The University of Nebraska has announced a significant reduction to the employee paid premiums of the voluntary life insurance program. Employee savings will range from 20 percent to 30 percent depending on the age of the employee, tobacco/nicotine designation and the amount of coverage. Visit the website to view the new premium rates effective May 1.
The work of Gallagher Benefits Associates, the university’s benefits consultant, enabled NU to negotiate reduced employee rates for the voluntary life insurance program.
Changes to voluntary life insurance coverage:
All benefits-eligible employees (.50 FTE or greater) will have a one-time opportunity to enroll or increase voluntary life insurance coverage up to $250,000 without having to provide evidence of insurability as long as you are under the age of 70 and have not been denied life insurance coverage with Assurity Life Insurance in the past. Employees age 70+ or those employees previously declined from coverage will need to provide evidence of insurability.
Benefits-eligible employees also will have the opportunity to enroll in life insurance coverage greater than $250,000, but will need to provide evidence of insurability. In the past, new employees were allowed to select up to $50,000 of voluntary life insurance coverage without having to provide proof of insurability.
Changes to dependent life insurance coverage:
There will be a similar change in the Dependent Life insurance plans for spouses. You can obtain coverage for a spouse in the amount up to $20,000 (previously $10,000) without having to provide evidence of insurability as long as your spouse has not been denied life insurance coverage with Assurity Life Insurance in the past and the employee is under the age of 70. Premiums rates will decrease by 20 percent on average.
Enrollment period
The special enrollment period, which ends April 20 at 5 p.m., provides the only opportunity in 2018 to take advantage of the $250,000 guarantee issue limit (assumes the employee is under the age of 70 and has not been previously declined from coverage from Assurity Life Insurance).
If you are currently enrolled in the voluntary or dependent life insurance program and do not wish to make changes to your coverages, no action is required to take advantage of the reduced premium rates. Your rates will automatically be reduced effective May 1.
To enroll:
Employees can make the desired voluntary life insurance enrollment changes in the NUFLex enrollment portal in Firefly. The NUFlex enrollment is under the Employee Self Service section. During this period, changes to your benefit selections will be limited to the voluntary life insurance and dependent life insurance for spouses.
Questions? Contact the UNMC Benefits Office at 402-559-4340.