Life Insurance

Emory provides basic life insurance at no cost to you. The value of the basic life insurance benefit is 1x annual base salary, with a minimum of $10,000 and a maximum of $50,000 (for active employees). Changes in life insurance for employees who are currently on leave of absence will not become effective until they return to active status.

Enrollment is automatic, but you must select beneficiaries.

Life insurance benefits are administered by The Standard Insurance Company.


arrow  SUPPLEMENTAL LIFE INSURANCE

You can elect supplemental life insurance coverage in increments of $10,000, up to a maximum of $750,000. Coverage elected up to $500,000 at the time of your initial eligibility does not require Evidence of Insurability (EOI).

During each benefits annual enrollment period, you can elect to increase your existing coverage up to $20,000 without satisfying EOI. If you are increasing your existing coverage by more than $20,000, EOI is required. If you initially waived coverage, EOI is required for any amount you elect.




arrow  COVERAGE FOR YOUR SPOUSE

You can elect supplemental life insurance coverage for your spouse in increments of $10,000, up to a maximum of $500,000. Coverage elected up to $100,000 at the time of your initial eligibility does not require EOI.

During each benefits annual enrollment period, you can elect to increase existing spouse coverage up to $10,000 without satisfying EOI. If you are increasing your existing coverage by more than $10,000, EOI is required. If you initially waived coverage, EOI is required.




arrow  COVERAGE FOR YOUR CHILD(REN)

You can elect life insurance for your eligible child(ren) in increments of $2,000, up to a maximum of $10,000.

Even if you initially waived coverage, no EOI form is required.

Note: You can purchase supplemental life insurance for a spouse or child(ren) without purchasing employee coverage.




arrow  MONTHLY RATES


 

life insurance rates

Example:

Here is an example of how the cost for a supplemental life insurance policy is calculated for an employee, age 42, who elects a $100,000 supplemental life insurance policy.

Cost = ($100,000/$10,000) x .95 = $9.50 per month

NOTE: At age 70, supplemental life insurance coverage reduces to 65% of the original face amount; at age 75 it reduces to 50% of the original face amount.

 

Designate a Beneficiary: You must select a beneficiary! Since Emory provides you with life insurance benefits, you should designate a beneficiary, even if you do not sign up for supplemental life insurance benefits. Your beneficiary is the person(s) who will receive your life insurance benefits when you die. Your beneficiary can be a person or multiple people, charitable institutions or your estate. Once named, your beneficiary remains on file until you make a change. If your family situation changes, you will want to review the beneficiaries on file and make updates if necessary. If you do not name a beneficiary, your life insurance benefits will be distributed in accordance with the policy. Use Self-Service to designate a beneficiary.