UNC System Benefits Group Term Life Insurance

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.

2023 Group Term Life Insurance Special Adjustment Period: Feb. 1-17

We understand that the mapping process may have seemed a bit confusing during Open Enrollment, and you may not have been exactly sure what your mapped coverage and the corresponding premiums would look like in 2023. Now that everything has been mapped and 2023 premiums have taken effect, we want to give you an opportunity to make any adjustments (for example, reduce your coverage if it’s more coverage or a higher premium than you wanted).

What You Need to Do

  • Review your current life insurance elections and premiums that are being deducted to ensure that no adjustments are needed. 
  • If everything looks good, you do not need to take action.
  • However, if you do see something you’d like to change, you must take action during the Special Adjustment Period (February 1-17, 2023). If you do not make changes during the Special Adjustment Period, you will not be able to make changes to your UNC life insurance coverage until the next Open Enrollment window unless you experience a change in family status or other qualifying event. 

For more details, reference this memo. If you have questions about the special adjustment period, please contact Jen Tronzo at Benefits@uncc.edu. If you have questions about using the enrollment platform, contact the University of North Carolina Service Center at 833-862-1490

 

Eligibility

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

Plan Summary

Employee voluntary life 1-10x 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

  • Maximum $500,000 
  • Guarantee Issue: 1 increment or $50,000
  • Coverage may not exceed 100% of the amount of the employee’s voluntary term life coverage
Child voluntary life $10,000

 

  • Children are eligible from live 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.

Monthly Cost of Coverage

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.

Age Employee Spouse
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 $_______
Salary (rounded to next higher $1,000) $_______
= Total Coverage $_______
/1,000 $_______
Your rate (based on your age) $_______
= Monthly Premium $_______

What you need to do

  • 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 being 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 period.
    • 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

Questions?

If you have questions about enrolling online, contact the University of North Carolina Service Center at 833-862-1490. For questions about coverage and plan details, contact the Benefits Office at benefits@uncc.edu or 704-687-8134.