Faculty and staff will be able to purchase more life insurance protection at a lower cost as the result of an enhanced insurance program to be offered by the University beginning Jan. 1.
While the basic life insurance coverage of $10,000 for full-time employees will remain the same and continue to be paid by Emory, the Supplemental Term Life and Dependent Term Life plans will be replaced by a Group Variable Universal Life (GVUL) product. In the past, premiums for such coverage have been 36 cents per month per $1,000 of coverage up to a $200,000 maximum. Under the new plans, monthly premiums will range from 5 cents to 25 cents per month for employees under the age of 50 per $1,000 of coverage up to a maximum of $500,000 or 10 times the employee's annual salary.
Features of the new plan include portability for terminated employees and coverage until age 95
In addition to providing insurance protection, GVUL also offers the opportunity to build cash value under either a fixed account with one investment option or a separate account with six investment options.
For information on which option is right for you and how to calculate your individual premium under the new plans, contact the Human Resources Benefits Office at 727-7613.
The Personal Accident Insurance plan also has been enhanced to offer greater coverage at lower rates.
For employees and their spouses or domestic partners, the enhanced plan will provide coverage in $10,000 increments up to $250,000 at a cost of 18 cents per $10,000 worth of coverage. The current coverage maximum is $100,000 at a cost of 32 cents per $10,000. For dependent children of employees, the new plan offers coverage in $5,000 increments to up to a maximum of $15,000 at a monthly cost of 9 cents per $5,000 of coverage. The current coverage maximum is $10,000 at a cost of 16 cents per $5,000.
Additional provisions of the the Personal Accident Insurance plan, which will be provided by Zurich Insurance Co., include rehabilitation, day care, extended family coverage, special education, spouse training, coma and seat belts. Personal Accident Insurance provides worldwide coverage 24 hours per day, 365 days per year for any accident occurring during the course of business or pleasure.
Faculty and staff may enroll in the new plans, or make other changes in their life, medical and dental insurance and flexible spending accounts during Human Resources' annual Open Enrollment period Oct. 14-Nov. 15. For further information on any of Emory's insurance plans, call Human Resources at 727-7613.