What would you or your family do to make ends meet if you or a loved one were gone tomorrow? Universal life insurance can give you peace of mind. We offer options for employees to purchase universal life insurance.
Universal Life (Voluntary)
Cost and coverage
Universal life insurance provides a lump-sum cash benefit upon death. This financial security is invaluable, and the fund value accumulation allows for loans and withdrawals when needed.
Even if you don’t have dependents, it’s smart to apply for life insurance. The earlier you start, the lower your cost of insurance will be, and the longer your fund value has to grow.
Universal life helps your beneficiaries when you die. But several additional plans can assist through many stages in life:
- Children’s Term rider: This will offer life insurance coverage to your child.
- Long Term Care rider: You can get an advance of your death benefit to offset LTC costs.
- Extension of Benefits for Long Term Care (LTC): This enhances your policy, extending the benefits month-by-month for an additional 25 months after the LTC benefit has been depleted.
- Accelerated Death Benefit for Terminal Illness: If your physician determines that you have less than 12 months to live, you can request up to 75 percent of your death benefit as a living benefit.
Universal life is very flexible:
- It is guaranteed issue: Everyone qualifies, regardless of current health status.
- It’s portable: If you leave your job for any reason, you may take the coverage with you with no change in benefit or premium. This includes all the riders as well.
Limits or exclusions
Partial withdrawals, surrenders or other changes may result in income taxes or federal tax penalties.
How to use the benefit
Your beneficiary decides how to use the cash benefits upon your death.
Enrolling and changing
This is a voluntary addition to your other insurance.
You should enroll within 30 days of your start date. This initial enrollment typically happens during orientation.
Each fall, the university participates in open enrollment when you can make changes
to your plan, like changing beneficiaries or adding a rider.
Outside of the open enrollment period, changes can only be made due to qualifying life
events (like marriage, divorce or having a child). For more information,
contact human resources.
Filing a claim
Once you have passed, your listed beneficiary will need to access the My Benefits site and create an account. They can also contact customer service at 800-521-3535 to begin the process.