Group Term Life Insurance – Eligibility: 0.5 FTE or greater*
Life insurance is a core benefit, automatically provided to full-time employees and part-time benefits-eligible employees at one times your annual base salary. If you are a full-time or part-time benefit-eligible employee, you have the opportunity to purchase Supplemental Life and Voluntary AD&D coverage for yourself and your dependents. Your cost for Supplemental and Dependent Life Insurance is based on coverage amount and age. If you leave UPHS, you may convert your coverage to an individual policy within 30 days of your termination date.
If you make over $50,000, the IRS requires you to be taxed on the value of employer-provided Group Term Life Insurance over $50,000. The taxable value of this life insurance coverage is called “imputed income.” If you want to cap your Core Life Insurance at $50,000, you are able to do so by logging on to the enrollment website during the enrollment period.
Beneficiary Information for Life Insurance Coverage
Be sure to name a beneficiary when you first become insured. You may name anyone as your beneficiary; however, minors will not be entitled to benefits until they reach legal adult age. You may change your beneficiary inforation at any time. Log into ADP to make beneficiary designations.
Beneficiaries are designated as: Primary Beneficiary, which is the primary person or persons you name to receive your life insurance proceeds in the event of your death. Contingent Beneficiary, which is a secondary person or persons that would receive proceeds, only if all the primary beneficiaries are not living at the time of the employee’s death.
