Life Insurance
UAB provides group term life insurance for all full-time regular employees, 3/12 hour shift employees, full-time temporary employees, weekend staff, postdoctoral employees and trainees, interns, and residents as well as alternative work schedule (32 hours or more and 10 month) employees. The amount of coverage varies according to salary level and age. The total premium cost is paid by UAB.
In addition, a voluntary group life insurance program is available for all full-time and part-time regular employees, 3/12 hour shift employees, full-time temporary employees, weekend staff, postdocs, interns, residents, as well as those working alternative schedules (32 hours or more and 10 month) who are interested in additional insurance coverage. Spouses and children may be covered by this program. The total premium cost for this insurance is paid by the employee.
306.A. UAB-paid Life Insurance
Eligible employees are covered by group term life insurance provided by UAB. At the time of employment, an electronic enrollment record is established within UAB's online system. Once an enrollment record is established in the benefits system, the employee can designate primary and contingent beneficiaries. The insurance is effective on the date of employment.
The beneficiary designation may be changed at any time by visiting the benefits online portal at www.uab.edu/hrintouch. If an employee becomes totally disabled under UAB's disability program, the group term life insurance will remain in force in the amount and for the period specified in the group term life certificate of coverage.
To continue insurance protection during leave of absence, the employee must contact the HR Benefits Office. Employees are required to pay the premiums during leave of absence without pay.
Employees who terminate from UAB may convert to an individual policy, without medical examination, an amount up to the amount of coverage under the group policy. Application for conversion must be made within 45 days following the last active day at work. Schedule of Insurance Annual Salary Amount of Insurance Up to $23,999 $30,000 $24,000 to $29,999 $37,500 $30,000 to $39,999 $50,000 $40,000 and above 125 percent of salary, rounded to the next higher multiple of $1000 if not already a multiple of $1000. The maximum amount is $300,000 When an employee reaches age 65, the amount of insurance coverage will be 65 percent of the amount determined according to the above schedule. At age 70, coverage is reduced to 50 percent of the amount determined according to the above schedule. Conversion options are available for the amount reduced within the 45 days to the event.
306.B. Employee-paid Group Life Insurance (OPTIONAL)
Group life insurance is available for employees who need additional life insurance coverage. Through this program, employees may also purchase coverage for their spouse and children.
For eligibility, refer to the "Benefit Eligibility" chart in the You and UAB Handbook. During the first 60 days of employment, employees may choose to purchase the lesser of three times basic annual earnings or $500,000, in life insurance on a guaranteed issue basis without medical examination or other evidence of insurability. The maximum coverage is five times basic annual earnings or in $50,000.00 increments to a maximum of the lesser of five times basic annual earnings or $1.4 million. Evidence of insurability will be required for any amount in excess of guaranteed issue or late applications. Refer to the certificate of coverage for details on spouse and child coverage options.
Information concerning the Life Insurance program is available from the Benefits Office.Date Issued: 10/80 |
