Life Insurance
Group Term Life Insurance
The University pays for a policy that is equal to one (1x) times your annual salary, up to a maximum of $50,000, for all benefit eligible employees.
Voluntary Term Life Insurance
Voluntary life insurance coverage is available to employees who would like additional life insurance beyond what the Company provides. The maximum amount of supplemental life insurance you can elect through the plan is five times your annual salary or $250,000.00 which ever is less. Employees may elect up to $100,000 of coverage without Evidence of Insurability (EOI).
Voluntary Term Life Insurance is designed to provide life insurance benefits in addition to the university-provided Group Term Life Insurance benefit. The Voluntary Term Life plan offers you the flexibility to change your level of coverage as your needs change, and provides protection for your spouse and children at group rates.
Dependent Term Life Insurance
You may purchase life insurance coverage for your spouse and/or dependents for a monthly premium. In order to choose coverage on your dependents, you are required to elect employee voluntary life insurance on yourself.
The maximum amount of supplemental life insurance on your spouse (if under age 70 and not a benefit eligible Creighton University employee) in this plan. A minimum of $5,000.00 must be selected up to a maximum of $50,000.00 (for amounts over the guaranteed issue amount, of $15,000, a health application is required). Your spouse may not select more than 50% of your coverage amount, not to exceed $50,000.00.
You may purchase life insurance coverage on your dependent children in the amount of $2,000.00 or $4,000.00.
How/when can I sign up?
Upon employment, benefit eligible employees may enroll within the 31-day enrollment period. You may enroll at any other time with Evidence Of Insurability. This requires a completion of a health application and insurance company approval. The application can be located at http://www.cuontheweb.essbenefits.com/.
Dependent children up to age 21 are eligible for participation in the plan. Any dependents over age 21 and up to age 25 must be a full time student to qualify for life insurance coverage.
Will this affect my taxes?
No – premiums for life insurance are payroll deductions on an after tax basis.
When can I change my elections?
When electing or changing supplemental life insurance after the initial offering, you may increase or decrease your coverage. You may increase coverage in multiples of $10,000 ($20,000 minimum) not to exceed five times your annual salary. The additional insurance coverage will not go in effect until a health application is completed, and the insurance company has approved the additional coverage. You may decrease or cancel your coverage at anytime, as the premiums are paid on an after-tax basis.
If you have a qualifying status change or you transfer into a benefit eligible position, you may elect coverage for those newly eligible dependents or yourself within 31-days of the event. Documentation may be required for newly eligible dependents. In addition, if a dependent no longer qualifies, you must access the web and de-enroll that dependent from coverage within 31-days of the event.
Designating a beneficiary and maintenance of beneficiaries
When designating a beneficiary for your life insurance, use the web to print off the designation form. Upon completion, please save a copy for your records, and send the original form to the Human Resources Department.
In the event of your death, employee life benefits are paid to your designated beneficiary. It is important to keep beneficiary information current. You may change your beneficiary using the beneficiary form on the web enrollment system at anytime.
What would cause this benefit coverage to end?
Coverage will end:
- When you transfer to a non-eligible position, terminate employment or retire
- When your dependent no longer meets eligibility requirements
- When you de-enroll yourself and eligible dependents on-line, as you no longer need the coverage
What happens to this benefit when I leave Creighton University?
You may continue coverage after you leave Creighton under the conversion provision of the plan. You will not be required to provide medical evidence of Insurability. Application and payments are made directly to United of Omaha Insurance Company.
Voluntary Group Life Insurance SPD (PDF)