Marist College offers term life insurance through the Lincoln Life & Annuity Company of New York.
Faculty and administrative staff members qualify for one times basic annual earnings rounded to the next higher $1,000 if not a multiple thereof, to a maximum of $100,000 at a cost of $0.25 per thousand. Employees pay 50% of this premium.
Terms and conditions for union staff are detailed within their respective collective bargaining agreements.
Term Life Insurance does not build equity, nor may one borrow against the policy benefit amount, nor is it portable. Upon qualification for retirement, coverage adjusts in accordance with length of service as long as employment has been continuous for ten years or more. Otherwise, eligibility for insurance benefits ceases with termination of employment.
Evidence of insurability is required if you enroll more than 31 days after the date you become eligible and must be furnished at your expense.
