Supplemental Group Life Insurance
On this page: Filing a Claim | Overview | Cost | Dependent Coverage | Enrollment | When Coverage Ends | Questions | Plan Forms
Filing a Life Insurance Claim
If a covered family member passes away, contact IU Human Resources at 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 after the Death of a Loved One
- Guide for Survivors & Beneficiaries of IU Employees
Overview
Employees covered by Basic Life Insurance are eligible to purchase additional coverage through IU’s Supplemental Life Insurance plan. Enrollment is voluntary and the employee pays 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 reduced to the nearest 1,000. Supplemental life insurance may also be purchased for the employee’s eligible spouse and/or children. See the Dependent Life section below for details.
File a Claim
Resources
Customer Service
See Also
Employee Coverage Options
| Amount of Insurance | 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 |
What is the difference between Guaranteed Issue and Maximum Coverage?
The amount of insurance is a multiple of your salary up to the corresponding Guarantee Issue or Maximum Coverage amount listed in the chart above. 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 and, depending upon your level of coverage, with changes in your salary. 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 below for additional details.
Example #1: $33,000/year Base Salary
An employee’s annual base salary is $33,000.
| If the employee elects this level of coverage: | The eligible beneficiary will be able to receive no more than this amount upon the employee’s death: | |
|---|---|---|
Guaranteed Issue |
Maximum Coverage |
|
| ONE times salary | $33,000 |
$33,000 |
| TWO times salary | $66,000 |
$66,000 |
| THREE times salary | $99,000 |
$99,000 |
| FOUR times salary | $132,000 |
$132,000 |
Example #2: $55,000/year Base Salary
An employee’s annual base salary is $55,000.
| If the employee elects this level of coverage: | The eligible beneficiary will be able to receive no more than this amount upon the employee’s death: | |
|---|---|---|
Guaranteed Issue |
Maximum Coverage |
|
| ONE times salary | $50,000 |
$55,000 |
| TWO times salary | $100,000 |
$110,000 |
| THREE times salary | $150,000 |
$165,000 |
| FOUR times salary | $200,000 |
$220,000 |
Example #3: $120,000/year Base Salary
An employee’s annual base salary is $120,000.
| If the employee elects this level of coverage: | The eligible beneficiary will be able to receive no more than this amount upon the employee’s death: | |
|---|---|---|
Guaranteed Issue |
Maximum Coverage |
|
| ONE times salary | $50,000 |
$120,000 |
| TWO times salary | $100,000 |
$240,000 |
| THREE times salary | $150,000 |
$360,000 |
| FOUR times salary | $200,000 |
$480,000 |
Example #3: $275,000/year Base Salary
An employee’s annual base salary is $275,000.
| If the employee elects this level of coverage: | The eligible beneficiary will be able to receive no more than this amount upon the employee’s death: | |
|---|---|---|
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 |
Unsure about how much life insurance you need? Check out the Life Insurance Needs Calculator from The Standard.
Cost
The monthly premium is a designated amount, based on age, per $1,000 of coverage. The cost for supplemental coverage is paid entirely by the employee. 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.
Monthly Premium Rates
| Effective January 1, 2020 | |
| 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 |
How to estimate your monthly premium:
Premium Calculation
Please follow the formula noted below to estimate the monthly premium cost for Supplemental Life Insurance coverage:
| $____________ | Amount of optional Supplemental Life Insurance elected for self | |
| / | 1,000 | Divided by 1,000 |
| = | ____________ | Total from above |
| x | $____________ | Times the premium rate from chart above |
| $____________ | Your estimated monthly premium cost |
Please note: The amount of optional Supplemental Life Insurance elected for self is a multiple of your annual base salary (rounded down to the nearest thousand) up to the guarantee or maximum coverage limit for the benefit coverage option you have selected.
Example One:
An age 50 employee with an annual salary of $55,500 would like to estimate the premium cost for 1x salary Guarantee Issue Supplemental Life Insurance.
Sample Base Salary: $55,500 Sample
Age: 50
Desired Level of Coverage: 1xSalary Guarantee Issue
$50,000/1,000 = 50 x $.14 = $7.00 estimated monthly premium cost
In this example, the amount of Supplemental Life Insurance elected for self is $50,000. Although the employee’s annual base salary rounded down to the nearest thousand is $55,000, the Guarantee Issue amount for 1x salary is limited to up to $50,000.
Example Two:
An age 50 employee with an annual salary of $55,500 would like to estimate the premium cost for 1x salary Maximum Coverage Supplemental Life Insurance
Sample Base Salary: $55,500
Sample Age: 50
Desired Level of Coverage: 1xSalary Maximum Coverage
$55,000/1,000 = 55 x $.14 = $7.70 estimated monthly premium cost
In this example, the amount of Supplemental Life Insurance elected for self is $55,000. The annual base salary rounded down to the nearest thousand is $55,000 and the Maximum Issue amount for 1x salary is up to $250,000.
Supplemental Dependent Life Insurance
Employees covered by Supplemental Life Insurance are also eligible to purchase Supplemental Dependent Life Insurance coverage. Enrollment is voluntary and the employee pays 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 live birth through age 25.
Eligible employees may 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.
Supplemental Spouse Life Insurance
| 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 |
Supplemental Child Life Insurance
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 live birth through age 25.
Enrollment
Employees may 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 wish to enroll after 30 days of becoming eligible, increase their coverage after 30 days of becoming eligible, or who would like to elect any Maximum Coverage amount, may only do so by proving evidence of insurability. This requires that the employee submit a Medical History Statement to be approved by the benefit underwriter, The Standard. In some cases, The Standard may request supplemental medical information or a physical exam. The Standard will notify the employee of their determination and if approved, will notify Indiana University Human Resources who will process your enrollment.
Enroll in Supplemental Life Insurance
- If you are enrolling in coverage within 30 days of becoming eligible, your enrollment can be processed by submitting a completed Enroll / Change / Terminate form to the IU Human Resources office.
- Evidence of Insurability is required if:
- You are enrolling in coverage within 30 days of becoming eligible AND enrolling in the maximum coverage option, OR
- You are enrolling in coverage more than 30 days after first becoming an eligible employee.
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 (PDF)
- 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.
Increase or Decrease Supplemental Life Insurance
- To decrease your level of coverage at any time submit an online Optional Benefit Change:
- Log in to the Employee Center using your IU username/passphrase and Duo
- Select the Benefit Details tile
- Select the Optional Benefit Changes tile
- Follow the prompts to decrease your level of coverage
- Be sure to click the Submit Enrollment button at the end of your session
Alternatively, you can submit a completed Enroll / Change / Terminate form to the IU Human Resources office.
- To increase your level of coverage at any time after the initial 30 day period, Evidence of Insurability is required. To make a change:
- 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.
When Coverage Ends
To voluntarily terminate your Supplemental Life Insurance coverage, complete the Enrollment / Change / Termination Form and return it to IU Human Resources for processing.
Coverage otherwise 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 (Term Life)
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. This benefit that includes AD&D and dependent coverage.
Subject to eligibility, you may elect up to the amount of group life insurance 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 to IU Human Resources for completion/submission.
Conversion (Whole Life)
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 will allow 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 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.
Conversion or portability of coverage must be completed within 31 days after group coverage ends. For more information on continuing this benefit when coverage ends, review the Benefits After Separation guide.