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Home > Benefits > Supplemental Group Life Insurance

Supplemental Group Life Insurance

On this page: Plan Provisions | Plan Contributions | Eligibility | Initiation of Coverage | Termination of Coverage | Premiums

Plan Provisions

Eligible employees can add supplemental amounts to Basic Group Life Insurance. Choosing Supplemental insurance does not affect your Basic insurance.

Options available:

Amount of Insurance
Guaranteed Issue
Maximum Coverage
ONE times salary
$50,000
$250,000
TWO times salary
$100,000
$500,000
THREE times salary
$150,000
$750,000
FOUR times salary
$200,000
$1,000,000

 

Differences between Guaranteed Issue and Maximum Coverage:

Example #1:
A person makes $51,000/year in base salary.

If they were to choose option two (2X Salary) with a Guaranteed Issue of up to $100,000, their beneficiary would only receive $100,000 upon their death.

If they were to choose option two (2X Salary) with the Maximum Coverage option, their beneficiary would receive the full amount of two times their base salary, which would be $102,000. (To enroll in Maximum Coverage, a Medical History Statement is required.)

Example #2:
A person makes $70,000/year in base salary.

If they were to choose option three (3X Salary) with the Guarantee Issue up to $150,000, their beneficiary would only receive $150,000 upon their death.

If they were to choose option three (3X Salary) with the Maximum Issue up to $750,000, their beneficiary would receive $210,000. (To enroll in Maximum Coverage, a Medical History Statement is required.)

Example #3:
A person makes $40,000/year in base salary.

If they were to choose option one (1X Salary) with the Guarantee Issue up to $50,000, their beneficiary would only receive $40,000 upon their death.

If they were to choose option one (1X Salary) with the Maximum Issue up to $250,000, their beneficiary would only receive $40,000 upon their death. (To enroll in Maximum Coverage, a Medical History Statement is required.)

*There is no difference in rates between the Guarantee Issue and the Maximum Coverage level.

* When electing between the available options, your base salary will determine the amount of insurance that will be paid to your designated beneficiary, based on the examples provided above.

Plan Contributions

Basic Group Life insurance coverage is provided to eligible employees without cost, courtesy of Indiana University.

Supplemental Life insurance is an elected benefit for which employees pay 100% of the premium.

Eligibility

Initiation of Coverage

Updating Beneficiary Information

Termination of Coverage

To voluntarily terminate your Supplemental Life Insurance coverage, please complete the Supplemental Life Termination form (PDF) and return it to your local Human Resources Department for processing.

Coverage otherwise terminates when employment with Indiana University terminates. A covered employee can convert or port the prior amount of insurance to an individual policy (conversion or portability of coverage must be completed within 31 days after group coverage ends). Please contact Standard Insurance immediately after termination of employment to request conversion or portability information by calling 1-800-378-4668.

For questions regarding Portability or Conversion of Basic and Supplemental Life Insurance Coverage, please contact UHRS, at 812-855-2007.

Premiums

Premium rates are based on the participant's age at the time monthly payroll transactions are processed:

Effective April 1, 2007

Age
Monthly Premium Per
$1,000 of Coverage
Under 30 
$.04
30-34
$.06
35-39
$.07
40-44
$.09
45-49
$.13
50-54
$.19
55-59
$.33
60-64
$.50
65-69
$.90
70-74
$1.60
Over 74 
$1.60

 

Premium Calculation   

Multiply annual budgeted base salary times the level of coverage selected (One, Two,Three, or Four times salary), reduce to nearest $1,000, divide by 1,000 and multiply by the appropriate premium rate from the chart above. 

Example: 

Sample Base Salary
$23,700
Sample Age
32
Desired Level of Coverage
Two times salary

 Plug the above information into this formula:

               

Enroll in or change Supplemental Life Insurance.

 

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Page updated: 23 August 2012
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