Life Insurance

Group Life Insurance

The University of Notre Dame provides a $25,000 basic group term life insurance policy through Minnesota Life to full-time faculty, administrators or staff of the University at no cost.

Options

To supplement the basic coverage provided to you, you may elect to take advantage of the supplemental term life insurance available to all eligible faculty, administrators and staff.

How the Options Work

All eligible faculty, administrators, 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. Life insurance premiums are deducted on an after-tax basis.

If you are a new faculty, administrator or staff 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. If during annual open enrollment period or within 31 days of a family status change you have the opportunity to elect a one salary level increase up to $100,000 without completing 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 than you need to complete an EOI form.

Special Rules for Reduction in Coverage:

For faculty and staff who attain age 65 on or after January 1, 2003:

The amount of the Supplemental Life and AD&D insurance 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*

65-69

65%

70-74

50%

75 and over

25%

 

*AD&D coverage stops at age 70.

Accelerated Benefit

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.

Accidental Death and Dismemberment

The benefit amount identified below is equal to the life insurance coverage amount, and covers accidents that occur either at or away from work, resulting in a loss within 180 days of the event. The AD&D coverage only insures the employee, and is not effective during a period of time that insurance premiums are being waived due to disability.

Full Benefit Amount: Loss of life, both hands or both feet, sight of both eyes, one hand & one foot, one foot & sight of one eye, one hand & sight of one eye.

50% of Benefit Amount: Sight of one eye, one hand or one foot.

Waiver of Premium

If an employee becomes disabled before age 70, and is deemed disabled under the plan the premiums for the life insurance elected under this plan may be waived until the employee retires, reaches age 70 or recovers, whichever is earlier.

Optional Life Insurance Rates

How to Calculate Your Monthly Rate for Additional Coverage

Step One
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 $1,000,000 with proof of insurability.

Example
Jane Doe, 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)


Step Two
Divide by 1,000
(rates are per month per $1,000)



$80,000 ÷1,000 = 80


Step Three
Multiply 80 by rate below for your age.  In this example, age 32 is $.096/month.



80 x $.096 =$7.68

Jane will pay $7.68 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

< 25 $0.070

25-29

$0.076

30-34

$0.096

35-39

$0.106

40-44

$0.116

45-49

$0.178

50-54

$0.249

55-59

$0.446

60-64

$0.676

65-69

$1.538

70+

$2.060