Rice University pays for basic life insurance — 100% of your base salary up to $50,000 — for all benefits-eligible faculty and staff:
- Coverage is effective on the date of hire or on the date of benefits eligibility.
- The coverage amount automatically increases or decreases when you have a change in base salary.
- Basic life insurance is subject to the Benefit Reduction Schedule (see table below). Beginning on and after your 70th birthday, your life insurance benefit decreases. Please view our page for more information.
Benefit Reduction Schedule
| Age Range | Payable Percentage |
|---|---|
| 70-74 | 45% |
| 75-79 |
35% |
| 80-84 | 15% |
| 85 and older | 10% |
Basic life insurance can also be converted or ported within 30 days from when your coverage ends. You will receive information in the mail to your address on file in iO at the time you terminate. It will come from UNUM, our insurance carrier. It will contain all the information you need to post or convert your coverage. View the following for more information: Life Insurance Conversion/Portability
Basic Life FAQs
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Do my basic life insurance benefits decrease based on my age?
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Yes, basic life insurance is subject to the benefit reduction schedule beginning on or after your 70th birthday.
Payable Percentages:
- Age 70 through 74 = 45% of the basic life benefit amount
- Age 75 through 79 = 30% of the basic life benefit amount
- Age 80 through 84 = 15% of the basic life benefit amount
- Age 85 and older = 10% of the basic life benefit amount
- How to add or update a beneficiary?
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For guidance on changing or updating your beneficiary please click here.