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(This is an expanded version of a story that originally appeared in condensed form in the December 14 issue of Tech Talk due to lack of space).
The Benefits Office is conducting enrollment meetings for the Institute's new life insurance plan. The remaining dates are:
Campus-Wednesday, Jan. 18, Rm 9-150, 12:30-2pm.
Lincoln Laboratory-Thursday, Jan. 19, Atrium, 1:30-3pm.
Haystack-Thursday, Jan. 12, Conference Room A, 10:30am-noon.
Bates-Thursday, Jan. 12, Cafeteria, 2:30-4 pm. The information sessions will include representatives from MIT's new life insurer, ITT Hartford, and the Benefits Office.
The sessions will explore life insurance planning as well as provide information on the new lower plan rates and features.
A Hartford representative will also be available for individual consultation in the Benefits Office from 9 am-noon on January 13 and 20. Call the Benefits Office, x3-0500, for an appointment.
An important feature known as the Living Benefits Option has been added to the plan. Under this provision, the insured individual may receive up to 50 percent (maximum of $175,000) of his/her coverage amount when diagnosed as terminally ill with a life expectancy of six months or less.
All plan changes took effect on January 1.
Those who enroll during the January open enrollment period may elect additional coverage without providing proof of good health. Coverage will be effective February 1. After that date, evidence of insurability (proof of good health) will be required for supplemental coverage that exceeds the greater of three times base annual salary or $200,000. Coverage amounts requiring evidence of insurability will be effective upon approval by ITT Hartford.
If you previously assigned your life insurance policy and did not receive an ITT Hartford form to continue the assignment, please contact the Benefits Office as soon as possible. (Absolute assignment is a way for you to transfer ownership of your policy.)
All eligible employees should have received information packets and enrollment forms. If you are eligible and did not receive a packet, please call the BenTalk line at x3-5000 and a packet will be sent to you. If you have any additional questions, please call the Benefits Office at x3-0500, or the Lincoln Benefits Office at x7060.
A version of this article appeared in MIT Tech Talk on January 11, 1995.