Life Insurance Plans

At hire, benefits eligible faculty and staff may enroll in a life insurance plan and designate beneficiaries for the plan online using HRIS Self Service. After initial eligibility, an individual may apply for Supplemental and Spouse Life Insurance coverage subject to providing documentation of good health and the approval of the sponsoring insurance company. An individual may apply for such coverage within 31 days of a qualifying change in family or employment status or during the annual Open Enrollment Period.

An individual may change beneficiaries online at anytime using HRIS Self Service.

Self Service Online Tutorial for Making Beneficiary Designations ( PDF)

Glossary of Life Insurance Terms ( PDF)

Life Insurance FAQs ( PDF)

Basic Term Life Insurance Plan

The purpose of the Basic Term Life Insurance Plan is to provide faculty and staff with both term life insurance and accidental death and dismemberment coverage as some degree of financial support to designated beneficiaries in the event of the death of benefits-eligible faculty and staff. This plan is fully University paid and is sponsored by the Standard Insurance Company.

• maximum eligible University salary is $80,000, and
• maximum coverage is $200,000, and
• minimum salary is $1,000 and coverage is $2,500

Summary Plan Description: Basic Life Insurance ( PDF)
Coverage Factor Reduction Schedule ( PDF)

Supplemental Term Life Insurance Plan

The purpose of the Supplemental Term 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.

Employees may elect 1 to 5 times their University salary up to a maximum coverage of $1,000,000. Employees at hire are guaranteed a minimum of 2 times coverage regardless of health status.

After initial eligibility, individuals may elect coverage for the first time or higher amounts of coverage which require evidence of good health and the approval of the sponsoring insurance company. Costs associated with a physical examination, should one be required, are paid by Standard.

During Open Enrollment, individuals may elect higher amounts of coverage which requires evidence of good health and approval of the sponsoring insurance company. Costs associated with a physical examination, should one be required, are paid by Standard.

New employees must complete the online enrollment process no later than 31 days from the date of benefits eligible status.

Summary Plan Description: Supplemental Term Life ( PDF)

Monthly Contributions

Spouse and Dependent Child Term Life Insurance Plans

The purpose of the Spouse and Dependent Child Term Life Insurance Plans is to provide the opportunity for individuals to purchase term life insurance protection for his or her spouse and eligible dependent children. Such coverage requires that the employee be enrolled in the Supplemetal Life Insurance Plan.

Spouse coverage is available in $10,000 increments to a maximum coverage of $250,000 not to exceed 50% of an employee's Supplemental Term Life Insurance coverage.

New employees must complete the online enrollment process within 31 days from the date of hire or benefits eligible status. Afterward, any amount of Spouse Term Life insurance coverage requires evidence of good health for the spouse and the approval of the sponsoring insurance company.

Dependent child coverage is available in $2,000 increments to a maximum coverage of $10,000 per child. Evidence of good health is not required.

Summary Plan Description: Spouse Life Insurance ( PDF)

Summary Plan Description: Dependent Child Life Insurance ( PDF)

Monthly Contributions

Other Links

Forms

The Standard (Sponsoring life insurance company)

Standard Life Insurance Premium Calculator

Standard Life Insurance Basic Life Calculator

Standard Life Insurance Needs Estimator

Standard Imputed Income Calculator