UNC System Benefits Group Term Life Insurance

The UNC System has partnered 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.

UNC Charlotte will have an initial open enrollment period from Monday, Feb. 14 through Friday, March 4, 2022. Eligible employees received an email on Feb. 14 detailing their options, resources and instructions to enroll.

Eligibility

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

Plan Summary

Employee voluntary life 1-8x your base annual salary*

 

  • Maximum: $1,000,000
  • 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 voluntary life

Option 1: $10,000

Option 2: Increments of $25,000

  • Maximum $250,000 
  • 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.

*Salary information in the Banner system as of Jan. 31, 2022, will be used for employees hired prior to Feb. 1, 2022. Salary information in Banner at the time of hire will be used, for employees hired on or after Feb. 1.

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
80-84 $1.830 $1.813
85+ $1.830 $1.813

 

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

$10,000 $0.50

 

 

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.
    • Reference the 2022 Income Protection Programs Booklet for a comparison of the UNC System Life Insurance Plan and the NCFlex Group Term Life Insurance. Please note, if you want to cancel coverage under NCFlex, you won’t be able to until next open enrollment period (fall 2022) unless you experience a qualifying life event.
    • Employees currently enrolled in the American United Life (AUL) Group Term can continue that coverage or opt to lower or cancel their plan at any time. More information on AUL rates can be viewed here.
  • If you would like to enroll for coverage under the UNC System Life Insurance Plan, you must make your elections between Feb. 14 and March 4.
    • 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.
    • Make sure to finish your enrollment. Elections are not recorded in the system until you save, accept and then get confirmation.
  • If you do not want to participate in the new plan, you don’t need to do anything. However, please note, if you do not enroll, you will not have the opportunity to enroll again until the next open enrollment period in the fall of 2022 or if you experience a qualifying life event.

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.