Securing your family’s future with basic group life insurance
IU’s group life insurance is a term life insurance plan that provides a benefit to your chosen beneficiary if something happens to you.
If you’re a benefits-eligible employee, you’re automatically covered by a $50,000 basic life insurance policy. This plan also includes coverage for your spouse and dependent children, plus extra benefits if there’s a death or dismemberment due to an accident. The best part? Coverage starts on your hire date and doesn’t cost you anything.
If you want additional coverage for yourself and your family, you can purchase it through the supplemental group life insurance plan.
Plan features
Our group life plan offers financial protection through life insurance, AD&D benefits, and additional coverage for dependents. It includes specific benefits for seat belt-related incidents and repatriation expenses, providing extra support during unexpected events.
If you’re an eligible employee with a terminal illness and a life expectancy of a year or less, you can choose to receive up to 100% of your basic and supplemental life insurance benefits in advance. This accelerated payment gives you the flexibility to use your money however you need to, but will reduce the payout your beneficiaries receive by the amount you take in advance.
Accidental death and dismemberment (AD&D) - $50,000
Your basic life coverage automatically includes accidental death and dismemberment (AD&D) benefits that match your group life coverage amount. AD&D provides extra financial protection on top of your basic life coverage in the event that you are in a qualifying accident.
Basic life coverage includes a $3,000 benefit for a legal spouse and a $1,000 benefit for an eligible child (dependent child(ren) from live birth through age 25).
If you become permanently and totally disabled you are eligible to apply for a PTD benefit. This benefit, paid in monthly installments, is equal to $18 per $1,000 of basic life insurance coverage held at the start of disability and continues for up to 60 months.
To be covered, the disability must start before you turn 60 while insured and you must have been insured for 12 consecutive months before the start of the disability. The PTD benefit only applies to the first $20,000 of basic life insurance and is a taxable benefit under current federal tax laws.
If you pass as a result of an accident that is 200 miles or more from your home, an additional benefit of $5,000 or 10% of the AD&D benefit is available. This is meant to help with costs associated with preparation and transportation to a mortuary near your primary residence.
An additional benefit of $10,000 is available if you pass away in a car accident and have a current and valid driver’s license, and are wearing a seatbelt at the time of the accident, as evidenced by a police report.
Assist America is a service available to you and your dependents when you travel more than 100 miles from home, whether for business or for pleasure. This Travel Assistance program does not replace travel insurance but has pre-travel benefits like weather services, foreign currency exchange, and passport and visa requirements. It can also help if you need evacuation, medical or transportation help while away from home. Download the app and use reference number 01-AA-STD-5201 to explore your available options.
The Life Services Toolkit through The Standard helps you and your family plan for the unthinkable with services like estate planning, financial planning, legal services, and funeral arrangements.
To get started, go to the Life Services Toolkit (employee username = assurance, beneficiary username = support) or call 800-378-5742.
File a claim
If a covered family member passes away, contact IU Human Resources at askHR@iu.edu or 812-856-1234 to start a life insurance claim. View the information in the guides below for additional steps you can take.
If your employment status or employment type changes, you may become ineligible for group insurance benefits. Under those circumstances, you have 31 days from the date your group coverage ends to convert or port your policy to an individual plan.
To get started, use the group policy number 135262-F to complete one of the linked applications. And for more information about keeping your benefits review the Benefits After Separation Guide.
Portability allows you to convert your group life policy into a personal term life policy. Term life insurance provides coverage for a specified amount of time, typically 20 – 30 years. If you pass away during this term, your beneficiaries will receive a benefit payout from the policy. This benefit includes AD&D and dependent coverage.
If eligible, you can retain the amount of coverage you had as an employee up to $300,000. Eligibility criteria and cost details of portable life insurance coverage are noted in the Portability Application.
To apply for portable life insurance coverage, complete the following steps within 31 days of the date your group life coverage ends:
Complete the Portability Application and send it to The Standard’s mailing address (noted on the top left corner of the application)
Send the Employer Statement for Group Life Portability Insurance, which is also inside of the Portability Application, to IU Human Resources for submission.
Conversion allows you to convert your policy to a whole life insurance policy, regardless of your health, as long as you apply within 31 days. Whole life provides continued protection with premiums payable to age 100 and accumulates cash value that you can borrow against. Eligibility criteria and premium costs are noted within the Conversion Application.
To apply for whole life conversion insurance coverage, complete the following steps within 31 days of the date your group life coverage ends:
Complete the Conversion Application and send it to The Standard’s mailing address (noted on the top left corner of the application)
Send the Employer Statement for Group Conversion Insurance to IU Human Resources for completion/submission.
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