Life Insurance - Overview
Basic life insurance is provided to you, at no cost, by the University. This coverage is equal to one times your annual salary. Premiums for coverage above $50,000 are subject to taxation per IRS guidelines. For new employees, your basic coverage becomes effective on your first day of regular, full-time employment.
Your beneficiary(ies) is the person you choose to receive your basic and optional life AD&D insurance benefits in the event of your death. You will need to provide Social Security numbers for all beneficiaries. You can change your beneficiary listing at any time.
Optional life insurance is available for eligible employees to purchase in increments of:
• 1 x your salary
• 2 x your salary
• 3 x your salary
• 4 x your salary
• 5 x your salary
For employees hired after July 1, 2007:
The limit on the amount of basic and optional life insurance for new hires, age 70 years of age or more, is $10,000 guaranteed issue. For amounts greater, Medical Evidence of Insurability is required.
Keep in mind, life insurance provides protection for those who depend on you financially. While the University provides employees basic life insurance coverage equal to one times your salary, the amount of life insurance you may need varies greatly upon age, number of dependents, dependent ages and your financial situation. The University also offers dependent life coverage for spouse and/or children.
For more information on the University's life insurance offerings, review the sections highlighted in the yellow menu at the top right portion of this page.