Life Insurance
Life insurance is one of the best ways to protect the future financial health of your loved ones in the event of your passing. That’s why Wesleyan provides a 100%-paid term life insurance benefit for employees. In addition, you can purchase supplemental, spousal, and dependent child term insurance. The following options are available to eligible employees. Please keep in mind that these benefits are reduced starting at age 65.
Basic Life Insurance (University-Provided)
Wesleyan University provides basic life insurance at no cost to you. The plan covers you at an amount equivalent to (1x) your salary (capped at $50,000). This coverage is guaranteed issue and provided for all benefits-eligible employees.
Age reduction schedule:
- Ages 65 to 69: Coverage = 35% of original benefit
- Ages 70+: Coverage = 12.25% of original benefit before age 65 reduction
The minimum coverage level is $10,000.
Supplemental Life Insurance (Employee-Paid)
You may also increase your life coverage by purchasing supplemental life coverage for yourself and your dependents. If you elect supplemental life when initially eligible, you will receive up to the guaranteed issue amount without evidence of insurability (EOI). You will be required to complete EOI for any election over the guaranteed issue. If you decide to increase coverage or make any changes after your initial eligibility, you will be required to provide EOI.
|
Supplemental Life |
Coverage |
Guaranteed Issue* |
|
Employee |
1-5x base annual earnings up to $750,000 |
$200,000 |
|
Spouse |
$10,000 increments up to $100,000, not to exceed 50% of employee amount |
$30,000 |
|
Child |
$5,000 $1,000 (if child is under 6 months of age) |
$5,000 $1,000 |
Age reduction schedule:
- Ages 65 to 69: Coverage = 35% of original benefit
- Ages 70+: Coverage = 12.25% of original benefit before age 65 reduction
The amount of coverage for a dependent cannot be more than 50% of your life insurance amount.
Supplemental Life Insurance Rates
Rates for employee and spouse supplemental life insurance are based on age and smoker/non-smoker status. Spouse rates are based on the spouse’s age.
For each $1,000 of optionall life insurance coverage, the monthly rates are:
|
Age |
Non-Smoker Monthly Rates (per $1,000 of coverage) |
Smoker Monthly Rates (per $1,000 of coverage) |
|
0-24 |
$0.04 |
$0.05 |
|
25-29 |
$0.04 |
$0.05 |
|
30-34 |
$0.05 |
$0.06 |
|
35-39 |
$0.06 |
$0.07 |
|
40-44 |
$0.07 |
$0.09 |
|
45-49 |
$0.10 |
$0.15 |
|
50-54 |
$0.16 |
$0.23 |
|
55-59 |
$0.26 |
$0.38 |
|
60-64 |
$0.45 |
$0.65 |
|
65-69 |
$0.63 |
$0.92 |
|
69+ |
$0.90 |
$1.30 |
Rates will increase on the July 1 after age increases to the next bracket.
*Guaranteed Issue
Guaranteed issue is the highest amount of coverage that can be issued to you without evidence of insurability (EOI). If you do not enroll when you are a new employee, you will need to complete an EOI for any amount of coverage for which you apply. Newly hired employees are offered coverage with a guaranteed issue amount (no evidence of insurability) as follows:
- Employee — Guaranteed issue up to $200,000
- Spouse/Partner — Guaranteed issue up to $30,000
- Enrollment must be within the first 31 days after hire
- Evidence of Insurability (EOI)
Insurance companies are able to request that employees and dependents provide medical information (evidence of insurability) when the application for supplemental life insurance occurs after 31 days of your initial benefit eligibility as a new hire and/or when the amount applied for exceeds specific maximums. When evidence of insurability applies, you and/or your dependents will need to complete a “statement of health” and submit it for review and approval.
- Enrolling in Coverage as a New Employee
Eligible employees will be given the opportunity to enroll when initially hired, up to the applicable guaranteed issue amount. Employees can apply beyond the guaranteed issue amount by submitting a medical questionnaire to Cigna Life Insurance. Please contact Wesleyan Benefits at benefits@wesleyan.edu to request a form and review the application process.
- Enrolling in Coverage as an Existing Employee
Eligible employees do not have to wait until the Open Enrollment period to apply for life insurance. Eligible employees may apply at any time during the year by submitting a medical questionnaire to Cigna Life Insurance. Please contact Wesleyan Benefits at benefits@wesleyan.edu to request a form and review the application process.
- Naming a Beneficiary
A beneficiary must be designated for employee basic and supplemental life insurance. The faculty or staff member is assumed to be the beneficiary for spouse/qualified domestic partner and dependent children life insurance. If you wish to change your beneficiary, you may do so at any time. Please complete the beneficiary form and return it to benefits@wesleyan.edu.
- Termination of Coverage
Both basic and supplemental life insurance terminate when the participant’s Wesleyan employment ends (or the employee transfers to an ineligible status), unless the participant is eligible for benefits under the long-term disability plan or as an early retiree. Terminating employees may be eligible to port or convert their policies directly with the carrier. Porting coverage allows you to continue your term life coverage, while the conversion option allows you to convert your term life policy into an individual whole life policy. Please contact Wesleyan Benefits at benefits@wesleyan.edu with further questions related to termination of life insurance coverage.
Questions
Please contact Unum’s customer services department at 1-866-679-3054, Mondays through Fridays 8:00 a.m.–8 p.m. EST, or by accessing their website. Click on "Participants" under the login menu at the top of the screen. If you are a new user, follow the prompts to create your username and password.
Benefit Disclaimer
Benefit summaries are provided for the convenience of Wesleyan employees. Employees are directed to read the relevant benefit plan documents. In the event of a conflict between the terms of any summary and the terms of actual plan documents, the terms of plan documents will control. Except where prohibited by collective bargaining or other agreement, Wesleyan reserves the right to alter, modify, or suspend any benefit at any time. While Wesleyan selects its benefit providers after thoughtful review, it disclaims responsibility for the ultimate performance of such providers.