Supplemental Life Insurance General Information
You can supplement the UA employer-paid life insurance coverage by enrolling in either or both of the following plans.
- You may purchase group term insurance in increments of $5,000, up to three times your annual salary or $500,000, whichever is less.
- You may purchase dependent term insurance separately from employee term life insurance: $2,000, $4,000, $6,000, $10,000, $12,000, $15,000, or $50,000 coverage for each eligible dependent and spouse. (You must have a minimum $35,000 of supplemental life insurance to elect $50,000 dependent coverage.)
- Maximum coverage of three times annual salary or $500,000, whichever is less, is guaranteed issue for new enrollees if enrolled within 30 days of the date of hire or new eligibility status.
- Annual open enrollment increases are restricted to up to $20,000 (in $5,000 increments) per year, whichever is less.
- May purchase group term life equal to approximately one, two, three, four, or five times your annual salary, up to $500,000 maximum coverage.
- Coverage level is adjusted automatically with future salary and age changes.
- Dependent coverage ($5,000 spouse and $5,000 for each eligible child) is available with enrollment in employee term life insurance.
- Guaranteed issue of up to approximately five times annual salary ($500,000 maximum coverage) if enrolled within 31 days of date of hire or new eligibility status.
- Annual open enrollment increases are restricted to one step of coverage (i.e., maximum increase is one times annual salary annually).
Aetna Life Insurance premium surplus disclosure
Experience credits and premium surpluses generated from the plan may be used by the University of Arizona (the policyholder) for any one or more of the following options:
- To cover the benefit administration costs, including salaries and other operations expenses borne by the University of Arizona to offer this life insurance plan as an additional low-cost option for employees.
- To cover the administration costs, including salaries and other operations expenses, of providing wellness and counseling intervention services that have the potential to improve the health of participants and favorably impact the claims experience of this plan.
- To cover the costs of enhancing the plan for the benefit of the covered participants.
- To return any portion the University of Arizona determines is not required for the above purposes to the employees and retirees enrolled in the plan