Gabor Insurance Programs

 
The Gabor Insurance Agency is authorized by the University of South Florida to offer various insurance to employees.  The plans may be used to supplement other insurance policies.  Employees pay the full premium for these programs, which vary based on the amount of coverage and/or the age of the insured.  Insurance may be purchased for employee’s spouse and/or dependents. * For enrollment in these plans, the employee must contact a representative from The Gabor Agency.

Types of Policies:

Group Term Life Insurance is a low cost term life insurance available through payroll deduction and available to new employees during their first 60 days of employment, or during periodic open enrollment periods on a guaranteed issue basis.  At termination, the insured may convert the policy to Whole Life insurance during the thirty-one days following employment.  At retirement, the employee may continue up to $20,000 of term life insurance with certain provisions.

Universal Life Extra Insurance is a flexible premium life insurance policy that is guaranteed to stay in force throughout the life of the primary insured.  As long as you consistently pay the target premium on time, no matter how low interest rates fall or how high the cost of insurance climbs, your policy will not lapse and your premiums will never increase.  There is no maturity date, so even though premiums end at age 100, your protection won’t.  The coverage allows for the adjustment of the death benefit as needs (or budgets) change.  If you leave your job or retire, your policy goes with you with no increase in rates.  The plan also features Guaranteed Issue Coverage for eligible employees up to four times salary, to a maximum of $250,000 and for eligible spouses up to $25,000.

Special Open Enrollment for USF employees from 2/2/09 – 5/29/09.  Click here for more information.

Cash value life insurance provides a benefit up to three times the employee’s salary with a maximum of $150,000. In addition, this insurance contains cash, loan and other non-forfeiture values. At termination, the insurance may continue with no conversion necessary.

(Note:  Cash value life insurance is no longer available to new employees after 2/1/2009.  It remains in effect for employees enrolled prior to 2/1/2009.)