A faculty member or academic professional is offered a choice of group supplemental life and accidental death and dismemberment insurance and individual supplemental life insurance from one company at group rates in varying coverage amounts depending on salary. A premium is established according to the amount of coverage selected and the individual's age.
Dependent coverage is available on all supplemental life coverage.
Payroll deductions for group supplemental life premiums are made before Social Security and federal and state income tax are withheld, thereby reducing the taxable salary basis. These benefits, or any portion thereof, are not offered on an after-tax basis. The imputed value is calculated and applied at the end of the tax year for the purpose of income tax reporting. The imputed value is normally less than the actual premium, and thereby maintains a tax savings. Procedures Initiation of the State-Provided Life Insurance Responsibility Action Faculty member or academic professional Complete the application at orientation.