Voluntary Life

New York Life Basic Life and AD&D Insurance

Full-time employees receive employer-paid group life and accidental death and dismemberment (AD&D) insurance in the amount of 2X your base salary rounded to the next higher $1,000 if not already a multiple, to a maximum of $100,000. Benefits will reduce to 65% at age 65, 45% at age 70, 30% at age 75 and 20% at age 80. Don’t forget to keep your beneficiaries up to date.

New York Life Voluntary Life Insurance

You have the option to purchase voluntary life insurance in the increments listed below through the convenience of payroll deduction. If you elect when first eligible, you may elect coverage up to the Guaranteed Issue amount without having to answer any medical questions. Employee and spouse benefits begin to reduce at employee age 65; employee and spouse rates are based on employee age. Employees must be enrolled in coverage to enroll dependents.

 

Voluntary Life Insurance
Evidence of Insurability	If you purchase coverage above the guaranteed issue amount for you or your spouse, you will not be eligible or charged for that coverage until approved by New York Life. You must complete Evidence of Insurability (EOI) located in the WEX portal within the enrollment period.
Guaranteed Issue	Employee: $200,000 (New hire)
Employee Coverage	Increments of $10,000 Up to a max of 5X salary or $500,000, whichever is the lesser
Spouse Coverage	Increments of $10,000 up to $50,000 Coverage ends at age 70
Child Coverage	Increments of $2,000 to $10,000 Max Dependent Under 6 Months: $500 Max

 

New hires may purchase up to $200,000 with no medical underwriting within the first 30 days of employment. If you wish to enroll, you must do so in the Wex Benefits Portal.

 

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.

 

New York Life Disability

In the event you become disabled from a non-work-related injury or sickness, disability income benefits are provided as a source of income. Visit hr.richmond.edu/benefits.

 

	Short-Term Disability	Long-Term Disability
Coverage Paid By	University of Richmond	University of Richmond
Percentage of Income Replaced	Staff: 66 2/3% of pre-disability earnings Faculty: 100% of pre-disability earnings	66 2/3% of pre-disability earnings Up to a maximum benefit of $10,000/month
Benefits Begin	After 14 days of disability and approval from New York Life	After 180 days of disability and approval from New York Life
Benefits Duration	Up to the end of the 24th week benefit period, or until you no longer qualify for benefits, whichever occurs first.	Age 68.5 or under = The Employee’s 70th birthday Age 68.5 or older = The date the 12th Monthly Benefit is payable