Human Resources Policy and Procedure
Number 91.0: Life Insurance
Group life insurance coverage is available for regular full-time staff employees and others as designated by the University Administrative Regulations.
The terms of the group life insurance policy issued by the current insurance carrier, selected by the University, are binding on all participants.
1) The University group life insurance is term insurance and no cash value accumulates. The policy provides for payment of a principal sum to a designated beneficiary(ies) upon the death of the employee.
2) The University provides a $10,000 basic life insurance policy at no cost for eligible employees. Coverage under this basic plan takes effect on the first day of work and terminates on the last day of the following month in which employment is terminated.
3) Optional amounts of term life insurance may be purchased in addition to the basic coverage. It is mandatory that an application form be filed by an employee before any optional coverage is effective.
4) An employee may convert, without evidence of insurability, all or part of the coverage to an individual, non-term type policy within 31 days following termination of employment or retirement.
5) The University will not permit an employee to assign the life insurance plan or any portion thereof.
6) Employees hired prior to August 1, 1965 and who were covered by the old Prudential Life Insurance Plan shall continue to have the basic amount of coverage (up to a maximum of $6,000) after retirement. The University pays the premium cost for these individuals.
7) Individuals receiving benefits through the University’s Long Term Disability Plan continue to receive basic coverage and are eligible to participate at the same or decreased level of optional coverage (if any) in effect on the date of disability, until retirement.
Administration of the group life insurance plan is a function of the Human Resources Office of Employee Benefits (Employee Benefits).
1) Information about life insurance is available in Employee Benefits or at the Employee Benefits web site at: http://www.uky.edu/HR/benefits.
2) Premium payments for employees enrolled in the optional part of the plan are made through payroll deductions.
3) An employee going on an approved leave without pay shall make arrangements with Employee Benefits to pay the cost of optional life coverage, or the benefit will terminate.4) An employee may cancel or change to a lower optional amount by completing a new enrollment form and submitting the form to Employee Benefits. This change will be effective the first day of the month following receipt of the request.
Previous Version (Revision Date - 07/11/02)