Employee Life Insurance Human Resources

Employee Life Insurance

Employee Life Insurance

Eligibility

Active full-time non-student employees are eligible if the most recent appointment period is continuous for a minimum of one year (nine or twelve months as appropriate to the appointment).  Summary Plan Description (and Certificate of Coverage)

Enrollment and Coverage

  • All eligible employees receive free of charge, one times annual base salary up to a maximum of $35,000.

  • Optional Life Insurance and Accidental Death & Dismemberment (AD&D) coverage for employee, spouse, dependent children and qualifying Sponsored Adult Dependents is available and paid for by the employee.

    • An employee can purchase life insurance for up to five times their annual earnings (the benefit limit is $450,000).

    • An employee may apply for Dependents Life Insurance in multiples of $10,000, from $10,000 to $100,000, for their spouse or Sponsored Adult Dependent.

    • An employee may elect a Dependents Life Insurance Benefit for their child of $5,000 or $10,000.

Optional Life Insurance is guaranteed if the employee enrolls during the first 30 days following initial eligibility. If an employee rejects the optional insurance during the first 30 days and decides later to apply for coverage, he/she may apply for coverage at any time by completing a Medical History Statement. Approval of the delayed application is not guaranteed and is subject to the approval of the underwriter.

Travel Assistance (Domestic and International)

Standard Insurance, our provider for Group Life Insurance and Optional Voluntary Life and Accidental Death & Dismemberment (AD&D), also provides Travel Assistance to all employees who are covered by the Group Life Insurance. If you, or any member of your immediate family (including children up to age 26), are traveling more than 100 miles from home, including internationally, then FrontierMEDEX can help you with any problems you may encounter. Please see the FrontierMEDEX, Inc. Brochure for details of the services provided and print the card from page seven to carry with you when you travel.

Portability and Conversion

Upon termination of employment, the optional voluntary life insurance may be ported to a term life insurance policy if application is made within 30 days from the date of termination of employment with Auburn University. The basic coverage provided by Auburn University ends upon termination but it may, under certain circumstances, be converted to a whole life policy.

Rate Sheet (Effective: March 1, 2000)

Optional Term Life* (Employee) and Dependent Term Life* (Spouse)
Age
(Initial rates based on age as of effective date of your coverage. Rates will change based on the following age schedule.)
Monthly Cost of Insurance
(Rates per $1,000 of Coverage)

For Employee and Spouse**
18-pay Cost of Insurance
(Rates per $1,000 of Coverage)

For Employee and Spouse**
Biweekly Cost of Insurance
(Rates per $1,000 of Coverage)

For Employee and Spouse**
Under 25 $0.050 $0.0340 $0.023
25-29 $0.060 $0.0400 $0.028
30-34 $0.080 $0.0530 $0.037
35-39 $0.100 $0.0667 $0.046
40-44 $0.120 $0.0800 $0.055
45-49 $0.180 $0.1200 $0.083
50-54 $0.260 $0.1733 $0.120
55-59 $0.490 $0.3267 $0.226
60-64 $0.760 $0.5067 $0.351
65-69 $1.458 $0.9722 $0.673
70+ $2.365 $1.5767 $1.092
* Spouse rate is based on employee's age.

 

Dependent Term Life* (Child(ren) - Regardless of the Number of Children)
Coverage Amount
Monthly Cost of Insurance
(Rates per $1,000 of Coverage)
18-pay Cost of Insurance
(Rates per $1,000 of Coverage)
Biweekly Cost of Insurance
(Rates per $1,000 of Coverage)
$5,000 $0.120 $0.080 $0.055
$10,000 $0.120 $0.080 $0.055

 

Optional AD&D Term Life*
Insured
Monthly Cost of Insurance
(Rates per $1,000 of Coverage)
18-pay Cost of Insurance
(Rates per $1,000 of Coverage)
Biweekly Cost of Insurance
(Rates per $1,000 of Coverage)
Children for $5,000 $0.012 $0.008 $0.0055
Children for $10,000 $0.012 $0.008 $0.0055
Employee and Spouse $0.012 $0.008 $0.0055

*This is optional coverage and the entire cost of coverage is employee paid.

Supplemental Whole Life Insurance

Active full-time non-students and their dependents may be eligible to purchase supplemental whole life insurance on a payroll deduction basis. To purchase coverage or for additional information, contact Jodi Skaggs with Premier Worksite Solutions at jskaggs@pwsal.com or (205) 588-2604.
Last updated: 11/04/2019