Life Insurance (Supplemental)

On this page:

• Eligibility
• Open Enrollment Elections
• To submit an election
• Voluntary Term Life
• Voluntary Group Universal Life (GUL)
• Dependent Life Insurance

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The Supplemental Life Insurance benefits are underwritten by Minnesota Life Insurance Company. Currently, Wright State University provides you with two times your annual earnings (2.44X annual earnings for nine-month contract faculty) of Basic Term Life and Accidental Death and Dismemberment (AD&D) insurance at no cost to you. To supplement this benefit, you have the option to enroll in one of the following plans at one, two or three times your annual salary:

1. Voluntary Group Term Life,
2. Voluntary Group Universal Life (GUL)

In addition, you may purchase Dependent Life Insurance to cover your spouse or domestic partner and/or eligible children.

Eligibility

Full time employees (75% FTE or higher) are eligible to apply for this coverage.

Open Enrollment Elections

For the Voluntary employee life insurance programs, employees may make the following changes during Open Enrollment:

• Enroll
• Increase Coverage
• Decrease Coverage
• Terminate Coverage

During this time, coverage is guaranteed (up to $200,000 in coverage) if the employee enrolls in one times their annual salary or increases one level of coverage (for example, increases from two times coverage to three times coverage). An Evidence of Insurability will be required for enrolling in more than one level.

Employees may also enroll, increase, decrease, or terminate coverage for Dependent Life Insurance.

To Submit an Election

Refer to the appropriate Life Insurance section for plan cost and the forms required to submit your desired election.

Voluntary Term Life

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.

http://www.lifebenefits.com/videos/term

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

Voluntary Group Universal Life (GUL)

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.

In addition, GUL offers you the ability to accumulate cash value through additional premium contributions above the cost of the insurance. If you choose to build cash value, your additional premium contributions will earn a guaranteed rate of interest on a tax-deferred basis.

http://www.lifebenefits.com/videos/term

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.

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

During Open Enrollment, you may elect Option 1 or Option 2 without having to provide evidence of insurability.

Two benefit eligible employees are permitted to cover each other for spousal/domestic partner coverage.

Two benefit eligible employees who are married/divorced are permitted to cover the same dependent child(ren).

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