USD automatically provides eligible employees with Basic Life and AD&D insurance equal to 2 times your eligible annual earnings, up to a maximum of $1,250,000, to help protect you and your family in the event of a loss.
Important note: Basic Life Insurance coverage exceeding $50,000 is considered “imputed income.” This means the value of your policy above $50,000 must be included as taxable income on your paychecks. You may choose to limit your Basic Life Insurance election to $50,000 to avoid this modest taxation. Contact the Benefits team for more details.
In addition to USD-paid Basic Life and AD&D Insurance, you may purchase Voluntary Life and AD&D coverage at group rates for yourself, your spouse or domestic partner, and your eligible child(ren).
Important note: You, your spouse/domestic partner, or your children may only be insured once under USD’s Life/AD&D insurance policy even if you’re eligible under more than one class. For example, if you and your spouse both work for the University, you cannot be insured as an employee under your policy and as a spouse under your spouse’s policy.
| Benefit Features | Voluntary Life and AD&D Options* | ||
|---|---|---|---|
| Employee | Spouse | Dependent Child(ren) | |
| Coverage Options | $10,000 increments | $5,000 increments | $2,000 increments |
| Life Maximum | Up to 5x your salary or $500,000 (whichever is less) | Up to $250,000 (cannot exceed 100% of employee coverage) | Under 6 months: $250 Over 6 months: Up to $10,000 |
| AD&D Maximum | Up to $500,000 (amounts greater than $250,000 cannot exceed 5x your salary) | Up to $400,000 (cannot exceed 100% of employee coverage) | Up to $40,000 (cannot exceed 100% of employee coverage) |
| Guaranteed Issue Amount (Life Insurance Only)* | $140,000 | $25,000 | Under 6 months: $250 Over 6 months: $10,000 |
| Age Reduction Formula | Coverage will decrease to 65% at age 70 and to 50% at age 75. | ||
*Evidence of Insurability (EOI) will be required for coverage over the guaranteed issue amount.
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| Voluntary Life Premiums | |||
|---|---|---|---|
| Rate per $1,000 of coverage | |||
| Age | Employee | Spouse | Child(ren) |
| <25 | $0.040 | $0.090 | $0.167 |
| 25-29 | $0.045 | $0.075 | |
| 30-34 | $0.057 | $0.082 | |
| 35-39 | $0.078 | $0.114 | |
| 40-44 | $0.108 | $0.163 | |
| 45-49 | $0.173 | $0.255 | |
| 50-54 | $0.265 | $0.397 | |
| 55-59 | $0.433 | $0.609 | |
| 60-64 | $0.691 | $1.040 | |
| 65-69 | $1.121 | $1.778 | |
| 70-74 | $2.188 | $3.167 | |
| 75 and over | $4.431 | $6.343 | |
| Voluntary AD&D Premiums | ||
|---|---|---|
| Rate per $1,000 of coverage | ||
| Employee | Spouse | Child(ren) |
| $0.015 | $0.021 | $0.024 |
Evidence of Insurability (EOI) is the process of providing health information to qualify for certain types of insurance coverage. If you elect Voluntary Life Insurance coverage for you or your spouse/domestic partner above the Guaranteed Issue amount, or enroll or increase coverage after your initial eligibility period, you will be required to submit a health questionnaire (in some cases, a physical exam may be required). Your questionnaire will be reviewed by the carrier, and you will be notified if you are approved for the coverage.
If you travel for business, you can have peace of mind knowing USD offers Business Travel Accident insurance, through Ace, to eligible employees. Benefits include medical care in the event of an injury or illness while on business travel, death benefits, and emergency medical evaluation.