The Optional Life Insurance Plan is separate from your MIT Basic Life Insurance Plan.
You can choose a coverage level equal to 1x, 2x, 3x, 4x, 5x, 6x, or 7x your base annual salary (regular pay, not including overtime or other premium pay). The cost of your Optional Life Insurance coverage depends on your age when you enroll and the coverage amount based on the level you choose. The maximum Optional Life Insurance coverage amount is $2,000,000.
You pay the cost of Optional Life Insurance through deductions from each pay period. In the event of your death, the MIT Optional Life Insurance Plan pays the full amount of your coverage to your designated beneficiary in a single payment.
You are eligible for Optional Life Insurance if you are paid by MIT, are appointed to work at MIT for at least three months, and work at least 50% of the normal full-time work schedule.
Who is not eligible
- teaching or research assistant
- honorary lecturer
- summer appointment
- non-MIT student program worker
- international visiting student
- post-doctoral fellow
- paid by MITemps
- student in a work-study program
- family member who is not employed by MIT
- member of the armed services assigned to MIT
When you enroll in the Optional Life Insurance Plan, you can choose a coverage level equal to one, two, three, four, five, six, or seven times your base annual salary (your regular pay, not including any overtime or other premium pay). The initial cost of your optional life insurance depends on your age when you enroll and the coverage amount based on the level you choose. The maximum Optional Life Insurance coverage amount is $2,000,000. See the Optional Life Insurance Rate Chart below for details.
Reductions in coverage as you age
When you reach age 65, the amount of your MIT Optional Life Insurance coverage may decrease as a result of these conditions.
- If your coverage level at age 65 is more than 3.3 times your base annual salary, the amount of your coverage will be reduced to 3.3 times your base annual salary.
- If your coverage level at age 65 is less than 3.3 times your base annual salary, the amount of your coverage will not change for five years.
- Your coverage level is subject to a similar reduction test and possible decrease every five years until you reach age 95 (see table below).
- There are no further decreases in your coverage level after you reach age 95.
|Age as of July 1 following your birthday||Amount of your coverage|
|at least 65 but less than 70||no more than 3.3 times base annual salary|
|at least 70 but less than 75||no more than 2.2 times base annual salary|
|at least 75 but less than 80||no more than 1.6 times base annual salary|
|at least 80 but less than 85||no more than 1.2 times base annual salary|
|at least 85 but less than 90||no more than 0.9 times base annual salary|
|at least 90 but less than 95||no more than 0.7 times base annual salary|
|95 or older||no more than 0.6 times base annual salary|
How to enroll
Sign up when you start work at MIT
As a new hire, you can enroll in Optional Life Insurance coverage using Atlas. You may also complete and return the Optional Life Insurance Enrollment/Change Form and Life Insurance Beneficiary Designation Form (below) to the MIT Benefits Office within 31 days of your date of hire or appointment or within 31 days of the date you receive your official Welcome Letter — whichever is later. You may enroll in Optional Life Insurance at any time. However, the guarantee issue coverage described below is only available when you enroll within 31 days of your date of hire or appointment.
Enrollment and evidence of good health
Depending on the coverage level you choose, you may not have to provide evidence of good health if you enroll within 31 days of your date of hire or appointment or within 31 days of the date you receive your official Welcome Letter—whichever is later.
- If your coverage is up to three times your base annual salary or $500,000—whichever is less—your coverage is called a guaranteed issue, and you do not have to provide evidence of good health. Coverage begins on the first day of the next month, depending on when you enroll online or return the Optional Life Insurance Enrollment/Change Form (below) to MIT Benefits.
- If your coverage is more than three times your base annual salary or $500,000—whichever is less—you must provide a Statement of Health (below) to MetLife for additional coverage amount. Your coverage begins on the date the insurance provider approves your coverage but not earlier than the first day of the month described above.
- You must be actively at work for coverage to become effective. If you are not actively at work on the date coverage would otherwise take effect, coverage will take effect on the day you resume active work.
Change your coverage
You may cancel, reduce, or increase your coverage level at any time. If you increase your coverage level, you must provide a Statement of Health (below).
|2023 Optional Life Insurance Rates|
|Age on January 1||Monthly cost per $1,000 of coverage|
|Under age 30||$0.018|
|Age 30 - 39||$0.024|
|Age 40 - 44||$0.030|
|Age 45 - 49||$0.060|
|Age 50 - 54||$0.090|
|Age 55 - 59||$0.143|
|Age 60 - 64||$0.199|
|Age 65 - 69||$0.348|
|Age 70 - 74||$0.554|
|Age 75 - 79||$0.841|
Example: You are age 42 and would like to purchase $250,000 in Optional Life Insurance. Your monthly cost would be $0.030 per $1,000 of coverage ($0.030 x 250) or $7.50 per month. Actual semi-monthly or weekly payroll premium may be different due to rounding.
Designate your beneficiary
Is your beneficiary designation up-to-date? It is important to designate—and update, as needed—the person you want to receive the benefits from your life insurance plan in the event of your death. Be sure your beneficiary knows about your MIT Life Insurance coverage(s).
Preparing your will
Once you enroll in MIT Optional Life Insurance, you can receive free expert assistance in preparing your will from Hyatt Legal Plans at (800) 821-6400. You will be asked for the MIT group number (112757) when you call.