Faculty & 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 eight times your annual base salary–to a maximum benefit of $3,000,000 (basic and supplemental coverage combined).
If you are a newly-hired faculty or staff member, you can elect up to four times your annual base salary without completing evidence of insurability unless the insurance amount is greater than $500,000. You are eligible to enroll in Supplemental Life Insurance benefits within 30 days from the day you are hired. If you have not made an election within this timeframe, you will be enrolled in Basic Life Insurance coverage only. Your next opportunity to enroll in Supplemental Life benefits is at the next annual enrollment period or if you experience a qualifying life event. Evidence of insurability will be required for any amount of supplemental life insurance you elect at that time.
Current employees enrolled in Supplemental Life Insurance may elect to move up one level of coverage during annual enrollment or at a qualifying life event without completing evidence of insurability up to a maximum of four times your annual base salary or $500,000 (provided you have not previously been declined any insurance amount by Securian Financial under the group policy due to EOI being found unsatisfactory). 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 (current participants only) |
You pay for coverage over $10,000 |
| Plan 3 | One times annual base salary | |
| Plan 4 | Two times annual base salary | |
| Plan 5 | Three times annual base salary | |
| Plan 6 | Four times annual base salary | |
| Plan 7 | Five times annual base salary | |
| Plan 8 | Six times annual base salary | |
| Plan 9 | Seven times annual base salary | |
| Plan 10 | Eight times annual base salary | |
You may also purchase life insurance coverage for your spouse, domestic partner, and unmarried dependent child(ren) until end of year dependent turns 26. 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.