Life Insurance - Human Resources Department

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Human Resources - Group Benefits
Life Insurance

Basic Life Insurance

The University of Arkansas provides basic term life insurance for you free of cost. The amount is one times your salary adjusted to the nearest thousand, up to a maximum benefit of $50,000. As your pay increases, coverage automatically increases.

Disability - If you become totally and permanently disabled before age 60 and have been insured for at least one year, you may be entitled to free coverage to age 65.

Resignation - You may convert to an individual policy with the insurance carrier, Unum Provident Corporation.

Retirement - You may continue the basic life insurance in the amount of $10,000 if you have been insured under the plan for at least 10 continuous years prior to retirement and your age plus length of service equals at least 70.

Optional Life Insurance

You have the option of buying additional term life insurance as a newly hired employee or upon proof of insurability. You may choose additional coverage of one, two, three, or four times your annual salary rounded up to the next thousand. Maximum coverage is $500,000. You pay the cost of this coverage. The cost is based on your age:

Present Age	Rate Per $1,000	Present Age	Rate Per $1,000
Under age 25	$ .05	50 through 54	$ .28
25 through 29	.06	55 through 59	.48
30 through 34	.08	60 through 64	.75
35 through 39	.09	65 through 69	1.41
40 through 44	.11	70 and older	2.29
45 through 50	.15

To figure your cost, do the following:

Take your annual salary
Multiply by one, two, three, or four, depending on the level of coverage you choose
Round that amount up to the nearest $1,000.00
Divide by $1,000.00
Multiply by the rate in the chart above based on your age
The result is your monthly cost

Resignation - You may convert to an individual policy.

Retirement - This coverage is not available in retirement.

Dependent Life Insurance

You have the option of buying insurance for your spouse/children (those eligible to be your IRS dependents) under the following provisions:

You may enroll your spouse/children in dependent life as a newly hired employee or upon proof of insurability

Level of Coverage	Spouse	*Each Eligible Child	Monthly Rate
I	$10,000	$ 5,000	$2.71
II	15,000	7,500	4.09
III	20,000	10,000	5.42

*Children ages 14 days to 6 months are covered for $100.

Resignation - Your dependents may convert their coverages to individual policies.

Retirement - This coverage is not available in retirement.

Return to Group Benefits

University of Arkansas • Division of Agriculture
Cooperative Extension Service
2301 South University Avenue
Little Rock, Arkansas 72204 • USA
Phone (501) 671-2000

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Cooperative Extension Service Departments Human Resources - Group Benefits Life Insurance

Cooperative Extension Service Departments
Human Resources - Group Benefits
Life Insurance