Life Insurance Programs
Group Life Insurance
The University of Notre Dame provides a $25,000 base group term life insurance policy through Minnesota Life to full-time faculty, exempt and non-exempt staff of the University at no cost.
Supplemental Life Insurance
To supplement this base coverage provided to you, you may elect supplemental term life insurance available to all eligible faculty, exempt and non-exempt staff.
How Supplemental Life Insurance Works
All eligible faculty and staff may elect additional life insurance coverage for greater protection through Minnesota Life. You can elect supplemental life insurance coverage to assist you in meeting your life insurance needs. Supplemental life insurance is purchased in multiples of your annual salary, from 1 to 10 times up to a maximum of $1.5 million. Life insurance premiums are deducted on an after-tax basis.
If you are a new faculty or staff member you have 31 days from your date of hire to elect supplemental life insurance coverage from one to three times your base annual salary without completing an Evidence of Insurability (EOI) form. Then, during the annual open enrollment period, you have the opportunity to elect a one salary level increase up to $100,000 without completing an EOI form. If you are currently enrolled, you will also have the opportunity to elect a one salary level increase up to $100,000 within 31 days of a family status change without completing an EOI form unless you were previously declined coverage by Minnesota Life. If you did not elect life insurance when first eligible, you will need to complete an EOI form. If you elect supplemental life insurance coverage of more than one salary level increase or the increase exceeds $100,000 during open enrollment or within 31 days of a family status change you will need to complete an EOI form.
Special Rules for Reduction in Coverage
The amount of the Supplemental Life Insurance on an employee age 65 or older shall be a percentage of the amount of your insurance as follows:
Amount of Insurance as a Percentage
|Age of Employee||Amount of Insurance as a Percentage of Amount Prior to Attaining Age 65|
|75 and over||25%|
Life Insurance provides an early payment of benefits under certain medical conditions. If the insured person should become terminally ill with a life expectancy of less than 12 months, all or a portion of the life insurance amount may be paid while the insured person is still living.
Supplemental Life Insurance Rates
How to Calculate Your Monthly Rate for Additional Coverage
Start with the full amount of your coverage (one to ten times your salary) and round up to the nearest thousand. Remember, the maximum is $1,500,000 with proof of insurability.
Jane Domer, a full time employee, is 32 years old and earns $40,000 per year. She has elected life insurance coverage equal to two times her annual salary:
2 X $40,000=$80,000
(If necessary, round up to nearest $1,000)
Divide by 1,000
(rates are per month per $1,000)
$80,000 ÷1,000 = 80
Multiply 80 by rate below for your age. In this example, age 32 is $.064.
80 x $.064 =$5.12
Jane will pay $5.12 per month for $80,000 of life insurance coverage
When you are calculating your monthly rate, refer to the chart below for the appropriate rate.
|Your Age||Monthly Rate per $1,000 of Coverage|
When you are no longer eligible for coverage due to separation or transferring to a non-eligible position, you have the opportunity to convert your term life insurance to an individual policy with Minnesota Life. You may port your group life insurance to age 70. If you elect the portability option, you remain insured under a term life policy. If you elect the conversion option, you are insured under a whole life policy. Premiums for ported term life coverage increase with age while conversion rates are based on age at the time of conversion. Neither the conversion nor the portability option requires evidence of insurability. Either election must be made within 31 days of coverage termination. For more information on the differences between portability and conversion options as well as the applicable premium, please contact Minnesota Life at 1-800-843-8358.
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