Voluntary Life Insurance
The University of Richmond's voluntary life insurance plan is provided by New York Life. Full-time employees may elect additional life insurance coverage for themselves and their dependents.
Enrollment
New hires may purchase the lesser of two times their annual salary or $200,000 with no medical underwriting within the first 31 days of employment. Additional coverage may be purchased above the guaranteed amount up to the lesser of 5 times the employee's base salary or $500,000. Coverage above the guaranteed amount will be subject to medical review.
During the annual Benefits Open Enrollment, employees may purchase voluntary life insurance in units of $10,000. The maximum coverage is the lesser of five times the employee's base salary or $500,000. Additional life insurance purchased during Open Enrollment is subject to medical review.
If you purchase coverage above the guaranteed issue amount, you will not be eligible or charged for that coverage until approved by New York Life. Please note that coverage begins to decrease at age 65. For example, if an employee elects $100,000 coverage, when he/she turns 65, coverage decreases to $65,000, and the employee is required to pay premiums based on the reduced amount of $65,000.
| Age | Benefit Amount of Coverage |
| 65 | 65% |
| 70 | 45% |
| 75 | 30% |
| 80 | 20% |
Dependent Coverage
New hires may purchase coverage for their spouse with no medical underwriting in units of $10,000 up to $30,000. The maximum coverage that may be purchased is $50,000. Coverage over the guaranteed amount is subject to medical review. A policy of up to $10,000 may be purchased for dependent children. Employees must have coverage (at least $10,000) in order to purchase a policy for their spouse or children.
During the annual Benefits Open Enrollment, employees may purchase voluntary life insurance for their spouse in units of $10,000. The maximum coverage is $50,000. Life insurance purchased during Open Enrollment is subject to medical review. A policy of up to $10,000 may be purchased for dependent children (valid until the end of the calendar year in which they turn 26). Employees must have coverage (at least $10,000) in order to purchase a policy for their spouse or children. Please note that voluntary life insurance coverage for spouses (if enrolled) ends at age 70, at which time your spouse may choose to convert his/her coverage to a permanent life insurance policy.
If you purchase coverage above the guaranteed issue amount, your premium will be based on the amount purchased. If you do not qualify for coverage above the guaranteed issue amount, you will be refunded any premiums above guaranteed issue.
Monthly Rates
| Age Band | Employe Per $10,000 Benefit | Spouse Per $10,000 Benefit | Child(ren) Per $2,000 Benefit |
| Under 30 | $0.600 | $0.600 | $0.212 |
| 30-34 | $0.800 | $0.800 | - |
| 35-39 | $0.900 | $0.900 | - |
| 40-44 | $1.200 | $1.200 | - |
| 45-49 | $2.000 | $2.000 | - |
| 50-54 | $3.200 | $3.200 | - |
| 55-59 | $5.400 | $5.400 | - |
| 60-64 | $8.300 | $8.300 | - |
| 65-69 | $14.100 | $14.100 | - |
| 70-74 | $22.000 | - | - |
| 75 & Over | $33.300 | - | - |