UACES Facebook C.E.S.P. 8-15: U.A. Life Insurance

 

Employee Benefits - Fringe Benefits

C.E.S.P. 8-15: Life Insurance

Date Revised: 3-24-2014
Supersedes: 6-30-2003


Summary: Establishes policies for participation in the University of Arkansas Group Life Insurance Program.

Employees have the option of participating in the following group life insurance plans:

  • Basic Life Insurance (The Standard)
  • Optional Life Insurance (The Standard)
  • Dependent Life Insurance (The Standard)
  • Optional Accidental Death and Dismemberment (The Standard)

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. (Benefits are reduced at ages 70 and 75.)

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 apply for free coverage to age 65.

Resignation - You may convert to an individual policy with the insurance carrier, The Standard.

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 new hire 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. Refer to the Optional and AD&D Life Insurance Rate Sheet to determine applicable rates based on your age.

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 new hire or upon proof of insurability

Level of Coverage Spouse *Each Eligible Child Monthly Rage
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 coverage to individual policies.

Retirement - This coverage is not available in retirement.

Optional Accidental Death and Dismemberment Insurance

You have the option of enrolling yourself and your family in this program. If you or your covered family member dies as a result of an accident (on or off the job), the beneficiary will receive a benefit based on the amount of coverage you select. If you choose the family coverage, your spouse's coverage is 60% of your amount and each child's coverage is 20% of your amount. The plan also pays partial benefits if a covered person is seriously injured in an accident and suffers the loss of a limb or eyesight. You are limited to 15 times your annual salary (rounded up to the next level) for all coverage amounts in excess of $150,000. Maximum coverage is

$300,000. You pay the total cost for this coverage. Refer to the Optional and AD&D Life Insurance Rate Sheet to determine applicable rates based on your coverage election.

Resignation - You may convert to an individual policy. Retirement - This coverage is not available in retirement.

Life Insurance Plan Resources:

Rates and Forms:

(*use to enroll/increase/decrease life election and/or Designate or Change Beneficiary)

*May require evidence of insurability