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The principal sum for employee coverage can be flat increments of $10,000, not to exceed 8 times annual salary to a maximum of $750,000. Coverage amounts up to and including $350,000 are Guaranteed Issue (i.e. no medical proof of insurability is required if coverage is purchased within 31 days from the date of hire). Coverage amount reduces beginning at age 65 (see below). For a spouse, coverage of $10,000, $20,000, or $30,000 can be purchased. For a child, coverage of $5,000 or $10,000 can be purchased.

You may purchase additional amounts of life insurance coverage in increments of $10,000 up to 8 times your annual salary to a maximum of $750,000. If not a multiple of $10,000, this amount will be rounded to a multiple of $10,000 to a maximum of 8 times your salary or $750,000, whichever is lower.

Your annual salary is your basic annual earnings. It does not include bonuses, overtime or any other form of compensation. Premiums are deducted from your paycheck on a post-tax basis.

The reduction schedule is the same as that for Miami-provided group life insurance.

Cost for Employee

The 2023 cost for yourself as the employee is based on your age at a rate per $1,000 coverage per month.

.029, less than age 25
.035, 25-29
.046, 30-34
.052, 35-39
.058, 40-44
.086, 45-49
.156, 50-54
.294, 55-59
.467, 60-64
.789, 65-69
1.238, 70+

Age Reductions

67 percent at age 65
45 percent at age 70
30 percent at age 75
20 percent at age 80

You may purchase life insurance for your spouse in the amounts of $10,000, $20,000 or $30,000.

$10,000 coverage cost is $2.00 per month
$20,000 overage cost is $4.00 per month
$30,000 coverage cost is $6.00 per month

You may purchase life insurance for your child(ren) in the amounts of $5,000 or $10,000. Age at death benefit amount is from birth to the end of the calendar month in which they turn 26.

$5,000 coverage cost is $1.00 per month
$10,000 coverage is $2.00 per month

$.02/$1,000 of coverage per month for single (employee only)

$.025/$1,000 of coverage per month for the family

You may select an amount of insurance in flat increments of $10,000 not to exceed the greater of $300,000 or 10 times your annual salary to a maximum of $500,000. If not a multiple of $10,000, this amount will be rounded to a multiple of $10,000. Your annual salary is your basic annual earnings. It does not include bonus, overtime or any other form of compensation.

Your family status determines the benefits payable at the time of the claim.

Spouse Amount = 50% of the Employee Voluntary ADD amount if no children
Spouse Amount = 40% of the Employee Voluntary ADD amount if children
Child Amount = 15% of the Employee Voluntary ADD amount if no spouse
Child Amount = 10% of the Employee Voluntary ADD amount with spouse

If you are a new employee to ºÚÁÏÉçÇø, during your first 31 days of employment you may enroll for coverage up to the non-medical maximum of $350,000 supplemental life for employees. You must provide Evidence of Insurability (See instructions on the left.) for elected amounts higher than the non-medical maximums before coverage takes effect. There is no proof of insurance necessary for Spouse Life or Child(ren) Life.

Yes, with restrictions. If you do not elect to participate during your initial election period, you are only eligible to enroll within 31 days of a qualifying event or during the annual open enrollment (typically in October). Most importantly, you must provide proof of good health (evidence of insurability) for ALL amounts of coverage before it takes effect. See question above for information on evidence of insurability forms.

Accelerated Death Benefits allow you to advance-collect roughly 50% of your Life amount to a maximum of $600,000 (basic and supplemental combined) if your life expectancy is 12 months or less.

Yes, with restrictions. If you are already enrolled in the Supplemental Life plan, you may elect additional coverage in $10,000 increments at each annual enrollment in October without providing proof of good health unless the new amount exceeds the non-medical maximums of $350,000 for employees. Of course, you may also apply for amounts above the non-medical maximums by providing proof of good health (evidence of insurability) during your annual enrollment period in October. You must complete a new enrollment form for ALL changes.

You, your spouse, and children may continue your coverage within 31 days of your termination without providing proof of good health (evidence of insurability). Portability and conversion are both available.