Life Insurance

UNC System Benefits Group Term Life Insurance

Description

The UNC System partners with Securian Financial to provide a consolidated life insurance plan that offers coverage for employees, spouses and dependent children. Learn more about the coverage options available to you, special plan features and services, and costs for coverage. You can also calculate your estimated monthly premium payment, which will be conveniently deducted from your paycheck.

Eligibility

Permanent, non-temporary employees working more than 20 hours a week are eligible for this benefit.

Plan Summary
Employee voluntary life1-10x your base annual salary
  • Maximum: $1,500,000
  • Guarantee Issue: 1 to 3x your base annual salary*, not to exceed $500,000. Evidence of Insurability is required if coverage exceeds 3x salary or $500,000
  • Includes matching AD&D benefit
Spouse/Domestic Partner voluntary life

Option 1: $10,000

Option 2: Increments of $25,000
  • Children are eligible from birth until age 26You must be enrolled as an employee to apply for coverage for your children
Child voluntary life$10,000
  • Children are eligible from life birth until age 26
  • You must be enrolled as an employee to apply for coverage for your children

Guaranteed Issue

Eligible employees may elect life insurance coverage for themselves and their spouse up to the Guaranteed Issue without providing Evidence of Insurability (EOI). Guaranteed Issue refers to the amount of coverage that is guaranteed to be issued regardless of health status.

Costs

The following chart outlines the monthly cost of coverage for you as the employee and your spouse per $1,000 increments based on age. Please note, premiums will be deducted on a semi-monthly basis, after-tax basis.

AgeEmployeeSpouse
Under 25$0.040$0.023
25-29$0.044$0.027
30-34$0.049$0.032
35-39$0.055$0.038
40-44$0.063$0.046
45-49$0.087$0.070
50-54$0.135$0.118
55-59$0.221$0.204
60-64$0.351$0.334
65-69$0.633$0.616
70-74$1.001$0.984
75-79$1.253$1.236
80+$1.830$1.813

Voluntary child life: One premium provides coverage for all eligible children

$10,000$0.50

Please note, rates are subject to change.

Here’s how to calculate your monthly premium:

Salary multiple selected$_______
X Salary (rounded to next higher $1,000)$_______
= Total Coverage$_______
/1,000$_______
X Your rate (based on your age)$_______
= Monthly Premium$_______
How to Enroll
  • Eligible employees should evaluate their life insurance needs and compare plans to make informed decisions about coverage levels and which plan(s) may be best for their situation.
  • If you would like to enroll for coverage under the UNC System Life Insurance Plan, you must make your elections during the annual open enrollment period or within 31 days of becoming eligible.
    • Be sure to gather all of your documentation in preparation for enrollment, such as beneficiary and dependent information (date of birth, Social Security Number). Supporting documentation may need to be submitted for dependents, such as a birth certificate and marriage license.
    • To enroll, you will need to log into the new benefits administration platform for UNC System benefits and make your elections within the designated enrollment
    • Make sure to finish your enrollment. Elections are not recorded in the system until you save, accept, and then get confirmation.
  • All benefit-eligible employees will be automatically enrolled in a maximum limit of $10,000 Core AD&D insurance at no cost to the employee. The UNC System pays the full cost of this coverage. (Please note that the amount of your coverage will be reduced after you reach age 75.
    • You must make a beneficiary designation in the UNC System Benefits (Empyrean) platform.
Resources

Securian Resources

Need guidance on how much life insurance you may need? Use Securian Financial’s online benefits-decision tool, Benefit Scout®. By answering a few simple questions about your family and finances, you can determine the coverage that meets your needs. lifebenefits.com/UNCS

UNC System Resources

Plan and Legal Documents

Retiree Information

Accidental Death and Dismemberment (AD&D) Insurance

Beginning in January 2023, the UNC System has partnered with Securian Financial to provide a Voluntary Accidental Death and Dismemberment (AD&D) plan with coverage for employees, spouses or domestic partners, and dependent children.

If you are a benefit-eligible employee, you will be automatically enrolled in $10,000 of UNC Core AD&D coverage at no cost to you. In other words, you no longer need to enroll to receive this free coverage. But you do have one important step to take: you will need to log in to the UNC (Empyrean) platform to designate your beneficiary(ies).

UNC System Resources