Staff Handbook
Life Insurance
Group Life and Accidental Death and Dismemberment
Insurance Plan
The University offers full-time employees the opportunity to enroll in the
Group Life and Accidental Death and Dismemberment (AD& D) Insurance Plan
insured by Standard Life Insurance Company of New York. NYU provides long term disability insurance through the Standard Life Insurance
Company of New York. Coverage is provided at no cost to you and is effective the day after successful completion of your three month probationary period.
Group Life Insurance
You are covered by a $20,000 group life and a $20,000 accidental death and
dismemberment insurance policy.
Highlights of Group Life Coverage
- If you die of any cause, your beneficiary receives the life insurance benefit.
- If you die as a result of an accident, your beneficiary receives the benefits
for both life insurance and accidental death.
- If you suffer dismemberment as defined by the policy, you receive all or
a portion of the amount for accidental dismemberment, depending on the nature
of the injuries.
Enrollment and Effective Dates
Coverage is provided at no cost to you and is effective on the day after successful
completion of your three-month probationary period at NYU. A Life Insurance
Enrollment Form must be completed and returned to the Benefits Office, even
if you are not electing supplemental life insurance. This is to ensure that
we record your beneficiary choice.
Supplemental Life Insurance
If you are a full-time member of the office and clerical staff, you are eligible
to purchase additional group life insurance issued by Standard Life Insurance Company of New York. NYU provides long term disability insurance through the Standard Life Insurance
Company of New York. Coverage is provided at no cost to you and is effective the day after successful completion of your three month probationary period. If you do not elect supplemental life insurance
when you are first eligible, within 31 days of receiving your new employee kit,
your application must be approved by Standard Life Insurance Company of New York, who will require proof of your good
health and may decline coverage.
Highlights of the Supplemental Life Insurance Plan
You may purchase supplemental life insurance in $5,000 increments, up to a
maximum of $40,000. You pay two-thirds of the cost of any Supplemental Life
Insurance coverage you elect. NYU pays the rest.
Long Term Disability Insurance
If you become totally and permanently disabled before age 60, the first $7,500
of your Basic Life Insurance (plus any Supplemental Life Insurance you elect)
will be converted to a monthly benefit payable for up to 60 months of disability.
(The remaining $12,500 of your Basic Life Insurance would continue as a life
insurance benefit.)
Travel Accident Insurance
The University provides Travel Accident Insurance for all office/clerical and
laboratory/technical staff. The First Unum Life Insurance Company administers
this insurance.
Under this plan, if you die or are dismembered while traveling on University
business, your beneficiary can receive benefits of up to six times your annual
base salary up to a maximum of $500,000.
Since you do not have to enroll to be covered, the University will consider
the beneficiary you name for Group Life as your beneficiary under this plan.
You may change your beneficiary under this plan by completing a beneficiary
change form available from the Benefits Office.
Enrollment and Effective Dates
Coverage is provided at no cost to you and is effective on the day you start
work at NYU.
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