Basic Life and AD&D
GW provides all benefits-eligible faculty and staff with:
- Basic term life insurance equal to your annual benefit salary*, up to $500,000.
- Basic accidental death and dismemberment (AD&D) insurance equal to your annual benefit salary*, up to $500,000.
* Age reductions may apply
Full-time faculty and staff, as well as part-time faculty and part-time staff working at least 14 hours per week, qualify for basic life and AD&D insurance.
Please note if you die while an active, benefits-eligible employee, an additional death benefit of one month’s salary is paid to your estate or beneficiary listed on your basic life coverage.
Life Insurance and Income Taxes
The university pays for your Basic Term Life and AD&D coverage. The cost of any basic life coverage exceeding $50,000 is considered “imputed income” by the IRS which will be reported on your W-2 form as part of your taxable income. If you wish to avoid imputed income, you may waive coverage over $50,000 through the benefits enrollment system.
Please note if you waive coverage over $50,000 and later decide to change this election, you may need to provide Evidence of Insurability (EOI).
Estate Planning and Support Resources
If you are enrolled in GW's group life insurance, the LifeKeys® program (PDF) provides access to a wide array of services including estate planning, identity theft resources and beneficiary support. For more information, call 1-855-891-3684 or visit GuidanceResources Online. (First-time user: Enter Web ID LifeKeys)
Life Insurance and Income Taxes
The university pays for your Basic Term Life and AD&D coverage. The cost of any basic life coverage exceeding $50,000 is considered “imputed income” by the IRS which will be reported on your W-2 form as part of your taxable income. If you wish to avoid imputed income, you may waive coverage over $50,000 through the benefits enrollment system.
Please note if you waive coverage over $50,000 and later decide to change this election, you may need to provide Evidence of Insurability (EOI).
Estate Planning and Support Resources
If you are enrolled in GW's group life insurance, the LifeKeys® program (PDF) provides access to a wide array of services including estate planning, identity theft resources and beneficiary support. For more information, call 1-855-891-3684 or visit GuidanceResources Online. (First-time user: Enter Web ID LifeKeys)