Life Insurance (Basic, Voluntary, Child, Spouse)
Basic Life Insurance
Berklee provides all eligible faculty and staff members with basic life insurance and basic accidental death and dismemberment (AD&D) insurance.** Berklee pays the cost of this coverage. This is “term” insurance (no cash or loan value).
| Full-Time Faculty, Full-Time Staff* | Part-Time Faculty, Part-Time Staff* | Maximum Benefit* |
| One (1) times your annual rate of pay* | $25,000* | $250,000* |
| *Benefits decrease by 35 percent at age 70 **May double the amount of insurance paid if death occurs in an accident. Limits apply. | ||
Basic Life Insurance and Imputed Income
If your basic life insurance coverage is greater than $50,000, Berklee is required to report additional income (imputed income) on your W-2 form.
This additional amount is based on the amount of your insurance coverage in excess of $50,000, your age, and calculations required by federal tax law. For more information, see IRS Publication 15-B.
Voluntary Employee Life Insurance
Eligible faculty and staff members who wish to supplement their Berklee-provided basic life insurance may purchase additional life insurance and accidental death and dismemberment coverage to supplement the coverage provided by Berklee.
| Full-Time Faculty, Full-Time Staff | Part-Time Faculty, Part-Time Staff |
One (1), two (2), or three (3) times your annual rate of pay Maximum benefit: $250,000 | Coverage is purchased in multiples of $10,000*: $10,000 |
| *Benefits decrease by 35 percent at age 70 | |
Cost of Voluntary Life Insurance
(Age Dependent)
| Your Age | Monthly Cost for Each $1,000 of Life Insurance | Monthly Cost for Each $1,000 of Accidental Death and Dismemberment Insurance |
| Younger than 30 | $0.06 | $0.015 |
| 30–34 | $0.09 | $0.015 |
| 35–39 | $0.11 | $0.015 |
| 40–44 | $0.14 | $0.015 |
| 45–49 | $0.21 | $0.015 |
| 50–54 | $0.34 | $0.015 |
| 55–59 | $0.60 | $0.015 |
| 60–64 | $0.82 | $0.015 |
| 65–69 | $1.45 | $0.015 |
| 70+ | $3.45 | $0.015 |
Example of $100,000 of supplemental coverage at age 46 (over 26 pay periods):
Cost of life insurance
= $100,000 = 100 units of $1,000 in coverage
= 100 units x $0.14/month
= $14/month
= $14/month x 12 months/26 pay periods
= $6.46/pay period
Spouse Life Insurance
If you purchase voluntary life insurance for yourself, you have the option of purchasing life insurance for your spouse. Spouse life insurance provides a benefit of $25,000 in the event of your spouse’s death.
The cost of spouse life insurance is based on your age using the life insurance cost table shown above.
Dependent-Child Life Insurance
If you purchase voluntary life insurance for yourself, you have the option of purchasing life insurance for your dependent children. Dependent-child life insurance provides a benefit of up to $10,000, depending on the child's age, in the event of your dependent child’s death.
The cost of dependent-child life insurance is $2 per month, regardless of the number of children you cover.
Naming Your Beneficiary
Please log in to Workday to add/name your beneficiary.
When Coverage Ends
All coverage ends on the date your employment (or eligibility) ends. You may continue coverage by converting some or all of your insurance to a policy that you own. You must complete the conversion process within 31 days of losing coverage. To request conversion forms, contact Judy Heaton at jheaton@berklee.edu or the insurance company Unum at 1-800-858-6843. Please allow sufficient time to satisfy the 31-day deadline.