Group Life Insurance
Group Life and Accidental Death & Dismemberment (AD&D) Prudential
- WFU pays full cost
- Coverage Begins & First day of the month following or coincident with your date of employment, or transfer to full-time status
- Conversion Privilege – (If you leave the University or retire you may convert to an individual policy)
- Coverage is continued if you become totally disabled before reaching age 60 with waiver of premium
- Coverage reduces to 65% at age 65
- Coverage reduces to 50% at age 70
- Living Benefit Option – allows terminally ill employees to receive part of their life insurance benefit while still living
Group Life Benefit Amount
- Employees whose base salary is less than $50,000 coverage amount is 1.5 times annual base salary rounded up to the next 1,000 to a maximum of $50,000
Example 1: Annual Salary-$21,200 x 1.5 = $31,800 rounded up ••• Benefit = $32,000
- Employees whose base salary is equal to or greater than $50,000 coverage amount is 1 times annual base salary to a maximum of $100,000
Example 2: Annual Salary-$63,256 x 1 = $63,256 rounded up ••• Benefit = $64,000
* Premiums paid by the University for life insurance greater than $50,000 are reported as imputed income and taxable to the employees.
AD & D
If you die accidentally the value of your policy is doubled:(Example 1 = $64,000;Example 2 = $128,000) |