The University offers Basic group term life insurance to eligible full-time and part-time employees (except "visiting" classifications). Basic Life insurance is University paid; the University’s contribution for life insurance equals the cost of the 2-times salary option.
Eligible employees choose one of the following three University-paid Basic Life options:
* two times base annual salary (up to a maximum of $1,000,000.)
Additional coverage (Optional term life insurance) is available at group rates directly from MetLife.
Enrollment in Employee Basic Group Life Insurance is mandatory for all benefitted employees. Upon hire, all new employees must make an election during the benefits enrollment process. Life insurance will be defaulted to 2 times base annual salary if an election is not made.
Internal Revenue Service (IRS) regulations state that the value of any employer-provided group insurance in excess of $50,000 is taxable income. Many employees consider this additional cost when making their Basic Life insurance choices. It is also appropriate to periodically evaluate the coverage selected in light of the taxability concerns around imputed income. Click here for more about Imputed Income.
Group Basic Life insurance is effective on the first of the month co-incident with the employee's hire date; otherwise, if hired during the month, Basic Life insurance becomes effective the first of the month following employment. Employees may change their selections once a year during the open enrollment period. This generally occurs during several weeks each May; any new coverage selected during open enrollment becomes effective the following July 1.
Group Optional Life insurance is effective the first of the month following application or approval by MetLife.
Upon Separation from the University
Group life insurance is canceled on the employee's separation date, except that the full amount or a portion thereof may be ported or converted to an individual non-group policy within 31 days of the separation date. In addition, University retirees have a one-time opportunity at retirement to continue term life insurance at group rates. All forms pertinent to this program, including conversion forms and beneficiary change forms, are available from MetLife.