University News Service (650) 723-2558
Employee Life Insurance Rates Drop New lower rates for optional life insurance will be reflected on the Jan. 22 paychecks for all participating faculty and staff, Benefits Manager Jim Franklin has announced. According to Franklin, the cost of providing the insurance has gone down because Stanford employees filed fewer claims than had been projected, and the lower cost is being passed on to covered employees. The new rates for optional coverage, per $1,000 of coverage:
Employee's age Rate
Through 34 $.02
70 and older $.98
Under the current life insurance plan, an eligible employee has the choice of either receiving $5,000 in group life insurance at no charge or of purchasing coverage equal to one, two or three times the employee's annual base salary, to a maximum of $250,000 coverage.
Eligible employees have the option of enrolling for the higher coverage amount at the time of employment. Current employees who want to increase their coverage can apply to do so by contacting the Benefits Office, either on the main campus or at SLAC. Applicants must satisfy Travelers Insurance Co. requirements, including answering health questions and, in some circumstances, providing evidence of good health.
For more information, contact the Benefits Office at 723- 3377.
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