Life Insurance Programs

Group Life Insurance

The University of Notre Dame provides a $25,000 base group term life insurance policy through Securian to full-time faculty, exempt and non-exempt staff of the University at no cost.

Supplemental Life Insurance

To supplement this base coverage provided to you, you may elect supplemental term life insurance available to all eligible faculty, exempt and non-exempt staff.

How Supplemental Life Insurance Works

All eligible faculty and staff may elect additional life insurance coverage for greater protection through Securian. Supplemental life insurance may be purchased in multiples of your annual salary, from 1 to 10 times up to a maximum of $1.5 million. Supplemental life insurance premiums are deducted from your pay on an after-tax basis.

The following outlines the opportunities to elect supplemental life insurance and whether Evidence of Insurability (EOI) is needed.

Newly hired faculty or staff: Within 31 from your date of hire, you may elect supplemental life insurance coverage from one to three times your base annual salary without completing an EOI form.

Annual Open Enrollment period: You may elect a one salary level increase up to a total amount of insurance of $750,000 without completing an EOI form.

Qualifying event: You may elect a one salary level increase up to a total amount of insurance of $750,000 within 31 days of a family status change without completing an EOI form unless you were previously declined coverage by Securian.

Additional Information – EOI: If you did not elect life insurance when first eligible, you will need to complete an EOI form. If you elect supplemental life insurance coverage of more than one salary level increase or the increase results in more than $750,000 in insurance during open enrollment or within 31 days of a family status change you will need to complete an EOI form.

Special Rules for Reduction in Coverage

The amount of the Supplemental Life Insurance on an employee age 65 or older shall be a percentage of the amount of your insurance as follows:

Amount of Insurance as a Percentage

Age of Employee	Amount of Insurance as a Percentage of Amount Prior to Attaining Age 65
65-69	65%
70-74	50%
75 and over	25%

Accelerated Benefit

Life Insurance provides an early payment of benefits under certain medical conditions. If the insured person should become terminally ill with a life expectancy of less than 12 months, all or a portion of the life insurance amount may be paid while the insured person is still living.

Supplemental Life Insurance Rates

How to Calculate Your Monthly Rate for Additional Coverage

Step One

Start with the full amount of your coverage (one to ten times your salary) and round up to the nearest thousand. Remember, the maximum is $1,500,000 with proof of insurability.

Example

Jane Domer, a full time employee, is 32 years old and earns $40,000 per year. She has elected life insurance coverage equal to two times her annual salary:

2 X $40,000=$80,000
(If necessary, round up to nearest $1,000)

Step Two

Divide by 1,000
(rates are per month per $1,000)

$80,000 ÷1,000 = 80

Step Three

Multiply 80 by rate below for your age. In this example, age 32 is $.064.

80 x $.064 =$5.12

Jane will pay $5.12 per month for $80,000 of life insurance coverage

When you are calculating your monthly rate, refer to the chart below for the appropriate rate.