Eligibility and Plan Description
Benefit-eligible employees with a 50% time or greater appointment are eligible for the Voluntary Term Life (VTL) insurance plan.
- This is an optional plan that allows you to purchase additional life insurance coverage ranging from .5 to 3.5 times your annual salary.
- No health statement or physical exam is required to enroll.
Coverage is age-rated, with premium changes occurring at ages 40, 50, and 60. Rates remain lower than group life insurance until age 60.
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Note:
If you plan to elect coverage for a spouse/domestic partner or dependent children:
- You must first elect VTL coverage for yourself.
- Dependent coverage cannot exceed your elected amount.
Per IRS guidelines, life insurance coverage exceeding $50,000 is considered taxable income. This includes group life, VTL, and dependent coverage.
Employees are encouraged to review both group and voluntary life insurance options to ensure they are receiving the best value for their coverage needs.
Enrollment Instructions
Enrollment in the Voluntary Term Life Insurance plan is optional. To enroll or waive coverage, follow these steps:
To Waive Coverage
- Select Option 90 from the drop-down menu.
- If you were enrolled previously and had beneficiaries assigned to the benefit, you will also need to uncheck the box next to their names.
- Select the blue "Recalculate" button to refresh your elections.
To Enroll in Coverage
- Select Coverage Amount
Choose the option code from the drop-down menu that corresponds to your desired coverage level.- The Option Code is the number in parentheses next to the price.
- Update Beneficiaries
- Review and update your list of beneficiaries.
- Add and/or remove any individuals who should or should not be included.
- Select the blue "Recalculate" button to refresh your current list of "Covered Beneficiaries"
- Anyone you removed should fall under the "Eligible Beneficiaries Not Covered".
- Review and update your list of beneficiaries.
- Assign Benefit Amounts
- Enter either a percentage or a flat dollar amount for each beneficiary.
- Select the blue "Recalculate" button to refresh your elections.
Review and Update Beneficiaries
You must have at least one beneficiary listed and assigned to complete your enrollment.
- Beneficiaries are considered primary unless marked as contingent (CON).
If you do not have a beneficiary already listed, or if there is no one under the "Eligible Beneficiaries Not Covered" section that you can add:
- Select the "Save for Later" button at the bottom of your screen and return to the beginning of your enrollment.
- Select the black button labeled "I AGREE - VIEW & UPDATE DEPENDENTS/BENEFICIARIES"
- Follow the prompts to add a new beneficiary.
- Re-enter your enrollment event and locate your newly added beneficiary that should now be listed under the "Eligible Beneficiaries Not Covered" section.
- Select the checkbox next to their name and click the blue "Recalculate" button to refresh your beneficiary lists. Your newly added beneficiary will appear under the "Covered Beneficiaries" section.
- Assign benefit amounts:
- Enter either a percentage or a flat dollar amount for each beneficiary.
- Total primary beneficiaries must equal 100%
- Total contingent beneficiaries (marked as CON) must equal 100%
- Select the blue "Recalculate" button again to refresh your elections.