Finance USA

Aug 28 2019

Life Insurance Programs, supplemental life insurance rates.

#Supplemental #life #insurance #rates



Life Insurance Programs

The University of Notre Dame provides a $25,000 base group term life insurance policy through Securian to full-time faculty, exempt and non-exempt staff of the University at no cost.

To supplement this base coverage provided to you, you may elect supplemental term life insurance available to all eligible faculty, exempt and non-exempt staff.

All eligible faculty and staff may elect additional life insurance coverage for greater protection through Securian. Supplemental life insurance may be purchased in multiples of your annual salary, from 1 to 10 times up to a maximum of $1.5 million. Supplemental life insurance premiums are deducted from your pay on an after-tax basis.

The following outlines the opportunities to elect supplemental life insurance and whether Evidence of Insurability ( EOI ) is needed.

Newly hired faculty or staff: Within 31 from your date of hire, you may elect supplemental life insurance coverage from one to three times your base annual salary without completing an EOI form.

Annual Open Enrollment period: You may elect a one salary level increase up to a total amount of insurance of $750,000 without completing an EOI form.

Qualifying event: You may elect a one salary level increase up to a total amount of insurance of $750,000 within 31 days of a family status change without completing an EOI form unless you were previously declined coverage by Securian.

Additional Information – EOI : If you did not elect life insurance when first eligible, you will need to complete an EOI form. If you elect supplemental life insurance coverage of more than one salary level increase or the increase results in more than $750,000 in insurance during open enrollment or within 31 days of a family status change you will need to complete an EOI form.

Special Rules for Reduction in Coverage

The amount of the Supplemental Life Insurance on an employee age 65 or older shall be a percentage of the amount of your insurance as follows:

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Written by Bürger


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