Basic Life Insurance
The University provides basic group term life insurance of one times your
benefits base salary (maximum of $300,000) at no cost to you. If your base
salary is more than $50,000, you can choose to reduce your Basic Life Insurance
to $50,000 to avoid imputed income tax on that benefit.
You are eligible for Basic Life Insurance if you are a full-time member of the
University faculty or staff in a benefits eligible position.
Upon appointment. Basic Life Insurance coverage begins on your date of hire.
Penn automatically gives you Basic Life Insurance. However, you still must name a beneficiary. You can do this online, 24 hours a day, 7 days a week, at Penn’s online benefits enrollment site. If you have questions about Penn’s life insurance options, or about how to make your benefits elections online, please contact the Penn Benefits Center at 1-888-PENN-BEN (1-888-736-6236).
Penn pays for Basic Life Insurance. However, if your base salary is greater
than $50,000, you will pay imputed income tax unless you choose to reduce
your Basic Life Insurance coverage amount to $50,000.
For more detailed information about the rules governing Basic Life Insurance, please see the relevant section of the Health and Welfare Summary Plan Description [pdf].
Note: The provisions of applicable collective bargaining agreements
govern the Health and Welfare benefits of employees in collective bargaining
units. Click here for more information.