Officers - Term Life Insurance
The University offers a Basic Term Life Insurance Plan, Optional Term Life Insurance Plan, and Dependent Life Insurance Plan. These plans are insured and administered by New York Life Group Benefit Solutions (NYL GBS).
Note: Cigna has changed its name to New York Life Group Benefit Solutions, which does not impact your current coverage or access.
You can buy additional life insurance, and can supplement your coverage with Voluntary Benefits.
Term Life Insurance
The Basic Term Life Insurance plan is provided by Columbia University at no cost to you. You will automatically receive Basic Term Life Insurance of one times your Annual Benefits Salary, up to $50,000.
The Basic Term Life Insurance plan pays a lump sum benefit to your beneficiary in the event of your death while actively employed by Columbia University.
The Plan can also pay a living benefit. If you become terminally ill, you may elect to have the Plan pay out a benefit while you are still living. Any amount you receive will reduce the benefit paid to your beneficiary.
You may elect additional amounts of coverage of one to six times your Annual Benefits Salary up to a maximum of $1,750,000, including your Basic Term Life Insurance coverage amount. The premium payment for additional coverage is paid with post-tax dollars.
The benefit will be determined using your Annual Benefits Salary rounded to the next highest $1,000. You will see your personal monthly premiums on CUBES based on your age.
Login to CUBES to add or update beneficiaries at any time during your employment.
An Officer, age 41, with an Annual Benefits Salary of $60,000, elects Optional Term Life Insurance of 3x Annual Benefits Salary ($180,000).
You must provide Evidence of Insurability (EOI) and be approved by New York Life Group Benefit Solutions (NYL GBS) if:
- You are newly hired and elect Optional Term Life Insurance coverage in excess of 3x your Annual Benefits Salary or $1,000,000 Guaranteed Issue Amount, whichever is less;
- You wish to increase the level of your coverage by more than 1x your salary or beyond the Guaranteed Issue Amount during Benefits Open Enrollment.
If you need to provide EOI, the process steps and required forms are available online via CUBES.
Dependent Life Insurance
Dependent Life Insurance provides a benefit to you in the case of the death of any of your dependents.
Child Life Insurance – $10,000 for each dependent child; you pay one premium rate, regardless of the number of children in your family.
- Children to age 26: Can be covered until the end of the month in which they turn 26, provided they are primarily supported by you.
- Children aged 26 or older: Can be covered if they are primarily supported by you and are unable to sustain employment due to mental or physical incapacity.
Note:
Financial Support: When a claim is submitted, NY Life will ask for tax returns and proof of shared residency which are typically sufficient to satisfy financial dependency. If this cannot be met, a combination of expense payments (rent, car, tuition, phone, etc.) and/or proof of payment by the employee for other types of insurance coverage for the child (medical, vision, dental, automobile, etc.) may also be sufficient to submit to NY Life.
Spouse/Same-Sex Domestic Partner Life Insurance – $10,000, $30,000, $50,000 or $100,000 of coverage.
- Your spouse/same-sex domestic partner must provide Evidence of Insurability if you elect spouse/same-sex domestic partner coverage of $100,000.
Note:
You cannot elect Dependent Life Insurance greater than your own total life insurance value.
New Hire Opportunity: As a new hire, take advantage of the one-time opportunity to enroll in Optional Term Life Insurance without providing Evidence of Insurability for amounts up to the Guaranteed Issue Amount of 3x salary or $1,000,000.
Imputed Income: If you purchase Employee Optional Term Life Insurance and the combined value of your Basic Term life Insurance plus your Employee Optional Term Life Insurance exceeds $50,000, the premium based on IRS table rates minus the premium you pay for the employee coverage in excess of $50,000 is considered imputed income and subject to tax due to IRS regulations. Spouse Optional Term Life Insurance imputed Income is calculated in a similar way, but without a $50,000 exclusion.