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Through UnumProvident the University provides and pays for life insurance coverage for all regular full and part-time employees in an amount equal to two times the employees' annual salary, with a minimum guaranteed benefit level of $10,000. For life insurance purposes, the employee's annual salary is defined as the salary represented on the most current faculty appointment or staff salary detail form. The combined maximum benefit level is $450,000. No Statement of Health is required, provided a signed application is submitted to the Office of Human Resources within 30 days of eligibility.
The life insurance plan includes a provision which allows an individual, if qualified as having a total disability, to waive the monthly cost while retaining coverage. Other provisions of the policy include accidental death and dismemberment (AD&D) protection and an accelerated death benefit which allows individuals with a terminal illness to collect up to half of their benefit early.
Voluntary Term Life Insurance and Accidental Death and Dismemberment (AD&D)
The University also makes available through UnumProvident voluntary term life and AD&D insurance for regular full-time or regular part-time employees and their eligible dependents based on the information below.
Employee May be purchased in $10,000 increments up to 5 times annual salary or $500,000, whichever is less. Guaranteed issue up to $150,000; no health statement is required. Spouse May be purchased in $5,000 increments up to a maximum of 50% of the employee's coverage amount. Guaranteed issue up to $25,000; no health statement is required Dependent Child(ren) May be purchased in $2,000 increments up to a maximum of $10,000 (maximum of $1,000 from birth to 6 months). Guaranteed issue up to $10,000; no health statment is required. Voluntary AD&D is also available to you in the same coverage amounts as life insurance. No health statement is required for voluntary AD&D. The cost is a flat monthly rate as shown on the rate table below. In order to purchase voluntary term life and AD&D coverage for your dependents, you must purchase coverage for yourself. Premiums are paid entirely by the employee through payroll deductions.
New Employees
In order to be eligible for the guaranteed issue amounts, new employees and their eligible dependents must enroll in voluntary life insurance during their first 30 days of eligibility.
Special Enrollment Period for Current Employees:
The above guaranteed voluntary life insurance is available to current employees who apply for voluntary life insurance between December 1 and December 24, 2002 with the insurance taking effect January 1, 2003.
The guaranteed amounts will be available again during a special Open Enrollment in June 2003 to take effect July 1, 2003.
Beginning June 1, 2004 and each June following, employees who already have voluntary life insurance but less than the guaranteed amount, may increase life insurance coverage up to the guaranteed amounts without submitting a health statement.
If you are a current employee and do not apply for coverage during one of the special open enrollment periods (December 2002 or June 2003) of if you apply for coverage that exceeds the guaranteed amount you will have to complete a health statement and the coverage is subject to approval by UnumProvident.
<24 25-29 30-34 35-39 40- 44 45- 49 50-54 55 - 59 60 - 64 65 - 69 70 - 74 75+ Child(ren) rates are $0.46 per $2,000 of insurance
Monthly Accidental Death and Dismemberment Insurance Rates (AD&D)
Coverage Cost of Insurance Coverage Employee
$0.285 per $10,000 of Insurance
Spouse
$0.15 per $5,000 of Insurance
Child(ren)
$0.07 per $2,000 of Insurance
If you have questions, please contact the Office of Human Resources for more information.