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The Mount offers a variety of life insurance policies for employees and their families. On the first day of the month following full-time employment, an employee is automatically enrolled in a Basic Life and AD&D policy under Aetna Life Insurance Company at no cost to the employee.
Employees may choose to purchase additional amounts of life insurance for themselves and/or the spouse and dependent children.
Basic Life and AD&D: The Mount provides a $10,000 policy covering all full-time employees on the first day of the month following full-time employment. Additionally, the Mount’s basic plan includes Accidental Death and Dismemberment (AD&D) coverage in the event that a loss of life or limb occurs due to an accident while covered under this plan. You name your beneficiary and may change your choice of beneficiary at any time by completing a Beneficiary Form.
Supplemental Life Insurance: The employee may choose to purchase an additional amount of life insurance and the premiums can be deducted on a pre-tax basis from the employee’s paycheck. The premiums for supplemental life insurance are based on the age of the employee and can be purchased in increments of annual salary (1x, 2x or 3x annual salary). You name your beneficiary and may change your choice of beneficiary at any time by completing a Beneficiary Form.
Dependent Life Insurance: The employee may choose to purchase one of two options of life insurance for spouse and/or dependent children. The premium is deducted from your paycheck on an after-tax basis.
- Option 1: $2,000 policy for spouse/ $1,000 policy for each dependent child
- Option 2: $4,000 policy for spouse/ $2,000 policy for each dependent child
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