Supplemental Term
The purpose of the Supplemental Life Insurance Plan is to provide the opportunity for individuals to purchase term life insurance protection above the amount of Basic Term Life insurance provided by the University. This plan is fully employee paid.
Coverage
- Employees may elect 1 to 5 times their University salary
- Maximum coverage of $2,000,000
Coverage at Hire or Initial Benefits Eligibility
Employees at hire are guaranteed coverage of 3 times their annual salary up to $1 million regardless of health status. If a new employee wishes to elect more than 3 times their annual salary or the coverage amount exceeds $1 million, he must:
- Enroll online at 3 times their salary, and
- Submit an Evidence of Insurability
form to apply for the additional amount.
Increase Coverage
Employees may increase coverage by 1x their annual salary within 31 days of a qualifying change in family or employment status without underwriting by completing the Benefits Change Form . Increases greater than 1x their annual salary require the submission of an EOI .
Changes during Open Enrollment require the submission of an EOI and approval by the sponsoring insurance company.
Premiums
*Premium Rate per $1,000 of Coverage
|
Age |
Rate |
Age |
Rate |
|
To age 30 |
$.021 |
Age 55 through 59 |
$.211 |
|
Age 30 through 34 |
$.026 |
Age 60 through 64 |
$.280 |
|
Age 35 through 39 |
$.039 |
Age 65 through 69 |
$.432 |
|
Age 40 through 44 |
$.048 |
Age 70 through 74 |
$.691 |
|
Age 45 through 49 |
$.075 |
Age 75 through 79 |
$.691 |
|
Age 50 through 54 |
$.114 |
Age 80 and over |
$.691 |