Basic Life
The university provides a $15,000 group term life insurance policy for employees through Standard Insurance Company.
Certificate | Booklet
Employees also can purchase additional term insurance for themselves or for their families from Standard, Aetna and/or ReliaStar through payroll deduction.
Standard Employee Supplemental
You may purchase this group term insurance in increments of $5000, not to exceed three times your annual salary or $300,000, whichever is less. Annual increases at open enrollment are limited to a maximum $20,000 with no underwriting.
Aetna
You may purchase this group term insurance in increments of 1, 2 or 3 times your annual salary not to exceed $100,000. The premium includes spouse coverage of $5000 and $2500 for each eligible dependent child (up to age 23).
** New Plan Feature**
Plan Description
Amendment 1A Employees Who Froze Plan
Amendment 1B Active Employees
Amendment 1C Retirees with 10 Years of Service
Amendment 1D Retirees with 15 Years of Service
Supplemental Employee Life Insurance a Pre-Tax Deduction
Standard and Aetna Supplemental Employee Life Insurance premiums are deducted on a pre-tax basis. Because of this, the value (not the amount) of life coverage you have over $50,000 is taxable. This value amount is determined by the IRS based on the rates shown in the Calculator.
Imputed income is the term the IRS applies to the value of any benefit or service that should be considered income for the purposes of calculating federal tax. Even though imputed income adds to your taxable wage base, the increase is normally offset by the benefit of having pre-tax deductions.
Use this special Calculator to figure the amount of your Imputed Income and its effect on your reportable income.
If you have questions, please contact the HREmployee Service Center at 480.965.2701 or at www.asu.edu/hr/askhr.
ReliaStar
You may purchase this individual term insurance in increments of $10,000 to a maximum of $250,000. Limited underwriting is required for amounts above $30,000. Coverage for a spouse is available up to $95,000 with limited underwriting. Child coverage of $5000 or $10,000 is also available.
1.800.955.7736
Standard Dependent
You may purchase this group term insurance to provide either $2000, $4000, $6000, $12,000 or $15,000 coverage for your spouse and each eligible dependent child (coverage for children aged 14 days to 6 months is limited to $200).
Certificate | Booklet |
