Skip to main content

New supplemental life insurance coverage options for 2020

Oct. 6, 2019, 12:16 PM

 

Vanderbilt will offer new supplemental life insurance coverage for 2020. Vanderbilt will continue to provide a basic life insurance policy at an amount equal to your annual salary (up to a maximum of $500,000). For 2020, you may purchase additional individual coverage up to eight times your base annual earning up to a maximum of $1 million. You also may purchase dependent coverage for your spouse, up to a maximum of 50% of your elected coverage, or your dependent children up to $15,000. This new plan replaces the current dependent coverage in the basic life plan, which covers $5,000 for spouse and $2,500 for dependent children.

The below table describes your coverage options and the actions required during 2020 Open Enrollment.

Who’s eligible Coverage options Actions for 2020
enrollment period
Employee 1 to 8 times your base annual earnings up to a maximum of $1,000,000

Please note our new plan options and increased maximum, which is no longer combined with your basic life coverage.

Answer five health questions*
Spouse $10,000 up to $250,000 in $10,000 increments

Not to exceed 50% of your supplemental life benefits

No health questions are required for up to $20,000 of coverage. Answer just five health questions for higher coverage amounts.*

You must have supplemental life coverage in order to apply for spouse coverage.

Dependent child(ren) $5,000 up to $15,000 in $5,000 increments No health questions required.

Children are eligible from birth to age 26.

You must have supplemental life coverage in order to apply for spouse coverage.

 

Use My VU Benefits to increase or decrease your supplemental coverage at any time. To increase coverage, complete the MetLife Statement of Health form (provided at the end of your enrollment).

Learn more at vu.edu/oe.

*MetLife will review your information and evaluate your request for coverage based upon your answers to the health questions. MetLife’s underwriting rules and other information you authorize us to review. In certain cases, MetLife may request additional information to evaluate your request for coverage.

VIEW MORE EVENTS >