Office of Human Resources - Benefits Design & Management
2009-2010 Life Insurance | MAIN OPEN ENROLLMENT PAGE
Basic Life and Accidental Death and Dismemberment
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The university provides a $15,000 group term life insurance policy for faculty and staff.
You can purchase additional term insurance for yourself and for your family through payroll deduction.
Employee Supplemental Life and Accidental Death and Dismemberment
You can choose to participate in one or both pre-tax plans to supplement your Basic Life Insurance:
- Aetna
You may purchase this group term insurance in increments of 1, 2 or 3 times your annual salary not to exceed $1,000,000. Coverage over $500,000 requires evidence of good health. This coverage includes both accidental death and dismemberment and retiree life benefits.
After the initial offering in November 2009 or your eligibility date (whichever is later), annual increases at subsequent open enrollment are limited to one level, up to $500,000 without evidence of good health.
- The Hartford
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. This coverage includes an accidental death and dismemberment benefit.
Annual increases at the next August open enrollment are limited to a maximum $20,000 with no underwriting (evidence of good health).
Employee Supplemental 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.
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.
Dependent Life
You may purchase group term insurance for your covered dependents. See plan comparison for plan options and Arizona State statute limitations. You can choose to participate in one or both after-tax, plans:
- Aetna
After the initial offering in November 2009, annual increases at subsequent open enrollment are limited to one level, up to $25,000/$12,500 option without evidence of good health.
- The Hartford
No annual limitations, except $50,000 dependent life option requires $50,000 employee life coverage (basic plus supplemental).