Life Insurance

Life Insurance

The University of Mississippi offers two Term-Life Insurance Policies. One policy is through the State of Mississippi (Aetna Life Insurance Company) and the other policy is through UNUM Life Insurance Company. You may elect coverage under both policies or choose one. These policies are mutually exclusive- you do not have to be enrolled in the State plan in order to be covered by the UNUM plan. Listed below are summaries of both insurance policies.

STATE GROUP LIFE:

Application for State Group Life

***Please note that you must complete an Application for State Group Life (even if you are opting to waive coverage)***

The State of Mississippi presently offers group life insurance coverage through AETNA Life Insurance Company to state employees.

Benefits are based on salary and currently cost $0.24 per thousand ($1,000) of coverage.

The University will pay one half the premium if coverage is elected.
The cost to the employee is $0.12 per thousand ($1,000).

Coverage:

2 times your annual salary (rounded to the next thousand)

Minimum coverage amount is $30,000
The maximum coverage amount is $100,000.

The total cost of $30,000 coverage is $7.20, of which $3.60 is paid by the employee and $3.60 is paid by the University
Coverage is for the employee only
Non-variable rate (will always be $0.12 per $1,000 of coverage)
Premiums only change when coverage goes up (due to pay increases)

UNUM TERM LIFE and AD&D:

Application for UNUM Term Life and AD&D

Features:

Flexibility of coverage options

Can choose coverage of family members (but must cover self to cover family)
Can choose amount of coverage

Accidental Death & Dismemberment benefits
Conversion to an individual policy upon termination of employment (subject to underwriting)

Types of Coverage:

Employee:	1X - 3X salary	Guaranteed Issue (up to $150,000)
	4X - 6X salary	Completion of Health Statement (approval based on underwriting)
Spouse:	$25,000	Guaranteed Issue
	$50,000, $75,000 or $100,00	Completion of Health Statement (approval based on underwriting)
Dependent Children:	$5,000	Newborn to 6 months
	$10,000	6 months to age 19 or 25 (if a full time student)

Rates will increase without notice due to age and pay increases.

Employee and Spouse Rates: Age is determined as of last birthday		Employees may elect guaranteed issued coverage up to the lesser of 3X the annual salary or $150,000. Election of any coverage over guaranteed issued amounts is subject to underwriting provisions. In such cases, an Evidence of Insurability statement must be completed at the time of enrollment in order to qualify for coverage. Should coverage subject to underwriting provisions be denied, the employee will still be guaranteed a policy at the lesser of 3X salary or $150,000. The spouse must also complete the Evidence of Insurability statement for any request for coverage over $25,000.
Employee Age Bracket	Monthly Rate per $1,000
Up to age 24	$.100
25-29	.100
30-34	.123
35-39	.134
40-44	.192
45-49	.297
50-54	.448
55-59	.621
60-64	.970
65-69	1.870
70-74	3.040
75+	5.800

	Monthly Rate
Child Coverage	$2.080

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