Life Insurance Overview

The life insurance plan through Assurity Life Insurance provides term life insurance coverage (no cash value) that is payable in the event of your death, thus giving your family or beneficiary financial protection.

Premiums for each life insurance option are based on your age and tobacco/nicotine use. Premiums for coverage amounts exceeding $50,000 are withheld on an after-tax basis, i.e., subject to state and federal income taxes and Social Security. Life insurance Option 1 includes $15,000 of accidental death & dismemberment (AD&D) coverage. All other life Options (2-13) include $25,000 of AD&D coverage.

Life insurance also includes a Critical Illness benefit equal to $5,000. This additional benefit will pay you a lump sum amount (benefit may be taxable for Option 1 and is nontaxable for Options 2-13) upon the first-ever confirmed diagnosis of several life threatening covered illnesses or medical procedures including heart attack, open heart surgery, cancer, kidney failure, and stroke.

Summary of Life Insurance Options

Issues to Consider

• You may enroll for Option 1-4 regardless of your health. If you elect Option 5-13, you must complete an Assurity Life Insurance Statement of Health form which is included in the appendix.
• If your proof of insurability request is pending as of 90 days after your effective date of coverage, the amount of coverage subject to insurability will be denied.
• Participation in the group life insurance plan requires completion of the Life Insurance Tobacco/Nicotine Designation which is located on your Benefits Enrollment Form. If you do not designate your tobacco/nicotine use or history, your life insurance coverage will be based on the Tobacco/Nicotine premium.
• Assurity Life Insurance has the right to investigate each death claim. Any material misrepresentation made by you, including your tobacco/nicotine use history, may void your insurance, pursuant to the policy's Incontestable Clause.
• You may change your level of life insurance coverage or your tobacco/nicotine designation during the next annual NUFlex enrollment period or during the year if you have a qualified change in status. An Assurity Life Insurance Statement of Health form must be completed to increase your coverage.
• Coverage amounts are reduced for employees age 70 and over (AD&D coverage ends at age 70); contact your Campus Benefits Office for price tags and coverage amounts.