Employees who have basic life insurance are also eligible to purchase additional coverage through IU’s supplemental life insurance plan. Enrollment is voluntary and you pay 100% of the premium.
This is a term-life plan that provides a death benefit of 1–4 times the employee’s base annual salary and can also be purchased for the employee’s eligible spouse and/or children. See the dependent life section on this page for more details.
If a covered family member passes away, contact IU Human Resources at askHR@iu.edu or 812-856-1234 to initiate a life insurance claim. Review the information in the guides below for additional steps to take in this situation.
Guide for IU employees Guide for beneficiaries of IU employees
The amount of insurance is a multiple of your salary up to the corresponding guarantee issue or maximum coverage amount listed in the chart. While the cost per $1,000 of coverage is the same for guarantee issue and maximum coverage options, the monthly premium rate will change as your age and salary change. Enrolling in any maximum coverage level also requires you to submit a medical history statement to The Standard for approval. See the cost and enrollment sections on this page for additional details.
| Salary amount | Guaranteed issue | Maximum coverage |
|---|---|---|
| One times salary | $50,000 | $250,000 |
| Two times salary | $100,000 | $500,000 |
| Three times salary | $150,000 | $750,000 |
| Four times salary | $200,000 | $1,000,000 |
Check out the Life Insurance Needs Calculator from The Standard.
The cost for supplemental coverage is paid entirely by you (the employee) and your premium is a designated amount, based on age, per $1,000 of coverage.
While the cost per $1,000 of coverage is the same for guarantee issue and maximum coverage options, the monthly premium rate will change as you age. Depending upon your level of coverage, the monthly premium cost may also change with changes in salary.
| Age | Monthly premium per $1,000 of coverage |
|---|---|
| Under 30 | $.03 |
| 30-34 | $.04 |
| 35-39 | $.05 |
| 40-44 | $.06 |
| 45-49 | $.09 |
| 50-54 | $.14 |
| 55-59 | $.24 |
| 60-64 | $.37 |
| 65-69 | $.67 |
| 70 and over | $1.20 |
Employees who choose supplemental life insurance can also purchase supplemental dependent life insurance coverage. Enrollment is voluntary and you pay 100% of the premium.
This coverage supplements the $3,000 spouse/$1,000 child benefit automatically included in your IU-sponsored basic life insurance. Eligible dependents include your spouse and children from birth through age 25.
Eligible employees can enroll, change, or terminate their Supplemental Dependent Life election(s) at any time by submitting a Supplemental Dependent Life Enrollment / Change / Termination Form to IU Human Resources.
The premium cost listed below is in addition to the monthly premium paid for employee coverage.
| Coverage option | Benefit amount | Monthly premium cost |
|---|---|---|
| Option 1 | $10,000 | $2.00 |
| Option 2 | $20,000 | $4.00 |
| Option 3 | $30,000 | $6.00 |
| Option 4 | $45,000 | $9.00 |
| Benefit amount | Monthly premium cost* |
|---|---|
| $10,000 | $2.00 |
*The monthly premium cost provides a $10,000 benefit for every dependent child of the employee from birth through age 25.
Employees can enroll in supplemental life insurance, up to the guaranteed issue amount, within 30 days of becoming eligible (typically your date of hire) without providing evidence of insurability.
Employees who increase their coverage after 30 days of becoming eligible, enroll after 30 days of becoming eligible, or elect any maximum coverage amount, may only do so by proving evidence of insurability. To do that, submit a Medical History Statement for approval to The Standard.
Note: In some cases, The Standard may request additional medical information or a physical exam. The Standard will notify you and IUHR of their determination and who will process your enrollment if approved.
If evidence of insurability is required:
- Complete the appropriate Medical History Statement form according to your state of residence
- Complete the Enroll/Change/Terminate form
- Mail both documents to Standard Insurance Company (address noted at the top left hand corner of the Medical History Statement) for review and determination of approval. Your coverage request will be processed after the university receives notification of approval from Standard Insurance.
Alternatively, you can submit a completed Enroll / Change / Terminate form to the IU Human Resources office.
To cancel your supplemental life insurance coverage, complete the Enrollment / Change / Termination Form and return it to IU Human Resources for processing.
Otherwise, coverage ends when benefit eligibility ends, usually due to separation from IU employment or transferring to a non-eligible position. A covered employee can convert or port the prior amount of insurance to an individual policy by completing the application below.
Note: The group policy number is 135262-F.
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 (the “term”). If you pass away during this term, your beneficiaries will receive a benefit payout from the policy. In this benefit, that includes AD&D and dependent coverage.
If you are eligible you can elect up to the amount of group life insurance coverage you had as an employee — up to $300,000. Eligibility standards 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 30 days of the date your group life coverage ends:
Conversion allows you to convert your policy to a whole life insurance policy, regardless of your state of health, as long as you apply within 31 days. Whole life provides continued protection with premiums payable to age 100. The policy accumulates cash value, and allows you to borrow against the cash value, if sufficient.
Interest on the policy loan will accrue daily and will be at a fixed rate (subject to policy terms and applicable state law). The policy does not share in dividends. Eligibility criteria and premium costs can be found in 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:
Conversion or portability of coverage must be completed within the 31 days after group coverage ends. The Benefits After Separation guide has more information on continuing this benefit when coverage ends.
Update your beneficiaries: Online at the Employee Center (click Benefit Details, then Optional Benefit Changes) or download and complete the Beneficiary Designation Form.
Phone: +1-800-378-4668
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