JHU Benefits Site - Life / Accident / Travel Insurance

Life and Dependent Life Insurance – Faculty and Staff

Group Term Life insurance can protect your family's financial future from the unexpected loss of your life and income during your working years. Life insurance proceeds can be an important tool in helping your family afford final expenses, such as funeral and medical bills, as well as day-to-day financial obligations.

If you are a full-time benefits-eligible member of our faculty or staff, $10,000 of basic life insurance is provided to you at no cost. You may purchase additional coverage–up to four times your annual base salary–to a maximum benefit of $2,000,000.

If you are a newly-hired faculty or staff member, you can elect the highest level of life insurance coverage without completing evidence of insurability unless the insurance amount is greater than $500,000. Current employees may elect to move up one level of coverage during annual enrollment or at a qualifying life event without completing evidence of insurability, unless the insurance amount is greater than $500,000. If you move up more than one level of coverage, you will need to complete evidence of insurability. If you elect, but do not qualify for a life insurance coverage level that requires evidence of insurability, your coverage amount will automatically be reduced to the highest option for which you are eligible that does not require evidence of insurability.

Up to $50,000 of JHU-paid life insurance coverage may be provided as a tax-free benefit. However, the cost of any JHU-provided life insurance coverage greater than $50,000 will be reported on your W-2 form as part of your taxable income (this is called "imputed income"). For example, for $60,000 of life insurance, only the IRS imputed cost for $10,000 insurance ($60,000 minus $50,000) would be considered taxable income.

The chart below describes your life insurance benefit and supplemental coverage options.

  Amount of Coverage Amount You Pay
 
Plan 1 $10,000 coverage $0, JHU pays full cost
Plan 2 $50,000 coverage You pay for coverage over $10,000
Plan 3 150% of your base salary
Plan 4 250% of your base salary
Plan 5 400% of your base salary

You may also purchase life insurance coverage for your spouse, domestic partner, and dependent child(ren). Johns Hopkins offers two dependent life insurance plans:

  Coverage for Spouse/DP Coverage for Dependent Child
 
Plan 1 $4,000 for your spouse or domestic partner $2,000 per dependent
Plan 2 $10,000 for your spouse or domestic partner $5,000 per dependent

The value of the premiums you pay for dependent life insurance coverage is reported as taxable income.

An employee's first eligible newborn child is automatically covered for $2,000 for 31 days from the child's live birth. To continue coverage on the first child, the employee must elect package dependent coverage within those 31 days; otherwise the coverage shall terminate at the end of the 31-day period.