Life insurance

Life insurance protects your family financially in the event of your death. Money is generally paid income tax free to your beneficiaries, who can use the money for any purpose.

All benefits-eligible employees have basic life insurance/accidental death and dismemberment (AD&D) insurance at no charge, providing $50,000 in coverage through USC’s insurance provider, MetLife.

The USC employee MetLife life insurance page offers extensive information on this benefits, as well as options to increase your coverage with supplemental insurance.

Please note that in the event of death, USC Benefits will file a claim on your behalf once they are notified. In order to finalize a life insurance claim Benefits needs an original death certificate.

Insurance companies do not pay proceeds directly to minors (under age 18 in most states). We require a certified copy of court-issued letters of guardianship (or conservatorship) for the property (or estate) of the minor.

A note about naming a minor as your beneficiary

Minors may be named as beneficiaries, but this designation raises special issues which may delay a claim payment. When there is a minor beneficiary the proceeds are placed into a Minor Deposit Account (TCA Account). As minor children are adjudged to be incompetent by law, MetLife generally cannot distribute the proceeds to the minor directly. Even a surviving parent who has custody or control of the minor’s well-being or living arrangements may not be authorized to collect assets on behalf of the minor. Consult an attorney to determine what options best match your intentions. An attorney also can assist in preparing what is known as “Letters of Guardianship” for the minor’s estate should you need them to petition the court. However, if a person of legal age has petitioned the court, and has been appointed as guardian of the “property” or “estate” of the minor, the proceeds may be released to that person in his/her capacity as guardian. If a guardian of the minor child’s estate or property is named, such guardian may access the proceeds upon presenting court-issued guardianship papers.