Life Insurance

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.

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.

Accidental Death & Dismemberment

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.

Voluntary Excess Life Insurance

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.

Voluntary Excess Life Insurance Premium Rates
Voluntary Excess Life Insurance Enrollment Form

Voluntary Group Accidental Death & Dismemberment (VAD&D)
The University of Miami offers faculty and staff Voluntary Group Accidental Death & Dismemberment (AD&D) coverage protection if you or an enrolled dependent dies as the result of an accident. Voluntary AD&D also pays a benefit for your accidental dismemberment.

You may purchase coverage in amounts ranging from $10,000 to $500,000, but no more than ten times your salary (if coverage is greater than $150,000). The Plan also offers a total disability benefit, and a special education benefit to provide for your children’s schooling if you die before they finish college.

If you are covered under the Plan, you may also purchase coverage for your spouse and dependent children – including stepchildren, foster children and legally adopted children – who are not self-supporting and who are between the ages of 14 days and 19 years old, (or 25 years old if attending an institution of higher learning on a full-time or part-time basis).

Your spouse will be covered for 50% of your benefit amount, or 40% if you have eligible children. Each of your eligible children will be insured for 15% of your benefit amount for loss of life and 50% of your benefit amount for determining dismemberment benefit if there is no insured spouse at the time of the accident; or 10% of your benefit amount for loss of life benefit and 50% of your benefit amount for determining dismemberment benefit if your spouse is eligible for coverage.

For more information, please click here.

Voluntary Accidental Death & Dismemberment (VAD&D) Premium Rates
Voluntary Accidental Death & Dismemberment (VAD&D) Application