Frequently Asked Questions

These questions and answers summarize some of the plan’s highlights. For a complete description of your benefits, please refer to the appropriate Plan Summary document in the Resource Library. If there are any differences between this information and the plan documents, the plan documents will govern.

What is basic life insurance, and why does it matter to me?

Stanford’s basic term life insurance provides a benefit when you die. The benefit is provided at no charge to you and pays an amount equal to one times your annual salary up to a $50,000 maximum.

What is the policy number, and who is the insurance company?

The policy number for Stanford’s Basic Life Insurance is 97179. The Prudential Insurance Company of America provides the insurance. See the Basic Life Insurance SummaryBasic Life Insurance Summary
Detailed plan document for Prudential basic life insurance policy for employees; includes information about eligibility, cost, benefits, how to claim benefits, and appeals.
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Do I have to pay for this benefit?

Stanford pays the entire cost of this benefit for you. However, if you are on an approved unpaid leave of absence, you may have to pay for a portion of the cost.

Why does this benefit only go up to $50,000?

Because Stanford pays for this benefit, the maximum is limited to 1x your annual salary up to $50,000 in order to avoid imputed income being charged to you. Imputed income increases your taxes.

If I do not enroll in benefits, do I get any life insurance?

Yes. You will be automatically enrolled in basic life insurance for one times your annual salary up to a $50,000 maximum.

What is a “beneficiary” and how do I name one?

Your beneficiary is the person who receives your life insurance benefits if you die. You can have more than one beneficiary at a time. When you enroll for benefits online, you will be asked to complete a Beneficiary Designation Form. Be sure to print a copy for your records. Review your beneficiary by clicking on MyBenefits in the upper right corner of this page.

Who is my beneficiary if I do not complete the Beneficiary Designation Form?

If you die without naming a beneficiary, your benefit will be paid to a relative or your estate. Prudential follows a standard procedure for determining the payee. For more information, see the Basic Life Insurance SummaryBasic Life Insurance Summary
Detailed plan document for Prudential basic life insurance policy for employees; includes information about eligibility, cost, benefits, how to claim benefits, and appeals.
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Can I change my beneficiary?

Yes, you simply need to complete a new form online. (See previous question.)

If I become terminally ill, can I use part of this benefit while I am still alive?

Yes. You can access a portion of this benefit while you are still alive. This will reduce the amount paid at the time of your death. For example, if you access $50,000 while you are alive, the amount paid to your beneficiary when you die will be reduced by $50,000.

What happens to my life insurance if I go on an unpaid leave of absence?

You will receive information from Stanford’s direct pay administrator, Vita Administration Company, on how to either continue or cancel your coverage. If you continue coverage, you are responsible for the paying the full cost to Vita Administration Company. Be aware, if you do not pay within 38 days of the due date, your coverage will be canceled.

When does coverage end if I terminate employment?

Like medical benefits, your life insurance coverage continues until the last day of the month in which your employment ends. For example, if you terminate on March 15, you remain covered by life insurance until March 31.

Can I continue coverage after my employment ends?

Yes, you may continue your basic life coverage. You must apply and make your first payment within 31 days after the end of the month in which your employment ends. Note: Your individual coverage will be different from the coverage you had through Stanford. If you have any questions, call Stanford Benefits at 650-736-2985 and press option 9.