Life Insurance

Contact Liberty Mutual

www.libertymutual.com

General Questions

1-800-451-7065

Conversion Questions

1-888-287-8494

Portability Questions

1-888-786-2688

Life insurance coverage can offer important financial protection. Most people agree that protecting their loved ones in the event of death is very important. Consider what would happen to your dependents if they no longer had your income to rely on. Life insurance can help your family maintain its standard of living as well as secure plans for college and retirement. With the right amount of life insurance, you'll know that your family's financial obligations will be covered.

Miami provides basic life insurance coverage in the amount of 2 times your annual salary at no cost. Accidental Death and Dismemberment coverage, in the case of accidental death or serious injury, is also provided at no cost in the amount of 2 times your annual salary.

All full-time faculty or staff whose customary annual appointment is longer than one semester for 30 or more hours per week, or at an FTE of 0.75 or greater, are eligible for group life insurance beginning on the first of the month following date of hire, or immediately if hired on the first day of the month.

You can purchase additional voluntary term life and accidental death insurance for yourself, your spouse, and children.

Group Life Insurance

Evidence of Insurability

During annual enrollment, any increases elected above the non-medical maximum of $350,000 will require completion of a Evidence of Insurability-Statement of Health.

Conversion at Termination of Coverage

If all or part of your basic life coverage ends, you may convert the amount that ends to an individual life insurance policy without medical evidence. Information and application will be automatically provided by Benefits and Wellness upon termination of coverage.

Portability at Termination of Coverage

You may elect to continue your life insurance coverage upon termination (not retirement) without evidence of insurability. This coverage will be matched with an equal amount of accidental death and dismemberment (ADD) unless you opt not to take this coverage. Information and application will be automatically provided by Benefits and Wellness upon termination of coverage.

Reduction Schedule

  • When you reach age 65, life benefits reduce to 67%
  • When you reach age 70, life benefits reduce to 45%
  • When you reach age 75, life benefits reduce to 30%
  • When you reach age 80, life benefits reduce to 20%
  • Minimum of $5,000 for full-time Employees.

Group Accidental Death and Dismemberment (ADD) Insurance

Provides a benefit when an injury resulting from an accident causes the death or other covered losses to the insured.

Basic ADD Policy Maximum is $1,200,000

Reduction Schedule

  • When you reach age 65, life benefits reduce to 67%
  • When you reach age 70, life benefits reduce to 45%
  • When you reach age 75, life benefits reduce to 30%
  • When you reach age 80, life benefits reduce to 20%
  • Minimum $5,000 for full time employees.

Seat Belt Benefit

Additional 10% of ADD to maximum of $10,000

Air Bag Benefit

Additional 10% of ADD to maximum of $10,000

Child Education Benefit

Annual Benefit /Child: $2,500
Lifetime Family Benefit: $20,000

Spouse Training

$2,500 Maximum

Reparation

$2,000 Maximum

Coma

$5,000

Dismemberment Schedule

Full Amount

Life
Both hands or both feet
Sight of both eyes
One hand and one foot
One hand and sight of one eye
One foot and sight of one eye
Speech and hearing in both ears
Quadriplegia

One Half of Full Amount

Paraplegia
Hemiplegia
One hand or one foot
Sight of one eye
Speech or hearing in both ears

One Quarter of Full Amount

Thumb and index finger same hand

Naming a Beneficiary

  • You must name a primary beneficiary. this is the person(s) that receives the cash benefit at your death.
  • You may name a contingent (also know as secondary) beneficiary. This person will receive the benefits should your primary beneficiary not be living at the time of your death
  • You may change your beneficiary (PDF 75KB) at any time.
  • We recommend that you review your beneficiaries whenever you have a family or life change or at least once per year.
  • Naming a minor child: Life insurance companies won't pay proceeds directly to minors. If you haven't created a trust or made any legal arrangements for someone to manage the money, the court will appoint a guardian, a costly process, to handle the proceeds until the child reaches 18. Instead, after perhaps consulting an estate attorney to decide the best course, you can do one of the following:
    • Leave the money for the child's benefit to a reliable adult
    • Set up a trust to benefit the child and name the trust as the beneficiary of the policy
    • Name an adult custodian for the life insurance proceeds under the Uniform Transfers to Minor Act

Contact Information

www.libertymutual.com

General Questions

1-800-451-7065

Conversion Questions

1-888-287-8494

Portability Questions

1-888-786-2688