How are we doing?
 Plans
 Health
Dental
Vision
Life Insurance
Retirement Savings
FSA
HSA
Short Term Disability
Long Term Disability
Long Term Care
Educational Assistance
AD&D
Employee Type
Life Change Event
Retiree Information
FAQs
Forms
Provider Contact Information
Annual Report
Staff Handbook 
Faculty Handbook
Guide for New Faculty
Holiday Schedule
Human Resources Staff
HR Review Newsletter
Site Map
Staff Handbook
Faculty Handbook
Guide for New Faculty
Holiday Schedule
Human Resources Staff
HR Review Newsletter
Site Map
|
| Human
Resources > Benefits > Plans >
Life Insurance |
|
Life Insurance Plans |
|
| |
Basic Term Life Insurance |
| Provides faculty and staff with term life insurance and accidental death and dismemberment coverage as financial support for designated beneficiaries in the event of the death of benefits-eligible faculty and staff. This plan is fully University paid. |
Coverage:
Coverage is equal to 2.5x the annual University salary up to a maximum coverage of $250,000. Employees may also elect to limit coverage to $50,000.
The coverage factor (2.5x salary) is reduced by 8% each year beginning when an eligible individual reaches age 55.
|
Underwriting:
Employees are not required to submit Evidence of Insurability (EOI) for this plan upon hire. If an employee initially elects to limit coverage to $50,000 and then later chooses to increase to 2.5x their salary, they must complete the EOI form and be approved by the sponsoring insurance company. |
Guaranteed Coverage Upon Initial Eligibility:
Employees are guaranteed coverage of 2.5x their annual University salary up to a total coverage amount of $250,000.
*An individual's eligible salary is his or her salary as of September 1, 2008 or new hire salary if hired in 2009. |
Changing Coverage:
Employees may only change coverage during Open Enrollment, using Self Service, or within 31 days of a qualifying change in family or employment status, by completing the benefits change form. Submission of the EOI form and approval by the sponsoring insurance company are required. |
 Summary Plan Description: Basic Life Insurance |
Coverage Factor Reduction Schedule |
Under IRS regulations, the value of employer paid Basic Term Life insurance coverage in excess of
$50,000 is considered taxable income to the covered individual and is reported as Code C in Box 13 of
W2 statements and included as “Wages, Tips and Other Compensation.”
The value of University premiums for Basic Term Life Insurance coverage in excess of $50,000 is
considered by the Internal Revenue Service (IRS) to be taxable income. The taxable amount or "imputed value" of such insurance is determined by the IRS table below and is added to a participant’s taxable
wages.
|
|
Supplemental Life Insurance |
| The purpose of the Supplemental Life Insurance Plan is to provide the opportunity for individuals to purchase term life insurance protection above the amount of Basic Term Life insurance provided by the University. This plan is fully employee paid. |
Coverage:
Employees may elect 1 to 5 times their University salary up to a maximum coverage of $1,000,000.
|
Underwriting:
If a new employee wishes to elect more than 2 times their annual salary, they must enroll online at 2 times their salary and submit an Evidence of Insurability form to apply for the additional amount.
After initial eligibility, underwriting is required for all increases in coverage. |
Guaranteed Coverage Upon Initial Eligibility:
Employees at hire are guaranteed coverage of 2 times their annual salary regardless of health status.
|
Changing Coverage:
Employees may only change coverage during Open Enrollment, using Self Service, or within 31 days of a qualifying change in family or employment status, by completing the benefits change form. Submission of the EOI form and approval by the sponsoring insurance company are required. |
| Summary Plan Description: Supplemental Term Life |
|
|
| Provides the opportunity for individuals to purchase term life insurance protection for his or her spouse or domestic partner. |
Coverage:
Spouse coverage is available in $10,000 increments up to the employee’s total basic plus supplemental election, not to exceed $500,000.
|
Underwriting:
If a new employee wishes to elect more than $30,000 coverage for his or her spouse, they must enroll online at $30,000 and submit an Evidence of Insurability form to the Benefits Division to apply for the additional amount.
After initial eligibility, any change requires evidence of insurability and the approval of the sponsoring insurance company. |
Guaranteed Coverage Upon Initial Eligibility:
Upon hire or marriage, employees are guaranteed coverage of $30,000 regardless of health status.
|
Changing Coverage:
Employees may only change coverage during Open Enrollment, using Self Service, or within 31 days of a qualifying change in family or employment status, by completing the benefits change form. Submission of the EOI form and approval by the sponsoring insurance company are required. |
| Summary Plan Description: Spouse Life Insurance |
|
Dependent Child Life Insurance |
| Provides the opportunity for individuals to purchase term life insurance protection for his or her dependent children. |
Coverage:
Dependent child coverage is available in $2,000 increments to a maximum coverage of $10,000 per child.
|
Underwriting:
Underwriting is not required for the Dependent Child Life Insurance plan.
|
Guaranteed Coverage Upon Initial Eligibility:
Employees are guaranteed coverage of $10,000 regardless of health status.
|
Changing Coverage:
Employees may only change coverage during Open Enrollment, using Self Service, or within 31 days of a qualifying change in family or employment status, by completing the benefits change form. Underwriting is not required. |
| Summary Plan Description: Dependent Child Life Insurance |
|
|
|
| Holiday Schedule | Human Resources Staff.