How to Calculate Your Monthly Rate

Step One
Start with the full amount of coverage (one, two, three or four times your salary) and round up to the nearest thousand. Remember, the maximum is $1 million, and a Statement of Health is needed if you elect an amount over $600,000.

Example
Jane Doe, a full-time employee, is 34 years old and earns $25,840 per year. She has elected life insurance coverage equal to two times her annual salary:

2 x $25,840 = $51,680
Round up to the nearest $1,000 = $52,000

Step Two
Subtract the amount of coverage that is paid by the University ($12,000 if you are full-time, and $6,000 if you are part-time).

$52,000 - $12,000 = $40,000

Step Three
Divide the rest by $1,000.

 
$40,000 ÷ $1,000 = 40

Step Four
Multiply that figure by the appropriate factor from the table below.

 
40 x $0.031 = $1.24

Jane will pay $1.60 per month for $52,000 of life insurance coverage.

Your Age

Monthly Factor
per $1,000 of Coverage

Less than 35

$0.031

35 – 39

$0.039

40 – 44

$0.070

45 – 49

$0.118

50 – 54

$0.181

55 – 59

$0.337

60 – 64

$0.509

65 – 69*

$0.941

70 – 74*

$1.728

75 and over*

$1.728

Age

65 – 69