Group term life insurance, including an Accidental Death and Dismemberment (AD and D) rider, is available to all salaried employees. Coverage is not available to Other Personal Services (OPS) employees. The University of West Florida and the employee share the cost of premiums on either a pre-tax or post-tax basis. Employees have 60 days from their date of hire to enroll. Plan changes are only allowed during the annual Open Enrollmentor as a result of an approved qualifying status change.
Coverage is 1.5 times the employee's annual base salary. The employee pays 20% of the premium and the State pays 80%. For Executive Service employees, coverage is two times the base annual salary and the State pays the full premium. Coverage amounts will be reduced by 50% at age 70 for all active employees. The Minnesota Life Insurance underwrites the plan.
The basic life insurance coverage also includes an additional benefit of accidental death and dismemberment coverage (AD and D). Enrollees are eligible for benefits, which are paid in the event of accidental deaths or certain injuries. Payments vary from 25% to 100% depending upon the severity of the injury. Participants may also be eligible to receive benefits for the loss of use of limbs.
State employees who enroll in the basic term life insurance plan also have the opportunity to purchase additional term life insurance. Coverage may be added by selecting amounts from one to five times their base annual salary, up to a maximum of $500,000. This is an "employee pay-all" benefit, however the premiums are very competitive. Employees who decline optional life coverage when first hired, but subsequently wish to enroll during Open Enrollment, will be subject to medical underwriting conducted by Minnesota Life Insurance.
