Life and Disability Insurance:If you elect supplemental life insurance, you may also elect dependent life insurance for your spouse/domestic partner and child(ren)

Basic Life 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.

Supplemental Life Insurance

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.

During the Annual Enrollment Period, employees with a current Supplemental Life Insurance benefit of less than the non-medical limit of 3 times their annual base salary or $1 million, whichever is less, may increase their current coverage by 0.5 times their covered base annual earnings without providing Evidence of Insurability (EOI). You can decrease your coverage at any time. New enrollees may elect 0.5 times their base salary without providing EOI.

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.

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Age as of January 1 2021 Rate per $1,000
24 and under $0.0304
25-29
$0.0368
30-34 $0.0488
35-39 $0.0552
40-44 $0.0616
45-49 $0.0920
50-54 $0.1416
55-59 $0.2640
60-64 $0.4056
65-69 $0.7800
70-74 $1.2656
75+ $1.2656
Example
2021 Supplemental Life Premium
Annual base salary = $70,000 times elected multiple of your salary (up to 8x) $70,000 x 3
Elected amount of life insurance times rate according to age (e.g., 46 years old) = $210,000 x $0.0920
Rate per $1,000 of insurance = $19,320 / $1,000
Your monthly rate = $19.32

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Dependent Life Insurance for Your Spouse/Domestic Partner and Child(ren)

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.

During the Annual Enrollment period, EOI is required for any new or increased elections.

Spouse/Domestic Partner

The monthly cost for supplemental insurance for spouse/domestic partner will be determined by the amount elected, by their attained age as of the January 1 coincident with or following their birthday, and in accordance with the following schedule. Rates are per $1,000 of insurance.

Age as of January 1 2021 Rate per $1,000
24 and under $0.0380
25-29
$0.0460
30-34 $0.0610
35-39 $0.0690
40-44 $0.0770
45-49 $0.1150
50-54 $0.1770
55-59 $0.3300
60-64 $0.5070
65-69 $0.9750
70-74 $1.5820
75+ $1.5820

Child(ren)

The monthly cost for supplemental insurance for child(ren) will be determined by the amount elected. Coverage is available for children from 14 days to 26 years of age. Rates are $0.0900 per $1,000 of insurance and can be purchased in increments of $2,000. Evidence of Insurability (EOI) is not required.

Purchase in Increments of $2,000 2021 Monthly Payroll Deduction
$2,000
$0.1800
$4,000 $0.3600
$6,000 $0.5400
$8,000 $0.7200
$10,000 $0.9000

Long-Term Disability Insurance

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.

Example
2021 Basic LTD Premium
Annual base salary = $70,000 $70,000 / 12
Monthly covered salary $5,833.33 / $100
Monthly rate
$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, 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, the LTD insurance provider.
    • You can submit evidence of insurability (EOI) online:
      1. Log in to MyLincolnPortal.com. First time user? Register using company code NEWYORKUNIV
      2. Click “Complete Evidence of Insurability”
      3. Answer the questions
      4. Electronically sign and submit
      5. Save your confirmation report
Example
2021 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

$4.48

Summary Plan Descriptions (SPDs)

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