UK Human Resources
What You Need to Know:
Life insurance provides protection for those who depend on you financially. The University provides employees basic life insurance coverage equal to one times your salary at no cost to you. “Basic life insurance premiums for coverage above $50,000 will be subject to taxation to the employee, in accordance with the IRS guidelines. You may limit your coverage level to $50,000 by calling Employee Benefits Customer Service at 859-257-9519, and press option 3 for instructions.” Additional coverage is also available. For new employees, your basic coverage becomes effective on the first day of regular, full-time employment. The University also offers dependent life coverage for your spouse and/or children.
You are eligible for life insurance coverage if you are a regular, full-time employee. Please note: part-time, half-time and temporary employees are not eligible.
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.
Basic Life Insurance
The University of Kentucky provides a standard level of coverage at no cost to you. This coverage is equal to one times your annual salary. In order to receive this benefit, you must be in a regular position with a 0.75 FTE assignment or greater. Your basic coverage is effective the 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
Optional life insurance provides additional protection for those who depend on you financially.
View the Group Booklet (pdf).
Your need may vary greatly depending on age, number of dependents, dependent ages and your financial situation. 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
To calculate monthly cost for optional coverage: Locate your age in the table below and find the corresponding cost per $1,000 of monthly coverage. To determine the monthly cost of coverage, multiply the monthly cost by the corresponding multiple of your salary. You are responsible for the cost of the optional life insurance coverage you choose. Optional life insurance premiums are paid through payroll deductions on an after-tax basis. Any optional life insurance coverage that exceeds three times your salary or $375,000 is subject to medical evidence of insurability. Coverage will not become effective until receipt of approval by Principal Life Insurance Company.
Newly eligible employees may elect up to three times salary without medical evidence of insurability if coverage does not exceed $375,000.
Employees with existing coverage may increase optional coverage by one level without medical evidence of insurability if coverage does not exceed $375,000. All optional coverage elections in excess of $375,000, or elections that are increasing more than one level of coverage, are subject to medical evidence of insurability and will not become effective without approval of Principal Life Insurance Company. If you are making an election of more than $375,000 or increasing by more than one coverage level, then you will be sent a Medical Evidence of Insurability form. This form must be completed and returned to Principal Life Insurance Company at the address provided. If approved, Principal Life Insurance Company will notify you and the University by mail.
Current recipients of long-term disability benefits are not eligible to increase life insurance elections. The basic life insurance amount for LTD participants remains at $10,000.
Dependent Life Insurance
Dependent Optional Life Insurance for Spouse and/or Children:
Regular, full-time employees may elect optional life insurance in the amounts of $10,000, $15,000, or $20,000* for spouses and/or eligible dependent children. This coverage is available without the employee being required to purchase optional life insurance.
* One rate for all eligible children
Enroll using the form in the right-hand column for "Life Insurance and AD&D Enrollment." Contact the UK Benefits office for further enrollment instructions.