Coping with funeral expenses can be a burden for your family. Prepare for it with life insurance.
Term Life Insurance/ AD &D
Types of Coverage
MSU offers several life insurance options to fit your family’s needs, including Term Life, Accidental Death & Dismemberment (AD&D), and Universal Life.
Basic Term Life Insurance
The university provides basic Term Life coverage to all full-time faculty and staff.
- MOSERS eligible employees: Coverage equals the greater of your annual salary rounded up to the next $1,000 or $50,000 (if your salary is below $50,000), up to a maximum of $300,000.
- CURP eligible employees: Coverage equals the greater of 2 times your annual salary plus $50,000 (rounded up to the next $1,000) or 3 times your annual salary (rounded up), up to $300,000 maximum.
Accidental Death & Dismemberment (AD&D)
All eligible employees receive AD&D coverage equal to their basic Term Life amount.
Supplemental Life Insurance
Employees may purchase additional term life insurance for themselves and their dependents.
Additional coverage may require Evidence of Insurability (EOI), and rates are based
on the age of the insured.
Cost and coverage
Employee Supplemental term life insurance benefits
-
Full-time MOSERS-eligible employees may elect 1 to 5 times their annual salary, up to a maximum of $800,000.
-
Full-time CURP-eligible employees may elect 1 to 3 times their annual salary, also up to $800,000.
Note: Guaranteed issue is limited to $300,000. Coverage above this amount may require Evidence of Insurability (EOI) and approval by the insurance carrier.
Premiums
Monthly rates are based on each $1,000 of coverage and adjust with age and salary changes.
Note: AD&D and Term Life coverage (Basic and Supplemental) are subject to age-based reductions—initial coverage decreases to 65% at age 70, 50% at age 75, and 30% at age 80.
|
Age Bracket |
Cost per $1,000 |
|---|---|
| Less than age 30 | $0.04 |
| 30-34 | $0.05 |
| 35-39 | $0.07 |
| 40-44 | $0.09 |
| 45-49 | $0.14 |
| 50-54 | $0.22 |
| 55-59 | $0.42 |
| 60-64 | $0.65 |
| 65-69 | $1.26 |
| 70 and older* | $1.83 |
*Basic and supplemental coverage reduces to 65 percent at age 70; to 50 percent at age 75; and to 30 percent at age 80.
Dependent Term life insurance benefits
Employees may choose from five bundled coverage options for dependents. The cost is the same regardless of whether coverage includes a spouse, child(ren), or both.
Coverage for all eligible dependent children is guaranteed issue.
Newly eligible spouses are guaranteed coverage up to $30,000 (Option 3). Higher amounts will require Evidence of Insurability (EOI) and approval by the insurance carrier.
Dependent life insurance rates
| Option | Insurance Coverage | Monthly Cost |
|---|---|---|
|
Option 1 |
Spouse: $10,000 Child(ren): $5,000 |
$2.30 |
|
Option 2
|
Spouse: $20,000 Child(ren): $10,000 |
$4.60 |
|
Option 3
|
Spouse: $30,000 Child(ren): $20,000 |
$7.80 |
|
Option 4
|
Spouse: $40,000 Child(ren): $ 20,000 |
$17.40 |
|
Option 5
|
Spouse: $50,000 Child(ren): $20,000 |
$27.40 |
Enrolling and changing
Enrollment in the University-provided Basic Term Life and Accidental Death & Dismemberment (AD&D) coverage is automatic. Be sure to complete your beneficiary designation.
You may elect supplemental term life insurance for yourself and/or dependent term life insurance for your spouse or children within 30 days of your start date to take advantage of
guaranteed issue amounts.
Note: Coverage amounts above the guaranteed issue limit will require Evidence of Insurability
(EOI) and approval by the insurance carrier.
Changes outside of your new hire or newly eligible period may also require EOI. However, if you're already enrolled in voluntary life coverage, you may increase your benefit by one level within 31 days of a qualifying life event, provided it doesn’t exceed the guaranteed issue limit. All other requests may require EOI.
During Annual Open Enrollment, employees and covered spouses may increase their voluntary life benefit by one level without EOI, as long as the total amount remains within the guaranteed issue limit. Any amounts above this limit will be subject to EOI.
For more information, contact Human Resources.
Claims Filing
While actively employed, your beneficiary (or you, in the case of a dependent claim) can contact the Human Resources Benefits Team for assistance with filing a claim.
If you’ve continued coverage through conversion or portability after your employment ends, claims must be filed directly with the insurance carrier.
Updating beneficiaries
You can update your beneficiaries by calling the Benefits Call Center at 877-282-0808 or by submitting a completed beneficiary change form to Human Resources.
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