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Life Insurance

Ithaca College Plan Provider - The Hartford

For questions regarding group life and accident (AD&D) plans, please contact The Hartford.

Group life insurance is term insurance that pays your beneficiary a benefit upon your death. Term insurance doesn’t build any cash value to be borrowed against or received upon policy cancellation. Life insurance can help replace income and pay for things like housing, living expenses, and funeral expenses in the case of an unexpected death.

Basic Coverage

Ithaca College provides, at no cost to you, basic life insurance in an amount equal to $50,000. If you are age 65 or older, special provisions apply. Coverage amounts are reduced by 35% at age 65; 60% at age 70; and 75% at age 75. 

Supplemental Life Coverage

In addition to the $50,000 worth of basic life insurance provided by the college, you may purchase additional life insurance in multiples of $20,000*. The supplemental life insurance plan allows you to enroll in up to $500,000 of coverage. If you elect an amount that exceeds the guaranteed issue amount of $200,000, you will need to provide evidence of insurability that is satisfactory to The Hartford before any amount over $200,000 can become effective. Similarly, if you choose to change the amount of your supplemental life insurance during the plan year due to a qualified life status change or at re-enrollment by more than $40,000 worth of coverage, you will need to provide evidence of insurability.

The monthly rate that you pay per $1,000 of supplemental life insurance is based on your age as of January 1 each year.

* If you are age 65 or older, special provisions apply. Coverage amounts are reduced by 35% at age 65; 60% at age 70; and 75% at age 75.

Help with Selecting the Right Amount of Coverage

As you consider your life insurance options, here are some factors to consider:

  • What expenses would your survivors need to cover if you died — mortgage, college education, other financial obligations? Would your savings provide an adequate financial cushion for your family?
  • Do you have other sources of survivor benefits, such as personal life insurance policies, retirement plans or pension plans?
  • Are life insurance benefits under Individual Choice less expensive than coverage you can purchase on your own?