Basic Life Insurance
- Eligible faculty and staff members are provided with basic life insurance through Lincoln Financial. Lehigh pays the cost of the premium.
- Basic life insurance coverage is equal to one times the employees budgeted salary at the beginning of the plan year.
- Under current federal tax law, the value of coverage in excess of $50,000 is considered a taxable benefit and is subject to withholding of applicable taxes.
Supplemental Life Insurance
- Eligible faculty and staff members have the option to purchase supplemental life insurance through the same plan administered by Lincoln Financial.
- Employees may purchase increments of one to four times their budgeted salary as established at the beginning of the plan year.
- The premium cost is determined by the amount of insurance and the employee’s age on January 1 of the plan year.
- The combined maximum total coverage available for basic and supplemental life insurance is five times budgeted salary, up to a limit of $1,500,000.
- Employees may be required to submit Evidence of Insurability if they choose to increase the coverage amount by more than one times salary in an open enrollment period.
For More Information
- Additional information on both the basic and supplemental life insurance benefits can be found in the Summary Plan Description (contact HR for a copy)
- Check the Supplemental Life Insurance Price Chart to determine your cost.