SECTION B. LIFE INSURANCE
The University Life Insurance Plan and the Optional Life Insurance Plan, shall be as provided by the Employer in the same manner and to the same extent as provided to non-bargained for employees. The amount of life insurance coverage selected by an Employee may range from five thousand dollars ($5,000.00) at the minimum to an amount equal to eight (8) times the Employee's salary ($1,500,000 maximum). Newly hired or newly eligible Employees will be enrolled in the University Life Insurance Plan for $30,000 in coverage at no cost to the Employee. Both plans offer a portability provision.
The cost of the Optional Life Insurance Plan is determined by the amount of coverage selected, current age, smoking status and current salary. The amount of coverage chosen and its cost will increase when salary is increased. The cost will also increase when moving into the next higher age bracket. The Employee pays the full cost, in the same manner and to the same extent as provided to the non-bargained for employees.
The Dependent Life Insurance plan shall be as provided by the University in the same manner and to the same extent as provided to the non-bargained for employees.