The University of Miami offers faculty and staff Group Life Insurance equaling two times the base salary rounded to the nearest $1,000 to a maximum of $100,000. You are covered immediately upon employment.
If you were employed prior to June 1, 2010 and your base salary exceeded $50,000 on May 31, 2010 (May 28, 2010 for bi-weekly staff), your maximum life insurance benefit is the amount of life insurance in effect at that time. If you separated from the University on or after June 1, 2010, and were rehired by the University, the current life insurance benefit for all new hires applies.
Please note: The Internal Revenue Service requires that the University tax the value of your University-paid life insurance over $50,000. The amount of life insurance over $50,000 is converted to a taxable amount using a table provided by the U.S. Treasury Department. Tax is calculated on that amount and deducted automatically from your paychecks
To view the Tax Liability for Group Life Insurance notice, please click here.
The University of Miami offers faculty and staff Accidental Death Dismemberment coverage equaling one times the base salary rounded to the nearest $1,000 to a maximum of $100,000. Benefits are paid only in the event of accidental death or dismemberment.
Employees are covered immediately upon employment and requires no contributions by the employee.
The University of Miami offers faculty and staff Voluntary Excess Life Insurance equaling one to six times the base salary rounded to the nearest $1,000, to a maximum of $1,000,000.
The Voluntary Excess Life plan also allows insurance coverage for spouse and eligible children. Spousal coverage is limited to 50% of the employee’s coverage, or $50,000 (whichever is less). A Statement of Health must be completed for spousal coverage. The minimum spousal coverage is $5,000.
Dependent coverage is limited to $5,000, $10,000, or $15,000 per dependent. Dependent coverage cannot exceed 50% of employee salary. Eligible children must be 14 days to 19 years of age, or up to age 26 if a full-time student.