Term Life Insurance
UVM offers life insurance coverage of $10,000 to benefits-eligible employees, fully paid by UVM. Employees have the option to increase coverage amounts with a cost share between the employee and UVM, up to 7 times a person’s base salary (with a limit of $2 million).
Spouse and child life insurance coverage is also available to individuals that have elected $50,000+ in employee coverage.
You can increase your term life insurance coverage during Open Enrollment or within 30 days of a qualifying life event.
Evidence of insurability is required. You must complete the Medical History Statement when submitting a request to increase coverage or add a dependent.
Additional Documents
Long-Term Disability Insurance
Eligible employees may enroll in the Long-Term Disability plan for income and benefit protections in the event they become totally disabled as defined by the plan and unable to work for a period of greater than six months. Long-term disability provides either 60% or 70% of monthly income, depending on the plan selected.
The cost of the Long-Term Disability plan is shared between UVM and the employee. Long-Term Disability payments are taxable. Employer contribution level determines the taxability of the disability payment amount.
In addition to wage replacement, the plan also provides for retirement protection, contributing funds to your UVM 403(b) retirement plan if you are enrolled and receiving the UVM contribution to your 403(b) as of your date of disability.
You are eligible for LTD insurance coverage if you have completed at least one year of service and are employed at least 0.75 FTE on a 12-month basis, or 1.0 FTE on a 9-, 10- or 11-month basis (Benefit Groups A, B, or C). You must complete a Medical History Statement when enrolling or increasing coverage, or adding a dependent during open enrollment.
Additional Documents:
Short-Term Disability Insurance
Eligible employees may elect Voluntary Short-Term Disability, which provides 70% of your salary if you are unable to work due to a medically qualified, non-work-related injury or illness which prevents you from working. Disability payments would begin after a 30-day waiting period and provide income replacement for up to a maximum of six months.
The Short-Term Disability benefit is voluntary and fully employee paid. UVM negotiated group rates are more reasonably priced than individual rates. Also, because the premiums are employee-paid, if you do need to utilize short-term disability, your disability payments won’t be taxed. This means no taxes would be deducted from the 70% disability payments.
Short-Term Disability may only be elected during annual Open Enrollment, and employees must sign up by using PeopleSoft Self-Service. Premium cost is based on an employee’s salary and rates are calculated within PeopleSoft.
There are some instances where short-term disability can be used after the birth of a child. Please see the Time Off & Leave page for more information.