UA Paid Basic Life Insurance
Financial protection for your survivors in the event of your death is important for your family's welfare. The University of Alaska provides all eligible employees with $100,000 UA Paid Basic Life Insurance benefit automatically. Employees only pay the imputed tax on this benefit.
All regular full-time and regular part-time employees become eligible for UA Paid Basic Life Insurance on the date of hire. Your group life insurance ends on the date that you separate employment with the university.
There is no employee cost to this coverage.
Eligible employees are automatically enrolled for UA Paid Basic Life Insurance. There is nothing you need to do to enroll. There is no employee cost for this coverage.
This is a fixed plan offered and no changes to the plan can be made. If additional life insurance is needed, please review our supplemental life insurance webpage.
The benefits will be paid to the beneficiary you name on the Beneficiary Form. You may change your beneficiary at any time by completing a new form.
Since this benefit is provided to all benefit-eligible employees, all employees must have a current beneficiary on file.
There is no bi-weekly premium. This is an employer paid benefit. However, since this benefit is above the IRS limit of $50,000, employees will pay the imputed tax amount on the additional $50,000 benefit provided to them.
Please review the chart below to see what the annual value of the benefit is based on your age. This annual value will be the taxable amount. For example, if you are 42 years old, the yearly value of $100,000 life insurance benefit is $60. This means you will pay taxes on that $60 as if it were earned income.
|Age||Monthly Value of Benefit||Pay Period Value of Benefit (26 pay periods)||Annual Value of Benefit|
|Under 25||$ 2.50||$ 1.15||$ 30.00|
|25 to 29||$ 3.00||$ 1.38||$ 36.00|
|30 to 34||$ 4.00||$ 1.85||$ 48.00|
|35 to 39||$ 4.50||$ 2.08||$ 54.00|
|40 to 44||$ 5.00||$ 2.31||$ 60.00|
|45 to 49||$ 7.50||$ 3.46||$ 90.00|
|50 to 54||$ 11.50||$ 5.31||$ 138.00|
|55 to 59||$ 21.50||$ 9.92||$ 258.00|
|60 to 64||$ 33.00||$ 15.23||$ 396.00|
|65 to 69||$ 63.50||$ 29.31||$ 762.00|
|70 and above||$ 103.00||$ 47.54||$ 1,236.00|