Life Insurance

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Are there any plan changes or increases in per-paycheck contributions?

The employee contributions for supplemental life insurance will decrease by 15 percent! When you make your elections in MySlice, you will see your personalized per paycheck contributions.

Also, during this open enrollment only, employees may increase their supplemental life insurance coverage by one level (or elect the lowest increment if not currently participating), capped at $250,000, without requiring a statement of health. If you haven’t considered enrolling in Supplemental Life Insurance before, or if you wish to increase your coverage, this year’s annual open enrollment period provides you with a unique opportunity to do so.

Employee contributions for dependent life and supplemental AD&D insurance will have not have any rate increases or plan design changes.

How much life insurance do I need?

Life insurance provides protection for your loved ones in the event of your passing, and through the SU benefit program, you are eligible to purchase group term life insurance. Your deductions are conveniently taken out of your paycheck to ensure timely payment. You will want to think about the current and future income needs for your family, and plan for expenses such as housing, education and lifestyle needs.

I’ve heard that I can have a will prepared for free if I buy supplemental life insurance. What do I need to know to use this benefit?

Employees who purchase supplemental life insurance enjoy free will preparation/updating services through Hyatt Legal Services, a MetLife company. If you choose an outside attorney, you may receive a subsidy toward the cost. You can use this service to prepare or update a will, living will, and power of attorney. For details, call Hyatt Legal Plans at 800.821.6400. The SU group number is 104161. Or, download the following information sheets:

What is the process for electing supplemental life and AD&D insurance?

The University provides you with a basic life insurance policy at no cost to you. Should you wish to purchase additional life insurance during Open Enrollment, you may elect supplemental life coverage between 1 – 10 times salary capped at $250,000, or 1 – 10 times salary capped at $2 million (if the multiple of your salary exceeds $250,000).

During this open enrollment only, employees may increase their supplemental life insurance coverage by one level (or elect the lowest increment if not currently participating), capped at $250,000, without requiring a statement of health.

Coverage elected above the $250,000 cap will require you to complete a MetLife Statement of Health Form and be approved by MetLife.

Please remember that any increase in benefit coverage will be reported on your Open Enrollment Confirmation Statement, but if you are required to complete a statement of health form, the increase will not go into effect until Human Resources receives confirmation of approval from MetLife.

In addition, you may purchase Supplemental Accidental Death and Dismemberment (AD&D) coverage between 1 – 10 times your salary (not to exceed $2 million). Your Supplemental AD&D coverage cannot exceed your Supplemental Life insurance coverage. Supplemental AD&D coverage pays a benefit to you or your beneficiaries in the event of specific covered losses.

Can I buy life insurance on my dependents?

Yes, you can insure the life of your legal spouse or same-sex domestic partner, and your children under age 26 who are dependent on you for at least half of their support. The amount of spouse/same-sex partner coverage or child coverage cannot exceed your own combined Basic and Supplemental Life coverage. A Statement of Health may be required for spouse/same-sex partner coverage.

Why is it important to name a life insurance beneficiary?

Having a beneficiary designation on file means that your wishes will be carried out in the event of your death. Open Enrollment provides you with a convenient way to review your beneficiaries and make any updates online.

By naming a beneficiary, you ensure that the benefit is given to the loved one(s) you want to have it. Without a beneficiary, the insurance policy has rules to determine who would receive the money. These rules may not match your wishes. You can name anyone to be your life insurance beneficiary: if you are married, you do not need your spouse’s consent to name someone else as your beneficiary. If your beneficiary is a minor child, the benefit will be placed in an interest-bearing account until the child reaches legal age.

When you name a beneficiary, you can choose one or more primary beneficiaries, and one or more contingent beneficiaries. A contingent beneficiary will only receive the benefit if none of your primary beneficiaries are alive. For example, you might name your two siblings to be your primary beneficiaries, and your cousin to be your contingent beneficiary. If your siblings die before you, the benefit would pass automatically to your cousin.

It is important to regularly update your beneficiary designations as your life and family circumstances change. Submitting a new beneficiary designation will replace any previous designations on file.