Life Insurance
Reliance is the administrator for Pace University’s Basic Life and Accidental Death and Dismemberment Insurance Plans as of September 1, 2024.
The University provides Basic Life and Accidental Death and Dismemberment (AD&D) insurance coverage equal to one times your salary (up to $100,000) at no cost to you. You may choose additional life insurance and AD&D coverage equal to an additional one, two or three times your salary, to a maximum of $750,000 in combined basic and supplemental coverage.
For active full-time employees, supplemental life insurance benefits reduce to 67% at age 70 and 50% at age 75. Spousal Life Insurance ($10,000) also decreases to 67% ($6,700) at age 70 and 50% ($5,000) at age 75.
The cost of optional (additional) life and AD&D insurance coverage is based upon age-related rates, according to this schedule:
Supplemental Life Insurance
| Age | Monthly Rate Per $1000 |
|---|---|
| 25-29 | $0.08 |
| 30 - 34 | $0.09 |
| 35 - 39 | $0.10 |
| 40 - 44 | $0.15 |
| 45 - 49 | $0.27 |
| 50 - 54 | $0.46 |
| 55 -59 | $0.71 |
| 60 - 64 | $0.81 |
| 65 - 69 | $1.43 |
| 70 - 74 | $2.41 |
| 75+ | $4.08 |
Rates are in effect through December 31, 2027.
To calculate your semi-monthly payroll deduction multiply your salary by the additional level of coverage desired (i.e. 1,2 or 3), then multiply by the rate based on your age bracket above and divide by 1000, divide again by 2 to calculate your semimonthly deduction.
For example: If you are age 29 and earn $55,000 per year and wanted 2x your salary in supplemental life coverage, the calculation would be:
$55,000.00 x 2 = $110,000 x 0.08 = 8,800 / 1000 = $8.80 per month or $ 4.40 per pay period.
Note: You must be an active full time employee to be eligible for this benefit.
Benefits Disclaimer
The HR/Benefits website is intended only to provide information for the guidance of Pace University employees. The writers of the content have exercised their best efforts to ensure accuracy of the information, but accuracy is not guaranteed. If there are any discrepancies between the information on the website, verbal representations and the Plan documents, the Plan documents will always govern. The information is subject to change from time to time, and the University reserves the right to change or terminate these Plans at any time. The information contained on the website is not intended to replace the plan documents, nor is the information in any way intended to imply a contract.