Voluntary Life Insurance Program Update
We are pleased to announce a significant reduction to the employee paid premiums of the voluntary life insurance program. Employee savings will range from 20-30 percent depending on the age of the employee, tobacco/nicotine designation, and the amount of coverage. The effective date of the new rates will be May 1, 2018.
The University was able to negotiate reduced employee rates for the voluntary life insurance program due to the efforts of the University’s benefits consultant, Gallagher Benefits Associates.
Changes to voluntary life insurance coverage:
All benefits eligible employees (.50 FTE or greater) will have a one-time opportunity to enroll or increase voluntary life insurance coverage up to $250,000 without having to provide evidence of insurability as long as you are under the age of 70 and have not been denied life insurance coverage with Assurity Life Insurance in the past.
- Employees age 70+ or those employees previously declined from coverage will need to provide evidence of insurability.
- Benefits eligible employees will also have the opportunity to enroll in life insurance coverage greater than $250,000, but will need to provide evidence of insurability.
- In the past, new employees were allowed to select up to $50,000 of voluntary life insurance coverage without having to provide proof of insurability.
Changes to dependent life insurance coverage:
There will be a similar change in the Dependent Life insurance plans for spouses. You can obtain coverage for a spouse in the amount up to $20,000 (previously $10,000) without having to provide evidence of insurability as long as your spouse has not been denied life insurance coverage with Assurity Life Insurance in the past and the employee is under the age of 70. Premiums rates will decrease by 20 percent on average.
DETAILS ON SPECIAL ENROLLMENT SESSION
Dates of enrollment:
This 3-week special enrollment period starts at 8AM Monday, April 2 and ends 5PM Friday, April 20. This will be your only opportunity to take advantage of the $250,000 guarantee issue limit (assumes the employee is under the age of 70 and has not been previously declined from coverage from Assurity Life Insurance).
This is your only shot in 2018 to make changes.
If you do not make changes during the special enrollment period you will not have the opportunity to make additional changes in 2018. Future NUFlex benefits enrollment procedures will revert back to the regular process where you can increase your coverage amounts, but you will need to provide evidence of insurability.
HOW TO ENROLL
Starting April 2, the NUFlex enrollment portal in Firefly will be activated to allow employees to make the desired voluntary life insurance enrollment changes. The NUFlex enrollment is under the Employee Self Service section of Firefly. Changes to your benefit selections during this period will be limited to the voluntary life insurance and dependent life insurance for spouses.
Will I have to complete the Tobacco/Nicotine designation?
If you will be a new enrollee in the University’s voluntary life insurance program or missed completing the tobacco/nicotine designation during NUFlex enrollment, you will need to complete the tobacco/nicotine designation form to take advantage of the non-tobacco premium rates.
What if I don’t want to make changes?
If you are currently enrolled in the voluntary or dependent life insurance program and do not wish to make changes to your coverages, no action is required to take advantage of the reduced premium rates. Your rates will automatically be reduced effective May 1, 2018.
When will these rates be effective?
May 1, 2018 – Please visit the website https://www.nebraska.edu/docs/benefits/LifeInsuranceRates2018-05-01.pdf to view the new premium rates.
If you have any questions, please call your Campus Benefits Office 402-472-2600.