In anticipation of the annual Open Enrollment period for benefits, presentations on how to assess life insurance needs will be sponsored by the Benefits Office today at 12:15 and 4pm in Rm 68-180.
The focus of the presentation by an ITT Hartford representative will be on how to assess life insurance needs and how those needs change. The amount of coverage an employee requires usually changes as a person ages or as a result of a change in a family or personal situation. For example, at one point, an employee may need coverage to protect children and other financial dependents. Later, he or she may need coverage to pay estate taxes or to provide financial security for survivors. The representative will discuss the factors to be considered when deciding on how much coverage to get.
The rates for the Supplemental group life insurance coverage have remained the same for the past three years because MIT was able to negotiate a contract with guaranteed rates. Based on the actual claims experienced during this period, the rates will increase by 15 percent. However, the new rates will remain in effect for three more years. Despite this increase, MIT's rates remain competitive with those of similar plans from other universities.
A version of this article appeared in MIT Tech Talk on October 22, 1997.