Life & Disability Insurance
At no cost to you, NYU provides all eligible employees with basic life insurance coverage of $50,000, administered by The Prudential Insurance Company of America.
For new hires, the maximum amount of guaranteed issue insurance under this supplemental schedule is three times your annual base salary. Additional coverage of up to eight times your annual base salary, up to a maximum of $1,000,000, is available with evidence of insurability (EOI) satisfactory to Prudential.
The monthly cost for supplemental insurance will be determined by the amount elected, by your attained age as of the January 1 coincident with or following your birthday, and in accordance with the following schedule. Rates are per $1,000 of insurance.
|Age as of January 1||2020 Rate per $1,000|
|24 and under||0.038|
|80 and older||
|Annual base salary = $70,000 times elected multiple of your salary (up to 8x)||
|Elected amount of life insurance times rate according to age (e.g., 46 years old)||
|Rate per $1,000 of insurance||= $24,150 / $1,000|
|Your monthly rate||= $24.15|
If you have elected supplemental life insurance, you may also elect dependent life insurance for your spouse/domestic partner and child(ren). New hires may elect spouse/domestic partner coverage in increments of $10,000 up to $250,000 (not to exceed 100% of your supplemental life insurance coverage) and coverage of $2,000 to $10,000 for your child(ren). Evidence of Insurability (EOI) is not required for coverage up to $20,000 for your spouse/domestic partner, and children never require EOI. Spouse/domestic partner life insurance rates are the same as the supplemental life insurance rates, based on your age, and child rate for the maximum coverage of $10,000 is $0.09/$1,000 per month.
You are covered by the basic Long-Term Disability (LTD) plan on the first of the month coincident with or after your date of hire. You and the University share equally in the cost of LTD, which is based on your annual base salary.
Your monthly rate is $0.085 per $100 of covered monthly base salary, up to $10,000.
||2020 Basic LTD Premium|
|Annual base salary = $70,000||$70,000 / 12|
|Monthly covered salary||$5,833.33 / $100|
||$58.33 x .085|
|Your monthly premium||$4.96|
- If you are deemed totally disabled by NYU’s long-term disability insurance carrier, Lincoln Financial Group, you will receive 60% of your monthly base salary each month, up to a maximum of $6,000. This benefit is offset by Social Security and other disability benefits.
- If you earn over $120,000 per year, you may purchase Optional LTD coverage on your salary above $120,000 per year, to a maximum covered salary of $300,000 per year, which provides a benefit of 60% of your monthly base salary up to a maximum of $15,000. If you do not enroll when first eligible, you may enroll at a later date; however, you will be required to submit a medical questionnaire, and coverage is subject to approval by Lincoln Financial Group, the LTD insurance provider.
||2020 Optional LTD Premium|
|Annual base salary = $150,000||$150,000 / 12|
|Monthly covered salary||$12,500|
|Monthly covered salary above $10,000 (covered by Basic LTD)||$2,500 / $100|
|Monthly rate||$25 x .179|
|Your monthly premium||