Life Insurance & Disabilities

Guardian Life Insurance Company of America Group #: 367734

Basic Life and AD&D Insurance

AAMU provides Base Term Life for full time employees at a flat rate of $50,000. The Basic Term Life includes Accidental Death and Dismemberment coverage. There is no cost to the employee.

Payout amounts are reduced by 35% at the age of 65; an additional 15% reduction applies at the age of 70.

Base Life Amounts

Class 1:  President only.
$500,000 at the age of 0-64
$325,000 at the age of 65-69 (35% decrease)
$162,500  at the age of 70-120 (50% decrease)

Class 2: President's Cabinet Member only.
$400,000 at the age of 0-64
$260,000 at the age of 65-69 (35% decrease)
$130,000  at the age of 70-120 (50% decrease)

Class 3:  Other employees.
$50,000.00 at the age of 0-64
$32,500.00 at the age of  65-69 (35% decrease)
$16,250.00 at the age of 70-120 (50% decrease)

Optional Life/Accidental Death and Dismemberment

Employee is covered in increments of $10,000 to a maximum of $200,000; with a guaranteed issue up to $150,000. Evidence of Insurability required for amounts over $150,000.

Amounts are reduced by 35% at the age of 65; an additional 15% at the age of 70.

Optional Life for Spouse

Spouse is covered in increments of $5000 to a maximum of $100,000 not to exceed 50% of employee amount. There is a guaranteed issue amount of $25,000. Evidence of insurability required for amounts over $25,000.

Amounts are reduced by 35% at the age of 65; an additional 15% at the age of 70.

Optional Life for Child

Dependent child or children coverage is a flat rate of $10,000 and will be issued with no medical questions provided they are enrolled when first eligible. Dependent coverage will not take effect if a dependent, other than a newborn is confined to a hospital or other health care facility, or is home confined, or is unable to perform the normal activities of someone of like age and sex.

Portability Of Basic Group Term Life Insurance

You may be eligible to port: (a) the full amount(s) of your Basic term life insurance as of the day your coverage under this plan ends, or (b) 50% of such amount, if such amount under this plan is at least $50,000.00.

Portability Of Optional Term Life Insurance

You may be eligible to port all or part of your employee optional term life insurance and dependent optional term life insurance, by electing a portable certificate of coverage.

Note: Portability of Term Life Coverage may be subject to the terms and restrictions.

Voluntary Short-Term Disability

This insurance replaces part of your income if you become disabled, due to sickness or injury. The benefit pays 60% of employee’s annual salary. The maximum weekly benefit amount is $5,000. Elimination Period for disability due to injury or sickness is 14 days. Maximum Payment Period for disability due to injury or sickness is 11 weeks.  Payments for a pre-existing condition will be limited to a maximum of four (4) weeks.

Voluntary Long-Term Disability

This insurance replaces part of your income if you become disabled due to sickness or injury. The benefit pays 50% of employee’s monthly salary. The maximum monthly benefit amount is $5,000. Elimination Period for disability due to injury or sickness is 90 days. Maximum Payment Period for disability due to injury or sickness is five (5) years or up to age 70.