Group Life Insurance
The University of Chicago has contracted with The Prudential Insurance Company of America (Prudential) as our Life Insurance carrier effective January 1, 2011.
The Group Life Insurance plan provides your family (or Beneficiary) with a lump sum payment in the event of your death. All benefits-eligible employees have a life insurance benefit under the Basic Life Insurance option and may elect to purchase supplemental life insurance coverage in addition to Basic Life Insurance coverage.
Basic Life Insurance - Key Features
- If you are a benefits-eligible employee, you are automatically covered under basic life insurance on the date that you are hired or become benefits eligible.
- Eligible employees have coverage equal to one times their annual salary to a maximum benefit of $50,000.
- The University pays the full cost of this benefit.
Supplemental Life Insurance - Key Features
- During the first 31 days of employment or during the first 31 days after you become benefits eligible, you may elect supplemental life insurance equal to a multiple of your annual salary (1x, 2x, 3x, 4x, 5x, 6x, 7x or 8x), up to $750,000 without Evidence of Insurability; to an overall maximum of $1,500,000 (basic and supplemental combined). Any coverage requiring Evidence of Insurability will not be in force until approval is received from Prudential. Prudential will contact you with information regarding the Evidence of Insurability process.
- After the first 31 days of employment or during the first 31 days after you become benefits eligible, you may elect supplemental life insurance equal to a multiple of your annual salary (1x, 2x, 3x, 4x, 5x, 6x, 7x or 8x), with Evidence of Insurability; to an overall maximum of $1,500,000 (basic and supplemental combined). Coverage requiring Evidence of Insurability will not be in force until approval is received from Prudential. Prudential will contact you with information regarding the Evidence of Insurability process.
- You, as the employee, pay the full cost for coverage beyond your basic coverage through after-tax payroll deductions.
- When you reach age 65, coverage is available in a reduced percentage of your elected coverage amount.
Voluntary Spouse or Same Gender Domestic Partner (registered with the University) Life Insurance - Key features
- You may elect coverage for your spouse or same gender domestic partner, registered with the University, in $10,000 increments up to $150,000.
- During the first 31 days of employment, Evidence of Insurability is required for spouse/same gender domestic partner, registered with the University, coverage in excess of $20,000. After your first 31 days of employment, Evidence of Insurability is required for any election for this coverage. Coverage requiring Evidence of Insurability will not be in force until approval is received from Prudential. Prudential will contact you with information regarding the Evidence of Insurability process.
- You, as the employee, pay the full cost for this coverage through after-tax payroll deductions.
- When your spouse or same gender domestic partner reaches age 65, coverage is available in a reduced percentage of the elected coverage amount.
Voluntary Dependent Child(ren) Life Insurance - key features
- You may elect coverage for your eligible dependent child(ren) (up to age 26) in $2,000 increments up to $10,000.
- You may cover one child or multiple children in your family. You will only pay premium based on one level of coverage. So, if you choose the $2,000 level of coverage, you will only pay premium based on $2,000, yet you will have $2,000 coverage on each eligible child in your family.
- There is no Evidence of Insurability required for children.
- You, as the employee, pay the full cost for this coverage through after-tax payroll deductions.
Learn more about the cost of Group Life Insurance and how to enroll.