A university-provided basic term life insurance plan is equal to one times your base salary, with a $15,000 accidental death and dismemberment insurance policy. Read more in the benefits guide, financial security section about the maximum benefit and age reduction provisions.
Enrollment of your life insurance plan must be processed before you can designate your beneficiaries. Optional term life insurance plans are available to benefits-eligible faculty and staff and their eligible spouses and children.
Supplemental life | Accidental death and dismemberment
Supplemental life, accidental death, and dismemberment
These insurance plans are optional for benefits-eligible faculty and staff. The ASU life plan by Securian offers a retiree life insurance option.
You can participate in one or both pre-tax plans to supplement your basic life insurance:
ASU life
You may purchase this group term insurance in increments of one, two or three times your annual salary not to exceed $1 million. Coverage more than $500,000 requires evidence of good insurability and Securian underwriting approval. This coverage includes both accidental death and dismemberment and retiree life benefits.
After your initial 30-day enrollment period because of a qualified life event or during annual open enrollment, you may choose to do the following:
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If enrolled, you may increase your coverage by one level — if less than $500,000 — without evidence of good insurability and Securian underwriting approval.
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If not enrolled, you may choose one, two or three times your annual salary with evidence of insurability and Securian underwriting approval.
The Hartford
You may purchase this group term insurance in increments of $5,000, not to exceed three times your annual salary or $500,000, whichever is less. This coverage includes an accidental death and dismemberment benefit.
After your initial 30-day enrollment period, you may elect or increase your coverage up to $20,000 maximum because of a qualified life event or during open enrollment.
The Hartford plan does not require evidence of insurability.
ASU life spouse or child
Spouse
During your initial 30-calendar-day enrollment period, you may purchase any option up to $25,000 without evidence of insurability and Securian underwriting approval. Spouse life insurance is not to exceed 100 percent of employees combined basic and supplemental life insurance amount. Guidelines about participants and nonparticipants include the following:
- If enrolled, annual open enrollment and qualified life event increases are limited to one level, up to $25,000 without evidence of insurability and Securian underwriting approval.
- If not enrolled, evidence of insurability and Securian underwriting approval are required.
Child
During your initial 30-calendar-day enrollment period, you may purchase any ASU life child option without evidence of insurability and Securian underwriting approval.
Child Life Insurance is not to exceed 100 percent of employees combined basic and supplemental life insurance amount. An employee may elect any child life amount.
An employee’s first eligible newborn child is automatically covered for $2,500 for 31 days from the child’s live birth. To continue coverage on the first child, the employee must elect child coverage within those 31 days; otherwise, the coverage shall terminate at the end of the 31-day period.
The Hartford
No annual limitations, except $50,000 dependent life option requires $50,000 employee life coverage — basic plus supplemental.
Read more about plan options in the benefits guide, financial security section, and Arizona statute limitations. You can enroll in one or both dependent life after-tax plans.
Imputed income
Employee supplemental life insurance premiums are deducted on a pre-tax basis. Because of this, the value, not the amount, of life coverage you have over $50,000 is taxable. This value amount is determined by the IRS.
Imputed income is the term the IRS applies to the value of any benefit or service that should be considered income for the purposes of calculating the federal tax. Even though imputed income adds to your taxable wage base, the increase is nominal.
