Globe life insurance. Group Life Insurance, University Human Resources

This University-paid benefit provides life insurance coverage for all regular or benefit eligible Faculty and Staff. This coverage is for the employee only. Group life insurance.

Mandatory Participation

Participation in the University’s group term life insurance program is a condition of employment for regular University faculty and staff members who hold a 50% time or greater appointment. Coverage is required. No Statement of Health or physical exam is required for this program.

Schedule of Life Insurance

Your annual benefits salary determines the amount of life insurance coverage. If your salary is not an even thousand dollars, it is rounded to the next highest thousand dollars, and then multiplied by the coverage desired. The maximum amount of obtainable group life insurance is $400,000.

House staff are automatically covered by Group Life Insurance at 2 times their annual budgeted benefits salary as a function of their employment.

Effective January 1, 2018, Merit Staff may choose from the following amounts of Group Life Insurance: $50,000, 2 times, 2 1/2 times, and 3 times salary.

Company insurance

Life insurance proceeds are divided between primary beneficiaries. Contingent beneficiaries only receive proceeds if there are no living primary beneficiaries.

The cost is $.39 per thousand of coverage per month.

The University contribution to the cost is equal to the cost of 2 times the rounded annual budgeted benefits salary for all benefits-eligible employees.

Staff in the following employment groups who elect additional coverage will pay the difference between the cost of their elected coverage and the cost of 2 times the rounded annual budgeted benefits salary.

Motorcycle insurance

Professional and Scientific

Staff in the following employment groups whose salary is over $25,000, who elect to receive only $50,000 in life insurance may receive an additional $40 per month in Shared Savings Credits.

Professional and Scientific

Taxable Life Insurance

The Internal Revenue Service (IRS) has determined that if an employer allows employees access to life insurance in excess of $50,000, the amount in excess of $50,000 has a value to the employee and is taxable.

Life assurance products

Additional Information/Forms

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