Life Insurance
For regular status, 80% or greater FTE faculty and staff members, the university provides two times your base annual salary, adjusted to the next lower even $1000 multiple subject to a minimum of $2000 and a maximum of $200,000 There is no cost to eligible employees. The amount of Life and AD&D Insurance is based on your annual salary at the time of the injury.
Example: $15,835 annual base salary $31,000 life insurance
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.
Additional Term Life Insurance
New employees have 30 days from their date of hire to purchase additional term life insurance. Click the following link for more information on Additional Term Life Insurance (PDF).
Additional Term Life Insurance FAQ (PDF).
Accidental Death and Dismemberment Insurance
For regular status, 80% or greater FTE faculty and staff members, the university provides Accidental Death and Dismemberment (AD&D) insurance equal to the amount of life insurance. This insurance is payable regardless of any other insurance coverage you may have, including the Life Insurance Plan. This insurance covers any of the following losses as a result of an accident occurring on or off the job while insured.
For accidental loss of life, the full AD&D amount will be payable to the beneficiary The full AD&D amount of insurance will be paid for loss of both hands, both feet, sight of both eyes, or any combination of hand, foot or sight of one eye. One-half the AD&D amount of insurance will be paid for loss of one hand, one foot, or sight of one eye.
Offering Conversion/Portability
Employees who leave their job or reduce benefits may be eligible to keep their insurance coverage by converting their coverage with Sun Life Assurance Company of Canada. If an employee is terminating employment with the university the employee may have the option to convert to an individual life policy with Sun Life Assurance Company of Canada.
When eligible under the terms of the group life policy, an employee may convert group life coverage to an individual whole life policy without providing medical evidence of insurability if the employee submits an application plus the initial premium payment within 31 days following the date of termination (the "conversion period").
Basic and Additional Life Insurance Summary Plan Description (PDF)
For more information, please contact Sun Life at the phone number listed below or write:
Sun Life Assurance Company of Canada
Group Life Conversion, SC 1219
One Sun Life Executive Park
Wellesley Hills, MA 02481
Contact Information
The university's carrier for life as well as accidental death and dismemberment insurance is Sun Life Financial. For answers to your questions about claims, premiums, forms or supplies, call their Customer Service Center at 1-800-247-6875, Monday through Friday, 8:00 a.m. to 8:00 p.m. Eastern Time.
Other questions may be directed to the UofL Benefit Service Account at www.louisville.edu/hr/help
