Life Insurance

Basic Life Insurance

When You Can Enroll
You are automatically enrolled in this benefit – no action required.

What to Know

• You receive $50,000 in life insurance coverage.
• This is provided to you at no-cost by Caltech.

Supplemental Life Insurance

When You Can Enroll
Enroll anytime, subject to insurance carrier approval. Evidence of insurability for life insurance is as follows:

• For yourself:
  • If you enroll within 31 days of first becoming benefit eligible, evidence of insurability is required if you choose a coverage amount greater than 3 times your annual salary or $500,0000.
  • If you enroll later during benefits annual enrollment, evidence of insurability is required if you choose supplemental life insurance for the first time or for increases that are greater than 1 times your annual salary more than your current coverage amount.
  • If you enroll outside of benefits annual enrollment, evidence of insurability is required for any amount.
• For your spouse or partner:
  • If enrolled within 31 days of becoming benefits eligible, evidence of insurability is not required for any amount.
  • If enrolled later during or outside of benefits annual enrollment, evidence of insurability is required for any amount.
• For dependent children:
  • Evidence of insurability is not required.

What to Know

• This option is supplemental to the Caltech-provided life insurance coverage.
• Coverage options:
  • Supplemental employee life insurance with coverage equal to 1 to 5 times your annual salary, up to $1 million.
    • Cost: Calculated based on your age – see chart.
  • Supplemental spouse life insurance with coverage options ranging from $10,000 to $200,000.
    • Cost: Calculated based on your spouse’s age – see chart.
  • Supplemental child life insurance with coverage of $10,000 per eligible dependent.
    • Cost: $0.64 per month, regardless of how many children you have.
  • Basic and supplemental life insurance reduces as follows:
    • At age 65, the benefit is 65% of the original amount.
    • At age 70, the benefit is 40% of the original amount.