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Group term life and accidental death and dismemberment insurance are provided by Unum to employees at two times the employee’s contracted annual salary. Coverage amounts have a $50,000 minimum and a $500,000 maximum and the University pays the full cost of monthly premium.
In addition to the group policy purchased by the University, employees may purchase supplemental life and accidental death and dismemberment coverage for themselves and their spouse and dependents. In order to purchase a policy on family members, employees must purchase a policy on themselves for an amount equal to or greater than that of the family member’s policy.
Active three quarter time or greater employees are entitled to the group policy and are eligible to enroll in the supplemental plan.
Employees will be automatically enrolled in the group policy. For supplemental coverage, new employees must enroll within the first 31 days of employment. After the initial enrollment period, employes must wait until open enrollment to add more make changes to their supplemental coverage.
The University will continue making its share of premium payments for your group coverage as long as the employee is in active pay status or approved paid leave status. If the employee is on an unpaid leave of absence, please contact Human Resources for information. The cost for supplemental insurance can be found by viewing the Supplemental Life Insurance Rate Table.
Under Section 79 of the Internal Revenue Code, employer provided group life coverage will generate additional taxable income to the employee if an employee is covered for more than $50,000 in employer provided group term life insurance.
The amount of group life coverage reduces to 65% at age 67 and 50% at age 70. The amount of supplemental life coverage reduces to 65% at age 70 and 50% at age 75.
Employees designate the beneficiary for each policy and are permitted to change beneficiaries at any time by contacting the Human Resources Office.
Upon separation from the University, employees have the option of retaining their life insurance policies by converting them to individual policies and paying the premiums themselves. If the previous employee does not convert the insurance to an individual policy, the coverage will cease.
Life and AD&D Enrollment/Beneficiary Form (PDF)Supplemental Life Insurance Rate Table (PDF)Medical Questionnaire (PDF)Unum WebsiteGroup Life Insurance Certification of Coverage (PDF - employee login required)Supplemental Life Insurance Certification of Coverage (PDF - employee login required)
Capital University is a private four-year undergraduate institution and graduate school located in the Columbus, Ohio, neighborhood of Bexley. Copyright © 2014 Capital University