Rice offers several additional options to protect your survivors should you have an illness or accident that results in death.
Optional Employee Supplemental Life Insurance
Benefits-eligible faculty and staff may choose to enroll in additional group term life insurance in the following amounts*:
- 100% of annual base salary
- 200% of annual base salary
- 300% of annual base salary
- 400% of annual base salary
- 500% of annual base salary
*up to a maximum of $1,000,000
A new employee (or an employee who is newly benefits-eligible) may elect up to 500% of their salary without the completion of the online Evidence of Insurability Form. Any existing employee who wishes to add or increase their life insurance election during a benefits annual enrollment period or with a qualifying change in status is required to complete the online Evidence of Insurability (EOI) Form and may not be approved for coverage based on the results of the review.
If you are an existing employee who wishes to add or increase your coverage, you can increase your coverage by 1x your salary without EOI. Adding new coverage or increasing more than 1x your salary will require EOI.
The maximum amount of coverage available for optional employee life insurance is $1,000,000, regardless of the multiple you select above.
| Age | Monthly Rate Per $1,000 of Coverage |
|---|---|
| Less than30 | $0.038 |
| 30-34 | $0.055 |
| 35-39 | $0.061 |
| 40-44 | $0.076 |
| 45-49 | $0.114 |
| 50-54 | $0.176 |
| 55-59 | $0.320 |
| 60-64 | $0.496 |
| 65-69 | $0.923 |
| 70-74 | $1.503 |
| 75-79 | $1.891 |
| 80-84 | $1.891 |
| 85 and older | $1.891 |
Coverage is subject to the Age Reduction Schedule.
Example
So, for example, if you are age 45 and wanted 300% (or 3-times) your salary in coverage (and your base annual salary is $34,500), the cost is calculated as follows:
$35,000 (round up to the nearest $1,000) / $1,000 = 35
35 x $0.140 (the rate) x 3 (for 300% of salary) = $11.97 per month (split between your two paychecks per month)
Change of Beneficiary
To change your beneficiary, open a service request to the Benefits Team in iO.
Change in Election
If you increase your coverage during annual enrollment, you may need to complete the online Evidence of Insurability Form.
Conversion/Portability
Supplemental life insurance can be converted or ported within 30 days from when your coverage ends. You will receive information in the mail to your address on file in iO at the time you terminate. It will come from UNUM, our insurance carrier. It will contain all the information you need to post or convert your coverage. View the following for more information: Life Insurance Conversion/Portability
Schedule of Benefits
For more information about the life insurance plan, please review the Schedule of Benefits.
Optional Spouse/Domestic Partner Life Insurance
A spouse or domestic partner must be a U.S. resident to be insured under the spouse's life insurance plan. The spouse/partner plan offers life insurance from $5,000 to $100,000 (in $5,000 increments). A new employee (or an employee who is newly benefits-eligible) may elect up to $50,000 without the completion of the Evidence of Insurability Form.
Supplemental Spouse Life
You have selected a Supplemental Spouse Life plan that requires a(n) Evidence of Insurability – Supplemental Spouse Life. Before you will be allowed to have active coverage under this plan, you will be required to submit and receive approval of a completed Evidence of Insurability – Supplemental Spouse Life form.
Visit https://securehealth.unum.com/eoiaccess | Use Access Code 3KLL8YCIf you are an existing employee who wishes to add or increase your coverage, any increase of more than $5,000 per year at annual enrollment or any amount of coverage over $50,000 is subject to the approval of the Evidence of Insurability.
For questions call 1-800-421-0344 Monday-Friday (8:00 am – 8:00 pm EDT)
Optional Child Life Insurance
The child(ren) life insurance choices are (rates are monthly):
| Coverage Amount | What You Pay |
|---|---|
| $5,000 | $0.50 |
| $10,000 | $1.00 |
The rate is the same regardless of the number of children you cover.
Unmarried children to age 26, regardless of student status, are eligible for coverage.
When your covered child reaches the maximum age of 26, it is your responsibility to notify the benefits team about this change to request the termination of this coverage. Failure to notify the benefits team does not imply any guarantee of continuing coverage in the plan (and we may not be able to refund premiums paid to the insurance company). Supplemental child life insurance can also be converted or ported within 30 days from when coverage ends.
Optional Life FAQs
- Do I have to fill out an Evidence of Insurability (EOI) form?
-
- No, if you are a new employee (or an employee who is newly benefits-eligible). You may elect up to 500% of your salary without completion of the online EOI form.
- Yes, if you are outside the 30-day initial eligibility period, or an existing benefits-eligible employee who is adding new coverage or increasing more than 1x your annual salary during annual enrollment.
- Do I have to fill out an EOI for my spouse or partner?
-
- No, a new employee (or an employee who is newly benefits-eligible) may elect up to $50,000 without the completion of the EOI form.
- Yes, you will be required to submit and receive approval of a completed EOI form if:
- the elected amount is over $50,000, or
- if you are an existing employee who wishes to add or increase your coverage, any increase of more than $5,000 per year at annual enrollment.
- If I have more questions, who can I speak to?
-
You can contact Unum at (800) 421-0344 or the benefits team.