The College pays the full cost for basic term life and accidental death & dismemberment (AD&D) insurance for full-time employees. Employees may purchase additional term life insurance for themselves and their eligible dependents. Coverage is effective the first of the month following 31 calendar days of employment, as long as the employee is actively at work the day coverage is due to become effective. Late enrollments in voluntary insurance coverage will be subject to evidence of insurability.
The following life insurance coverage will be effective beginning June 1, 2022.
Basic Life and ad&d :
MCC provides life insurance and AD&D equal to one times the employee’s base salary, rounded to the next highest thousand, up to a maximum of $100,000.
The cost of life insurance provided by the College in excess of $50,000 will be reported as "other compensation" on the employee's Form W-2, per IRS Section 79-Imputed Income.
EMPLOYEE VOLUNTARY LIFE:
- Guaranteed Issue Amount: Employees may purchase additional life insurance in $10,000 increments, up to the lesser of five times the employee's annual salary or $200,000.
- Maximum Amount: Employees may purchase additional life insurance exceeding the Guaranteed Issue Amount with evidence of insurability in $10,000 increments, up to the lesser of five times the employee's annual salary or $400,000.
In no instance will the employee's voluntary life insurance amount exceed five times the employee's annual salary.
Spouse VOLUNTARY LIFE:
- Guaranteed Issue Amount: Employees under age 70 may purchase life insurance for their legally married spouse in $5,000 increments, up to the lesser of 100% of the Employee's Voluntary Life amount or $50,000.
- Maximum Amount: Employees may purchase life insurance for their legally married spouse with evidence of insurability exceeding the Guaranteed Issue Amount in $5,000 increments, up to the lesser of the Employee's Voluntary Life amount or $100,000.
Spouse voluntary life insurance coverage ends when the employee turns age 70.
Dependent Child(REN) Voluntary Life:
Employees who elect Employee Voluntary Life may also purchase life insurance for their unmarried child(ren), age 14 days to age 26. The benefit amount is $10,000 for each eligible dependent child.
A terminally ill employee may request up to 50 percent of the amount of life insurance currently in force as an accelerated death benefit. Certain restrictions, criteria and fees apply.
HR Contacts:, Julie Nohrenberg, 531-622-2232 or Cindy Croy, 531-622-2231