Asbury University - All staff who work 1560 hours annually or faculty members issued a full time faculty contract are eligible for coverage
Your Summary of Group Life and AD&D Ultra® Benefits Basic and Optional Term Life Insurance
Basic and Optional Accidental Death and Personal Loss Insurance (AD&D Ultra®)
Coverage Effective Date: 01/01/2016
Your Group Life Insurance Benefits
Protecting your greatest asset - your family
Am I eligible for coverage?
You qualify if you are staff who work 1560 hours annually or faculty members issued a full time faculty contract are eligible for coverage. You must be working in an eligible group as defined by your employer.There is no probationary or waiting period benefits are available 1st day of employment.
When does my coverage begin?
W hen does coverage become effective?*
The "Guaranteed Issue Amount" is the most coverage you can get without having to submit Evidence of Insurability (EOI). Coverage up to the Guaranteed Issue Amounts will begin on 01/01/2016.
*You must be actively-at-work for your coverage to begin. Other rules may apply. Please review your policy documents for more information.
Do I have to provide proof of good health (EOI) to enroll?
EOI is not required up to specified "Guaranteed Issue Amounts" if you have never been declined for coverage and you enroll in the Optional Life insurance during this Special Enrollment Period. An EOI Form (medical questionnaire) will be required for amounts over the "Guaranteed Issue Amounts" and for any amount if you enroll late.
W hen will coverage that requires proof of good health (EOI) begin?
Coverage will begin after Aetna reviews and approves your EOI. If EOI is not approved, coverage will be limited to any "Guaranteed Issue Amounts" that apply.
How much coverage does my Employer provide?
Employer Paid - Term Life Your employer pays for a benefit in the amount of:
• You: 1.5 times your basic annual earnings rounded to the next $1,000 to a maximum of $150,000
Life insurance provides your loved ones with financial protection if you die. It can help pay your final expenses like funeral and burial; everyday living expenses like mortgage or rent, car payments and groceries; future expenses like college tuition payments.
Employer Paid - AD&D Ultra® Your employer pays for a benefit in the amount of:
• You: 2 times your basic
Asbury University
Your Summary of Group Life and AD&D Ultra® Benefits
Can I buy coverage and how much will it cost?
You can buy coverage called Optional Life insurance for yourself and your spouse and children. You can buy coverage called Optional AD&D Ultra® coverage for yourself.
Optional Life Coverage
Available Coverage Amounts
You Increments of $10,000 up to a maximum of $750,000 (not to exceed 5X your salary) Your Spouse Increments of $5,000 up to a maximum of $250,000
Child(ren) Increments of $2,000 up to a maximum of $10,000
(From age 14 days to age 6 months, coverage will be limited $250) Guaranteed Issue Amounts
New Hire/Newly Eligible* 2016 Special Open Enrollment
You $250,000 $250,000
Your Spouse $50,000 $50,000
Child(ren) $10,000 $10,000
*Available during initial eligibility period. See your policy documents for more information. Employee must buy supplemental life coverage to buy dependent life coverage. Dependent coverage cannot exceed 50% of employee’s coverage amount. Child(ren) Eligibility: over 6 months to age 19; or up to age 25 if full-time student.
**During this Special Open Enrollment: Employees who were previously eligible for coverage (late applicants) can enroll for coverage up to the Guarantee Issue Maximums, without providing evidence of insurability (EOI). Currently covered employees can increase existing coverage up to the Guaranteed Issue Maximums, without providing EOI. Applicants previously declined for coverage due to failure to pass a group carrier’s Evidence of Insurability process must provide EOI for any requested coverage amount. For currently enrolled employees the guaranteed issue maximum is determined by adding the existing coverage amount to any requested increase in coverage.
Monthly Rates for Term Life Insurance (rate per $1,000)
Age bands <20 20-24 25-29 30-34 35-39 40-44 45-49 50-54 55-59 60-64 65-69 70-74 75+
Employee 0.063 0.063 0.075 0.100 0.113 0.126 0.188 0.289 0.540 0.829 1.595 2.587 2.587 Spouse 0.051 0.060 0.067 0.076 0.096 0.127 0.189 0.297 0.485 0.876 1.472 1.472 1.472
Asbury University
Your Summary of Group Life and AD&D Ultra® Benefits
Optional AD&D Ultra
®Coverage
Coverage Amounts
You Equal to Optional Life Insurance
Optional AD&D Monthly Rates
Employee rate is $0.033 per $1,000 of coverage.
Employee plus Family rate is $0.056 per $1,000 of coverage.
Reductions that apply to Life Insurance
Your coverage will reduce as you age.
Your coverage will reduce as follows:
At age 70 your coverage will reduce by 35% of the original amount. At age 75 your coverage will reduce by 50% of the original amount.
What additional features should I know about?
Waiver of Premium Provision for Permanently and Totally Disabled Employees
If you are unable to work at any reasonable job (any which you are suited to perform due to education, training or experience), you may be eligible to have your life insurance coverage extended at no cost.
Accelerated Death Benefit Provision
You may be eligible to receive up to 75% of your (combined basic and optional) life insurance coverage if diagnosed with a terminal or serious medical condition. AD&D Ultra® Features
A benefit is paid to your surviving spouse/domestic partner or dependent children if you die in an accident.
Seatbelt/airbag benefits: If you or your dependent die from a motor vehicle accident while wearing a seatbelt, a benefit is paid. An added benefit is paid if an airbag inflated.
Educational benefit: For your spouse and each eligible dependent child under 23. Childcare Benefit: For each dependent child under 13 to help pay for childcare.
Repatriation of Mortal Remains: If you or your dependent die in an accident 200 miles or more from home, a benefit will be paid to transport the body to your hometown funeral home.
Conversion
If your coverage ends or is reduced, you can convert your term life policy to a W hole Life Policy.
You may convert your basic and/or optional coverage into a W hole Life Policy with rates based on your age at that time by paying premiums directly to Aetna. W hole life insurance is generally more expensive than term insurance so a change in your premium may apply. You will have 31 days to convert your coverage without answering any medical questions.
Aetna Life Essentials® Aetna Life Essentials web address:
www.aetna.com/aetnalifeessentials/
Legal: Create a will, living will, health care directive or a durable/financial power of attorney. Financial: Financial planning to help your beneficiaries maximize their life/AD&D Ultra payment.
Emotional: Master-level social workers provide emotional support in the event of an advanced illness or disabling condition.
Physical: Save on gym memberships, fitness equipment, eyeglasses, contact lenses and hearing aids.
Funeral Planning and Concierge Services
Asbury University- Full Time
Your Summary of Group Life and AD&D Ultra® Benefits
Optional Term Life
Employee Coverage Amounts and Monthly Premiums
Age $10,000 $20,000 $30,000 $40,000 $50,000 $60,000 $70,000 $80,000 $90,000 $100,000 $110,000 <20 $0.63 $1.26 $1.89 $2.52 $3.15 $3.78 $4.41 $5.04 $5.67 $6.30 $6.93 20-24 $0.63 $1.26 $1.89 $2.52 $3.15 $3.78 $4.41 $5.04 $5.67 $6.30 $6.93 25-29 $0.75 $1.50 $2.25 $3.00 $3.75 $4.50 $5.25 $6.00 $6.75 $7.50 $8.25 30-34 $1.00 $2.00 $3.00 $4.00 $5.00 $6.00 $7.00 $8.00 $9.00 $10.00 $11.00 35-39 $1.13 $2.26 $3.39 $4.52 $5.65 $6.78 $7.91 $9.04 $10.17 $11.30 $12.43 40-44 $1.26 $2.52 $3.78 $5.04 $6.30 $7.56 $8.82 $10.08 $11.34 $12.60 $13.86 45-49 $1.88 $3.76 $5.64 $7.52 $9.40 $11.28 $13.16 $15.04 $16.92 $18.80 $20.68 50-54 $2.89 $5.78 $8.67 $11.56 $14.45 $17.34 $20.23 $23.12 $26.01 $28.90 $31.79 55-59 $5.40 $10.80 $16.20 $21.60 $27.00 $32.40 $37.80 $43.20 $48.60 $54.00 $59.40 60-64 $8.29 $16.58 $24.87 $33.16 $41.45 $49.74 $58.03 $66.32 $74.61 $82.90 $91.19 65-69 $15.95 $31.90 $47.85 $63.80 $79.75 $95.70 $111.65 $127.60 $143.55 $159.50 $175.45 70-74 $25.87 $51.74 $77.61 $103.48 $129.35 $155.22 $181.09 $206.96 $232.83 $258.70 $284.57 75+ $25.87 $51.74 $77.61 $103.48 $129.35 $155.22 $181.09 $206.96 $232.83 $258.70 $284.57
Optional Term Life
Employee Coverage Amounts and Monthly Premiums
Asbury University- Full Time
Your Summary of Group Life and AD&D Ultra® Benefits
Optional Term Life
Employee Coverage Amounts and Monthly Premiums
Age $230,000 $240,000 $250,000 <20 $14.49 $15.12 $15.75 20-24 $14.49 $15.12 $15.75 25-29 $17.25 $18.00 $18.75 30-34 $23.00 $24.00 $25.00 35-39 $25.99 $27.12 $28.25 40-44 $28.98 $30.24 $31.50 45-49 $43.24 $45.12 $47.00 50-54 $66.47 $69.36 $72.25 55-59 $124.20 $129.60 $135.00 60-64 $190.67 $198.96 $207.25 65-69 $366.85 $382.80 $398.75 70-74 $595.01 $620.88 $646.75 75+ $595.01 $620.88 $646.75
Optional Term Life
Spouse Coverage Amounts and Monthly Premiums
Asbury University- Full Time
Your Summary of Group Life and AD&D Ultra® Benefits
Optional Term Life
Spouse Coverage Amounts and Monthly Premiums
Age $60,000 $65,000 $70,000 <20 $3.06 $3.32 $3.57 20-24 $3.60 $3.90 $4.20 25-29 $4.02 $4.36 $4.69 30-34 $4.56 $4.94 $5.32 35-39 $5.76 $6.24 $6.72 40-44 $7.62 $8.26 $8.89 45-49 $11.34 $12.29 $13.23 50-54 $17.82 $19.31 $20.79 55-59 $29.10 $31.53 $33.95 60-64 $52.56 $56.94 $61.32 65-69 $88.32 $95.68 $103.04 70-74 $88.32 $95.68 $103.04 75+ $88.32 $95.68 $103.04
Child(ren) Term Life
Child(ren) Coverage Amount and Monthly Premiums
Rate $2,000 $4,000 $6,000 $8,000 $10,000
Child(ren) $0.190 $0.38 $0.76 $1.14 $1.52 $1.90
Optional
AD&D Ultra
®Employee, Family Coverage Amount and Monthly Premiums
Rate $10,000 $20,000 $30,000 $40,000 $50,000 $60,000 $70,000 $80,000 $90,000
Employee $0.033 $0.33 $0.66 $0.99 $1.32 $1.65 $1.98 $2.31 $2.64 $2.97
Family $0.056 $0.56 $1.12 $1.68 $2.24 $2.80 $3.36 $3.92 $4.48 $5.04
Optional
AD&D Ultra
®Employee, Family Coverage Amount and Monthly Premiums
Rate $100,000 $110,000 $120,000 $130,000 $140,000 $150,000 $160,000 $170,000 $180,000
Employee $0.033 $3.30 $3.63 $3.96 $4.29 $4.62 $4.95 $5.28 $5.61 $5.94
Asbury University- Full Time
Your Summary of Group Life and AD&D Ultra® Benefits
Optional
AD&D Ultra
®Employee, Family Coverage Amount and Monthly Premiums
Rate $190,000 $200,000 $210,000 $220,000 $230,000 $240,000 $250,000
Employee $0.033 $6.27 $6.60 $6.93 $7.26 $7.59 $7.92 $8.25
