MetLife Group Life Insurance administers the University of Louisville's Term Life insurance benefit. Life insurance helps protect your family's standard of living, avoids leaving debt behind and provides security for years to come. There is no employee cost for Basic Life and Accidental Death and Dismemberment Insurance. For an additional cost, employees may purchase Supplemental Life and Dependent Life Insurance.
Participant must be a full-time (regular status, 80% or greater) or part-time (regular status, 40%-79%) active faculty or staff employee.
Basic Life Insurance
For active employees, Basic Life Insurance offers a benefit for an amount equal to 2 times your Basic Annual Earnings, rounded to the next higher $1,000. (Example: $15,835 annual base salary $32,000). The maximum Basic Life benefit is $200,000. Disbursement of benefit will be full face value until the age of seventy-five.
Accidental Death and Dismemberment Insurance (AD&D)
The AD&D portion of the plan provides benefits in the case of death or severe injury due to an accident. For active employees, the benefit amount is a percentage of the full amount of your Basic Life Insurance. Disbursement of benefit will vary depending on the extent of the injury.
Supplemental Life Insurance
The Supplemental Life portion of the plan provides additional protection for those who count on you financially. The need for level of coverage may vary depending on your financial situation, age, dependents, and your dependents age. Benefit options are available in level increments of $10,000 with the minimum benefit amount as $20,000 and themaximum benefit amount as $300,000. New employees have 30 days from date of hire to purchase supplemental life insurance with guaranteed acceptance.
Dependent Spouse / Qualifying Adult Life Insurance
To enroll for Spouse/Qualifying Adult Life Insurance, the employee must either (a) already be enrolled for Supplemental Life Insurance or (b) enroll at the same time for Supplemental Life Insurance. Benefit options are available in level increments of $5,000 with the minimum benefit amount as $10,000 and themaximum benefit amount as the lesser of 50% of the employee Supplemental Life Benefits or $25,000. No person may be insured as a Dependent of more than one employee.
Dependent Child Life Insurance
To enroll for Dependent Child Life Insurance, the employee must either (a) already be enrolled for Supplemental Life Insurance or (b) enroll at the same time for Supplemental Life Insurance. Benefit options are available as a minimum benefit amount of $500 for age (14 days old to 1 year old) and maximum benefit amount of $10,000 for age ( 1 year and older). No person may be insured as a Dependent of more than one employee.
Accelerated Benefit Option (ABO)
If you become terminally ill due to an injury or sickness, you or your legal representative have the option to request an ABO. For Basic Life Insurance, the ABO disbursement is up to 80% of the Basic Life amount not to exceed $160,000. For Supplemental Life Insurance, the ABO disbursement is up to 80% of the Supplemental Life amount not to exceed $240,000.
Conversion and Portability Option
If your life insurance ends or is reduced for any of the reasons stated below, you have the option to buy an individual policy of life insurance ("new policy"). You must submit a completed conversion application form within 31 days after life insurance ends or is reduced. You will not have an option to convert policy at a later date.
Option to convert when your life insurance ends because:
- cease to be in an eligible status;
- end of employment;
- end of Group Policy and a policy holder for at least 5 continuous years.
Option to convert when your life insurance is reduced:
- on or after the date you attain age 60;
- change from one eligible class to another; or
- due to an amendment of the Group Policy.
Estate Resolution Services
If you are insured for Supplemental Life Insurance coverage, the following Estate Resolution Services are provided at no additional cost.
Will Preparation Services
A Will Preparation Service is available to you, through a MetLife affiliate at no cost to you. It enables you to have a will prepared for you and your spouse/Qualifying Adult by attorneys designated by the Affiliate. If you have a will prepared by an attorney not designated by the Affiliate, you must pay attorney's services directly. Upon proof of payment, you will be reimbursed in an amount equal to the lesser of the amount customarily reimbursed for such services by the Affiliate.
If you are insured for Supplemental Life Insurance and die while coverage is in effect, a probate benefit will be available to your estate, through a MetLife affiliate. Certain probate services are available, fee of no charge by attorneys designated by the Affiliate. If probate services are provided by an attorney not designated by the Affiliate, your estate must pay attorney services directly. Upon proof of payment, your estate will be reimbursed in an amount equal to the lesser of the amount customarily reimbursed for such services by the Affiliate.
Current federal tax law permits employees to exclude from taxable gross income the University's cost of providing the first $50,000 of group-term life insurance coverage. However, the value of university-provided group life insurance in excess of $50,000 is treated as taxable (imputed) income. The taxable cost of this group term life insurance is computed on the basis of uniform premium rates determined by the Internal Revenue Service based on the employee's age.