UPG provides a life insurance policy for all employees scheduled to work 20 hours or more. Life insurance provides financial protection to your loved ones in the event of your passing as it can assist with paying final expenses, meeting daily living expenses, educational expenses and, managing debt.
The premiums for this benefit are paid by UPG. Premiums are taxed, which means that the funds are tax-free to the beneficiary.
The plan varies based on your role. Find out more about your specific plan details below, and the option to purchase additional coverage.
Life Insurance for Administrative Staff and Managers
Basic Group Life Insurance
Life Insurance is provided through Principal. The coverage for basic life and Accidental Death and Dismemberment is two times your annual salary up to a maximum benefit of $250,000. The premiums for this benefit are paid by UPG. Premiums are taxed, which means that the funds are tax-free to the beneficiary.
Optional Life insurance
You may purchase additional coverage for yourself, your spouse, or your children. If you elect coverage within the first 30 days of hire, you may be able to purchase without submitting Evidence of Insurability, depending on purchase amount.
Employees may purchase supplemental insurance in increments of $10,000 up to $500,000. You have 30 days from your date of hire to elect to purchase supplemental coverage without needing to submit Evidence of Insurability for amounts less than $200,000. Evidence of Insurability will be required for amounts in excess of $200,000 at hire and for amounts in excess of $10,000 during Open Enrollment.
A legal spouse is eligible if you have purchased additional coverage for him/herself. Coverage may be purchased in $5,000 increments up to $100,000 and cannot exceed what has been elected for the employee. Evidence of Insurability is required for coverage above $30,000.
Children can be covered at a flat $20,000 life plan (no accidental death and dismemberment) provided you have purchased supplemental insurance for yourself at $20,000 or greater.
Voluntary Term Life Benefit Summaries:
Life Insurance (The Best Plan) for Physicians, Advanced Practice Providers, Directors, and Executives
UPG provides a MetLife Group Variable Universal Life (GVUL) policy. This policy is 5 times your negotiated base annual salary, up to a maximum benefit of $3,000,000.
This policy is a guaranteed issue and is portable upon resignation or retirement. The premiums for this benefit are paid by UPG. Premiums are taxed, which means that the funds are tax-free to the beneficiary.
Supplemental insurance can be purchased in $25,000 increments, not to exceed $3 million in total coverage. Additional coverage is also available to purchase for spouse and/or dependents.
For a spouse, participants can elect a minimum of $20,000 of insurance on a guaranteed issue basis and purchase additional at $10,000 increments up to a total coverage of $250,000.
Child coverage of $10,000 is available on a guaranteed issue.
There is an investment side fund connected to this policy that provides the opportunity for after-tax investment opportunities. Directors and Executives may choose to make contributions to this side fund. For providers, UPG contributes funds into this investment fund as outlined under Retirement.
Eligible participants can view and manage their BEST Plan (MetLife Group Variable Universal Life or GVUL) online. If you have not registered to use the site, access the site by entering "University of Virginia Physicians Group" as Employer Name and complete the registration form. For GVUL service, contact MetLife: 800.846.0124.