Basic Life and AD&D Insurance
We provide both Basic Life and Accidental Death and Dismemberment (AD&D) insurance through Sun Life Financial. This coverage is paid in full for you by Macalester College. Please note payroll taxes will be deducted on premiums for basic life amounts over $50,000 per IRS regulations.
Basic Life Plan Highlights
- Employees are covered by a basic term life insurance benefit equal to one times annual earnings up to $500,000 maximum. This amount decreases at age 70 and again at age 75.
- Accelerated Benefit: This plan will pay benefits in the event you become terminally ill as defined in the master contract.
- Conversion and Portability: This plan is fully convertible or portable upon termination of your employment with us. Premiums become your responsibility at that time.
Basic AD&D Plan Highlights
- Employees are covered by an AD&D benefit equal to one times annual earnings up to $500,000 maximum. This amount decreases at age 70 and again at age 75.
- Repatriation Benefit: Up to $5,000 may be available in the event your eligible surviving dependents require repatriation services.
- Education Benefit: For each qualified surviving child, an education benefit may be available in the amount of 6% of the employee’s total AD&D amount up to $6,000 maximum per academic year. A maximum benefit period of six years and a maximum benefit of $24,000 apply per child.
- Portability: This benefit is portable in the event you leave our employ. Premiums become your responsibility at that time.
Voluntary Life and AD&D Insurance
Macalester offers eligible employees a voluntary life insurance and AD&D insurance through Sun Life Insurance. This plan is paid by you and intended to supplement the provided Basic Life and AD&D Insurance. Contact Employment Services for enrollment and enrollment changes.
Voluntary Life and AD&D Insurance Plan Highlights
Employees may purchase up to 5 times salary in increments of $10,000 not to exceed $500,000 maximum.
- AD&D coverage for employees only may be purchased separately for amounts up to 5 times salary in increments of $10,000 not to exceed $500,000 maximum.
- New hire employees have a guaranteed issue amount up to $200,000. If employees purchase at least $10,000, there is a guarantee issue up to $200,000 every year during the open enrollment period, pursuant to the terms of our current contract with SunLife Financial.
- Coverage amounts decrease at age 70 and again at age 75.
- Survivor Financial Counseling Services: This plan provides financial counseling to survivors and terminally ill employees at no cost.
- Portability: This coverage is portable should you leave our employ. Certain medical conditions may cancel the portability privilege.
- Accelerated Benefit: If you become terminally ill, you may request up to 50% of the life insurance amount not to exceed $250,000. Some limits apply.
Dependent Life Insurance Plan Highlights
- For a flat rate of $4.50 per month employees can cover a spouse and any number of dependent children.
- Spouses are covered by $25,000 of term life insurance.
- Children 6 months to age 25 are covered by $10,000 of term life insurance. Children from birth to 6 months old are covered by $1,000 of term life insurance.
Frequently Asked Questions about Beneficiaries
How do I change my life insurance beneficiaries?
You can update your life insurance beneficiaries online at macalester.bswift.com.
Is my spouse automatically my life insurance beneficiary?
Yes. By Minnesota statute, a legal spouse would always be the primary beneficiary unless he or she waived this right in writing. However to ensure that there would exist no confusion on your intended beneficiaries, it is highly recommended that you have a current beneficiary form on file with Employment Services.
When can I make changes to my life insurance beneficiaries?
Changes to Beneficiaries can be made anytime and are not limited to the Open Enrollment Period.
- Visit sunlife.com
- Call 781-237-6030 or 800-786-5433 (Toll Free) or 877-637-1414 (TTY)
- SunLife Evidence of Insurability
- Benefit Summary: Basic Employee Life, Basic Employee AD&D, Basic Dependent Life (PDF)
- Benefit Summary: Voluntary Employee AD&D (PDF)
- Benefit Summary: Optional Employee Life (PDF)
- Rates: Optional Employee Life (PDF)
- Booklet: Basic Dependent Life, Basic Employee AD&D, Basic Employee Life, Long Term Disability, Optional Employee Life (PDF)
- Policy: Basic Dependent Life, Basic Employee AD&D, Basic Employee Life, Long Term Disability, Optional Employee Life (PDF)
- Booklet: Voluntary Employee AD&D (PDF)
- Policy: Voluntary Employee AD&D (PDF)