Term Life Insurance Programs
There are two group term life insurance programs offered to employees through the University:
The Minnesota Life Insurance Plan:
Employees can take a maximum of $300,000 coverage
Dependents can take a maximum of $150,000 coverage
Guaranteed issue amount is $50,000 offered to employees
UNUM Life Insurance Plan:
Employees can take a maximum of $750,000 or 6X annual salary coverage
Spouse can take a maximum of $150,000 coverage
Dependents can take a maximum of $10,000 coverage
Guaranteed issue amount is $50,000 offered to employees
The Minnesota Life Insurance Plan
Term life program administered by the State of Maryland and underwritten by the Minnesota Life.
Allows employee to take out life insurance for up to $300,000 in $10,000 increments. Insurance for dependents may be taken for 1/2 employee amount or $150,000 whichever is less. Please note that dependent children may be covered up to age 26 (effective July 1, 2012) only. Amounts up to $50,000 for employee are pre-tax. Amounts over $50,000 for employee, and any amount for dependents, are deducted post-tax.
Guaranteed issue amount of $50,000 offered to employees. Anything in excess of $50,000 must have medical insurability form. Any amount in excess of $25,000 for dependents must have medical insurability form.
Rates based on age and level of coverage.
Portability coverage for employee (conversion coverage for dependents) provided upon separation of employment. Also provides for a waiver of premium if required to retire as the result of total disability. Employee must pay first 9 months of premiums.
UNUM Life Insurance
Offered to University employees only.
Allows employee term life insurance coverage up to 6X annual salary in $10,000 increments to a maximum of $750,000. Spouse may be insured for same amount as employee amount or $150,000, whichever is less. Dependent children may be insured for up to $10,000.
Guaranteed issue amount of $50,000. If enrolled within first 60 days of employment, no evidence of insurability is required. Medical evidence of insurability is required for coverage in excess of $50,000. UNUM will notify employee in writing.
Rates based on age, annual salary and level of coverage. Not a pre-tax plan, so enrollment can be initiated, increased, decreased or cancelled at any time.
Portability coverage available at 20% increase in premiums upon separation of employment. Also provides for a waiver of premium for cases of total disability commencing before the age of 60.
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