Life Insurance

Wright State University provides employees who are appointed to work more than 50% FTE on an annual basis with two times their annual earnings (2.44x earnings for nine-month contract faculty) of Basic Term Life and Accidental Death and Dismemberment (AD&D) insurance.  Life insurance coverage is provided and underwritten by the Minnesota Life Insurance Company.

As an added feature, Minnesota Life offers complimentary services for travel assistance, legal services, and financial counseling for beneficiaries.  Brochures detailing these services can be found in the “Enhancements” tab below.

To supplement the employer provided benefit, employees are eligible to enroll in a voluntary Term Life or Group Universal Life insurance policy on their life.  Coverage under these policies is available in increments of one, two, or three times annual salary and premium is calculated per $1,000 of coverage.  During the initial stage of employment coverage up to $200,000 is guaranteed.  If you decide not to enroll upon your initial employment, the next opportunity is during annual Open Enrollment or within 30-days of a qualifying change in family status such as your marriage, divorce, or the birth or death of a dependent.  

Employees may also choose to purchase one of two supplemental coverage options on their spouse or domestic partner and/or eligible dependents.  During the initial stages of employment, enrollment is guaranteed.  If you decide not to enroll upon your initial employment, the next opportunity is during annual Open Enrollment or within 30-days of a qualifying change in family status.  

Additional information on these options and enrollment forms are available below.

Term Life

Term Life insurance provides affordable protection that is available for a specified period of time.  The benefit would be paid if the insured were to die during that “term”.  Term Life insurance provides someone with a base level of insurance protection.  

Coverage on the employee’s life is available in coverage amounts equal to one, two, or three times the employee’s annual earnings rate (not including overtime or overload earnings).  The coverage amount is rounded to the next higher $1,000 if not an even multiple of $1,000.  The minimum amount of coverage is the greater of $20,000 or one time the employee’s annual earnings rate.  The maximum amount is the lesser of $300,000 or three times the employee’s annual earnings rate.  

Voluntary term coverage is portable until age 70, which means you can continue coverage if you are no longer a benefits eligible employee at Wright State University. Your cost of insurance in the ported plan may be higher than those paid by active employees.

The cost for this supplemental insurance is paid by the employee with payroll deductions. Premium rates are based on the employee’s age as of December 31 of the current plan year. 

 

Employee's Age

Monthly Rate Per $1,000 of Coverage

Less Than 35

.08

35-39

.09

40-44

.14

45-49

.23

50-54

.38

55-59

.60

60-64

.94

65-69

1.52

70+

2.06

 

During the initial stage of employment coverage up to $200,000 is guaranteed.  You can elect to enroll within the first 30-days of hire without providing evidence of insurability.  If you decide not to enroll upon your initial employment, the next opportunity is during annual Open Enrollment or within 30-days of a qualifying change in family status such as your marriage, divorce, or the birth or death of a dependent.  During Open Enrollment, you have the opportunity to elect or increase this voluntary coverage by one times your annual earnings (to a maximum of $200,000 total voluntary coverage) without answering any health questions or taking a medical exam.

Term Life Enrollment Form (PDF)
To update beneficiaries, please complete the Beneficiary Change Form (PDF).

Group Universal Life

Group Universal Life (GUL) is a type of life insurance that also features a savings component.  With GUL coverage, you can choose to pay only for the cost of the life insurance protection or you can build cash value by also making premium contributions above the cost of the insurance.

GUL insurance offers you the same level of insurance protection as the term plan, and is also available in coverage amounts equal to one, two, or three times the employee’s annual earnings rate (not including overtime or overload earnings).  The coverage amount is rounded to the next higher $1,000 if not an even multiple of $1,000.  The minimum amount of coverage is the greater of $20,000 or one time the employee’s annual earnings rate.  The maximum amount is the lesser of $300,000 or three times the employee’s annual earnings rate.   

If you choose to build cash value, your additional premium contributions earn a guaranteed rate of interest on a tax-deferred basis.  The money accumulated in the cash value account can be used to meet long-term financial opportunities and obligations, and is also accessible through loans and/or withdrawals.

GUL offers portability until age 100, which means you can continue coverage if you are no longer a benefits eligible employee at Wright State University.  If you port the coverage, the cost of insurance is the same as those paid by active employees.

The cost for this supplemental insurance is paid by the employee with payroll deductions. Premium rates are based on the employee’s age as of December 31 of the current plan year. 

 

Employee's Age

Monthly Rate Per $1,000 of Coverage

Less Than 35

.09

35-39

.09

40-44

.15

45-49

.26

50-54

.43

55-59

.68

60-64

1.06

65-69

1.72

70-74

2.79

75-79

3.44

Additional age rates available upon request.

 

During the initial stage of employment coverage up to $200,000 is guaranteed.  You can elect to enroll within the first 30-days of hire without providing evidence of insurability.  If you decide not to enroll upon your initial employment, the next opportunity is during annual Open Enrollment or within 30-days of a qualifying change in family status such as your marriage, divorce, or the birth or death of a dependent.  During Open Enrollment, you have the opportunity to elect or increase this voluntary coverage by one times your annual earnings (to a maximum of $200,000 total voluntary coverage) without answering any health questions or taking a medical exam.

GUL Life Enrollment Form (PDF)
To change or update beneficiaries, please contact Minnesota Life at (866) 293-6047.

Dependent Life Insurance

Dependent Life Insurance coverage offers protection for your spouse or domestic partner, and/or eligible children.  Eligible children are those from live birth to age 19, or age 23 if a full-time student.  Two options of coverage are available and premiums are based on the employee’s age.

            Option 1 - $10,000 for spouse/domestic partner    $2,000 per eligible child

            Option 2 - $25,000 for spouse/domestic partner    $10,000 per eligible child

The cost for this supplemental insurance is paid by the employee with payroll deductions. Premium rates are based on the employee’s age as of December 31 of the current plan year. 

 

Employee's Age

Option 1
Monthly Premium

Option 2
Monthly Premium

Less Than 30

1.53

3.44

30-34

1.53

3.75

35-39

1.94

4.51

40-44

2.79

5.90

45-49

3.87

8.30

50-54

5.85

12.18

55-59

9.09

18.92

60-64

13.86

29.15

65-69

21.42

53.04

 

During the initial stages of employment, enrollment in either option is guaranteed.  You can elect to enroll in Option 2 within the first 30-days of hire without providing evidence of insurability.  If you decide not to enroll upon your initial employment, the next opportunity is during annual Open Enrollment or within 30-days of a qualifying change in family status such as your marriage, divorce, or the birth or death of a dependent.  During Open Enrollment, you have the opportunity to enroll in Option 1 or increase to Option 2 without having to provide evidence of insurability.  

Dependent Life Enrollment Form (PDF)

Enhancements

Beneficiary Financial Counseling (PDF)  – Beneficiaries who receive at least $25,000 in policy benefits may choose to use independent beneficiary counseling services from PricewaterhouseCoopers LLP.

Legal Services (PDF)  – Ceridian provides employees and their dependents telephone access to a national network of 22,000+ accredited attorneys for consultation on simple wills, estate planning documents and other legal issues. Discounts are available for participating attorneys.

Travel Assistance Services (PDF) – Global Rescue provides travel assistance services to all active U.S. employees covered under the group life insurance program and their spouses and dependents. The services are available 24/7/365 for emergency assistance and transport services when traveling 100 or more miles away from home. Pre‑trip resources are also available.