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||2018 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 rates are $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.
Beginning in 2018, your monthly rate is $0.1065 per $100 of covered monthly base salary, up to $10,000.
||2018 Basic LTD Premium|
|Annual base salary = $70,000||$70,000 / 12|
|Monthly covered salary||$5,833.33 / $100|
||$58.33 x .1065|
|Your monthly premium||$6.21|
||2018 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 .224|
|Your monthly premium||