Employee Life Insurance
Employee term life insurance are policy options that pay a designated beneficiary a sum of money upon the death of the insured employee.
USU Life Insurance Certificate
Employee Basic Life Insurance
The university pays the premium for Basic Life Insurance of 1X your annual salary (up to $250,000) rounded to the next higher $1,000, if not already a multiple of $1,000. For instance, if your annual salary is $45,400, the university pays for a basic life insurance policy for you in the amount of $46,000. Basic Life insurance coverage amounts reduce to 65% at age 67 and to 50% at age 70.
Basic Life and AD&D Benefits at a Glance
Basic Life and AD&D Benefits at a Glance - Spanish
Employee Basic Accidental Death & Dismemberment (AD&D) Insurance
For a covered accidental loss of life, your Basic AD&D coverage amount is equal to your Basic Life coverage amount. For other coverage losses, a percentage of this benefit will be payable. AD&D insurance coverage amounts reduce to 65% at age 67 and to 50% at age 70.
Basic Life and AD&D Benefits at a Glance
Basic Life and AD&D Benefits at a Glance - Spanish
Employee Supplemental Life Insurance
- You may enroll in supplemental life insurance for yourself in increments of $10,000 to a maximum of $1.5 million.
- As a new employee, you may enroll in supplemental life insurance, up to $500,000 without having to provide evidence of insurability. If you enroll in any amount over $500,000, evidence of insurability will be required.
- During open enrollment or after a life event, you may increase your life insurance amount. Evidence of insurability may be required
- Employee Supplemental Life insurance coverage amounts reduce to 65% at age 67 and to 50% at age 70.
- Please refer to the table below for premiums.
Additional Life Coverage Highlights
Additional Life Coverage Highlights - Spanish
Life Needs Flyer
Life Needs Flyer - Spanish
Evidence of Insurability
This process is used by insurance companies to determine an individual's eligibility for certain amounts of life insurance coverage. It involves providing medical information and may require completing a health questionnaire. This information helps the insurer to decide whether to approve the coverage.
Evidence of Insurability (EOI) is commonly required when:
- Applying for new coverage.
- Increasing existing coverage: When an individual wants to increase the amount of coverage beyond a guaranteed issue amount.
- Late enrollment: If an individual enrolls in coverage outside of the initial enrollment period.
Cost for Employee Supplemental Life Insurance
| Age at the beginning of the plan year | Cost per $1,000 semi-monthly |
|---|---|
| <25 | $0.023 |
| 25-29 | $0.025 |
| 30-34 | $0.025 |
| 35-39 | $0.031 |
| 40-44 | $0.044 |
| 45-49 | $0.067 |
| 50-54 | $0.104 |
| 55-59 | $0.165 |
| 60-64 | $0.237 |
| 65-69 | $0.373 |
| 70-74 | $0.575 |
| 75+ | $0.927 |
Life Event (Special Enrollment period)
If you experience a qualifying life event, you, your spouse, and eligible children may enroll or make changes to your life insurance within 30 days of the effective date of the event. A life event is:
- Marriage
- Birth/Adoption
- Divorce
- Death
- Loss of Coverage
- Change in Employment Classification from part-time to full-time or from full-time to part-time
To make changes, contact the Human Resources office at (435) 797-0122.
Beneficiary Changes
Beneficiary designations are important and ensure your assets (such as life insurance policies and retirement accounts or other financial accounts) go directly to the individual(s) you determine. Updating your beneficiaries regularly offers peace of mind and ensures the correct beneficiaries will have access to the benefits intended for them. Beneficiary changes can be made anytime during the year. To make changes complete the Beneficiary Designation form
Exiting Employee Portability & Conversion Option
Portability allows separating employees the ability to change their group life insurance coverage to a personal policy. This means you take your coverage with you at a reasonable group rate when you leave your job.
Conversion is similar to Portability but the policy is converted to a Whole Life policy.
The Standard will mail a letter to your home address after your employment ends with university. This letter will contain all the information you need to set up the Ported or Converted policy. If you need assistance or have questions, call the HR Solutions Center at (435) 797-0122.
Zurich Additional Accidental Death & Dismemberment (AD&D) Insurance
USU provides employees with life and AD&D insurance through The Standard. If you want to enroll in additional voluntary AD&D through Zurich, then you can fill out the paper application.
This election can only be made as a new hire and then every year during open enrollment. Coverage can be for employee only, employee and spouse/domestic partner, or employee plus spouse/domestic partner and children.
Each person can only be covered on one Zurich policy. You cannot cover any one person on more than one policy. For more information, please read the Zurich AD&D Summary.