Life and Disability Coverage
Group Term Life and AD&D
Benefit-eligible employees receive group term life and accidental death and dismemberment through Cigna. The benefit is 3.5 times annual salary (maximum of $250,000) rounded up to the next $1,000. Carleton pays the full premium, but premiums paid on any coverage in excess of $50,000 are considered taxable income, so employees may choose to limit coverage to $50,000.
Coverage is reduced by age starting at age 65.
Voluntary Life and AD&D
Benfit-eligible employees may purchase additional coverage for themselves and their families, which may be subject to underwriting.
The voluntary Cigna disability insurance provides income protection if an employee is unable to work after a 90 day waiting period. The premium is shared between the employee and Carleton.