- How to Enroll
- Designating and Changing Beneficiaries
- Changing Life Insurance Coverage
- How to File a Life Insurance Claim
MetLife administers Vanderbilt’s life insurance plan. Vanderbilt provides a Basic Life insurance policy and you may also choose to purchase optional Supplemental Life coverage. The Basic Life insurance policy is an amount equal to your annual base benefits rate* (up to a maximum of $500,000).
You may choose Supplemental Life coverage up to 8 times your annual base benefits rate up to an overall maximum of $1,000,000. If you elect Supplemental Life coverage as a new Vanderbilt employee within your new employee enrollment period, there is no medical review required for coverage that does not exceed $500,000. If you are past your new employee enrollment period or coverage will exceed $500,000, you must complete the MetLife Statement of Health form (located in My VU Benefits) to add Supplemental Life coverage (see examples below).
You may also purchase dependent coverage for your spouse from $10,000 up to $250,000 in increments of $10,000, up to a maximum of 50% of your elected coverage. You may also elect coverage for your dependent children from $5,000 up to $15,000 in increments of $5,000.
You pay the premium for Supplemental Life coverage. Premiums are based on your age and annual base benefits rate. To find the rate for your Supplemental Life coverage, see the Benefits Overview and FAQ page. The rates will also be displayed for you as you complete your enrollment in My VU Benefits.
Total Amount of Coverage and Taxes
You may wish to select $50,000 in coverage over "one times salary" if you do not wish to incur a life insurance tax on your paycheck. IRC Section 79 provides an exclusion of the first $50,000 of group-term life insurance coverage under a policy carried directly or indirectly by an employer. There are no tax consequences if the total amount of such policies does not exceed $50,000. The imputed cost of coverage in excess of $50,000 must be included in income, using the IRS Premium Table, and are subject to social security and Medicare taxes.
Employee Joe’s Annual Base Benefits Rate (ABBR) = $75,000
- As a new hire, Joe can elect to have up to 3x ABBR in Supplemental Life insurance (without an approved application) in addition to the Basic Life Vanderbilt provides.
Joe would have:
$75,000 (Basic) + $225,000 (Supplemental) = $300,000 (total)
- If Joe did not elect 3x Supplemental Life coverage within his new employee enrollment period and wanted to add it later, he would need to complete the MetLife Statement of Health (SOH). The SOH would be submitted to MetLife for approval. The new coverage is effective only if approved by MetLife and is not retroactive.
Employee Mary’s ABBR = $280,000
- As a new hire, Mary can elect to have up to $220,000 in Supplemental Life insurance (without an approved application) in addition to the Basic Life Vanderbilt provides.
Mary would have:
$280,000 (Basic) + $220,000 (Supplemental) = $500,000 (total)
- If Mary wants to exceed the $500,000 maximum allowed without approval, she would need to complete the MetLife Statement of Health (SOH). The SOH would be submitted to MetLife for approval. The coverage is effective only if approved by MetLife and is not retroactive.
How to Enroll
To enroll, use My VU Benefits within 30 days of your hire date:
- Go to My VU Benefits and log in with your VUnetID and password
- Click on the Enroll button to begin
- Make your benefits selections
- Print your benefits enrollment receipt and keep it for your records
How to update your Beneficiaries
A beneficiary receives financial benefits in the event of the insured's death. Beneficiaries can be primary or contingent (also called secondary).
- A primary beneficiary is the first person you name to receive the proceeds from your insurance policy upon your death. You can designate 100% of the proceeds to one primary beneficiary or you can divide the proceeds among multiple primary beneficiaries.
- A contingent (or secondary) beneficiary receives the proceeds from your insurance policy only if the primary beneficiary (or beneficiaries) are deceased or do not meet the criteria for the policy.
How to Designate or Update Your Beneficiaries
You can designate and/or update your beneficiaries at any time during the year. Any changes you make are effective immediately.
Basic and Supplemental Life Insurance
- Go to My VU Benefits.
- Log in with your VUnetID and password.
- Go to the Home navigation link in the top horizontal navigation bar and then select Update My Beneficiaries from the home page menu.
- You will see your current beneficiaries. You can add a new beneficiary at any time. You also can assign allocation amounts for each beneficiary, for both primary and secondary (also called contingent).
- To remove a beneficiary, change the percentage for that beneficiary to "0." Then allocate the percentage for the new beneficiary(ies) to equal 100%. Click Apply to All and then click Save.
- To edit a beneficiary's name, click on that name and the "Edit Beneficiary" dialog box will open. Make your changes and click Save And Close. Then click Save on the page listing your beneficiaries. Note that the system may take a few minutes to display the change. To make changes to a beneficiary's birth date or Social Security number, contact Human Resources.
Changing Life Insurance Coverage
To change your life insurance coverage level:
- Go to My VU Benefits.
- Log in with your VUnetID and password.
- Under "My Life Changes" (Family Status Changes) click on Change Supplemental Life Coverage
- Read the explanation text on the Change Supplemental Life Coverage Event introductory page.
- Enter today’s date and click Save. Please note, coverage is not guaranteed; your current election for Supplemental Life Insurance will remain in effect until the requested amount is approved by MetLife.
- Click the Enroll button to make your elections. Confirm and/or update your responses to the spousal coverage fee and tobacco free credit in the "Before You Enroll" section, if necessary.
- Make your elections for either 1 times, 2 times or 3 times your annual salary.
- Designate/confirm your beneficiaries.
- Print or email your confirmation for your records.
- Complete the MetLife Statement of Health form. You have two options:
- complete the form online via MetLife's secure website (a link will appear on your confirmation statement at the end of your enrollment process)
- print, complete, and return the paper form to MetLife
- This completes the Change Supplemental Life Coverage process. If approved by MetLife you will see the new deduction on the next paycheck following approval.
How to File a Life Insurance Claim
For information on filing a life insurance claim, click the applicable link:
- For complete details of the Life Insurance benefit, see the Life Insurance and Accidental Death & Dismemberment Summary Plan Description.
- Contact MetLife at 800.638.6420 or www.metlife.com.
- Interest in Will Prep? Check out our flyer
* Find your annual base benefits rate by logging in to Oracle and selecting Pay.