Life Insurance

WVU Medicine has partnered with UNUM for Basic Life and Accidental Death and Dismemberment (AD&D) coverage and Supplemental Life coverage.  You have a one-time option during the 2018 open enrollment to enroll in Employee Supplemental Life Insurance coverage up to five times annual salary to a maximum of $500,000 with no medical review.

 

Employer-Paid

Benefit eligible employees automatically receive Basic Life and AD&D coverage at 1.5x their annual salary to a maximum of $500,000.

Imputed Income

Employer-paid life insurance is a tax-free benefit in amounts up to $50,000. In accordance with current federal regulations, basic life and AD&D coverage levels over $50,000 result in imputed income. Under Internal Revenue Code Section 79, employer-paid life insurance amounts in excess of $50,000 are considered taxable income to you. You are taxed based on the value of the benefit (not the benefit itself). The value is determined by the IRS table published in the tax regulations. In most cases, the cost of up to $50,000 of group-term life insurance coverage provided to you by your employer is not included in your income. However, the cost of employer-provided insurance that is more than the cost of $50,000 of coverage reduced by any amount you pay toward the purchase of the insurance must be included in your income.

The calculation is performed in UltiPro and if this applies to you will show on your pay check as group term life in the earnings section of the paycheck.

Employee-Paid

Employee Supplemental Life Insurance

  • 1x to 5x Annual Salary
  • Guaranteed Issue: $500,000
  • Maximum Benefit: $1,000,000
  • No evidence of insurability (EOI)
  • Changes in age/premiums would be determined on the employee age on December 31st of each year
  • Age reduction will be based on the December 31st of the calendar year in which employee reaches age 70

Spouse Life Insurance

  • $10,000 increments (5 options)
  • Maximum benefit: $50,000
  • You can only insure your spouse for up to 100% of your life insurance coverage
  • Spouse’s age is based on employee’s age for premium rates
  • Changes in age/premiums would be determined on the employee age on December 31st of each year
  • Age reduction will be based on the December 31st of the calendar year in which employee reaches age 70

Child Life Insurance

  • $10,000 benefit

Employee per pay costs will be shown in the UltiPro enrollment tool. If you do not have UltiPro (Reynolds Memorial & St. Joseph’s employees) please visit your hospital intranet site.

Designation of a Beneficiary

UNUM will send out a beneficiary form for you to complete and send back to them.  Employees will be able to update their beneficiary(ies) at any time, and will not be limited to the open enrollment period.