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The University of Akron provides you with two times your annual benefit salary in life insurance with a maximum provided amount of $100,000. This amount is shown on your Personal Enrollment Form as University Provided Life Insurance. You may elect University Provided Life or elect one of nine other options are shown below:
| ELECTION OPTIONS |
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5 x annual benefits salary
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1½ x annual benefits salary
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4 x annual benefits salary
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1 x annual benefits salary
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3 x annual benefits salary
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$50,000
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2 x annual benefits salary
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$10,000
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No coverage (see note below)
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Evidence of insurability is required for employee coverage amounts in excess of $500,000. In addition to this limitation on overall coverage amount, employees are permitted to move up only one option step in dollar amount of insurance coverage during each subsequent open enrollment period. Employees who elect less life insurance coverage than that corresponding to the University-provided amount may use the credits for other benefit coverages or receive them as taxable compensation. Coverage amounts in excess of those corresponding to University-provided credit allowances are provided through employee contributions based on the age rated cost table.
The maximum amount of life insurance coverage available for any employee is $1,000,000.
Note: Employees who take no coverage during an enrollment period will be allowed to re-enter the life insurance benefit only during subsequent open-enrollment periods and at the lowest option offered.
ACCIDENTAL DEATH AND DISMEMBERMENT
While an option to elect Accidental Death and Dismemberment is not shown on your Personal Enrollment Form, an amount equal to employee life insurance election but subject to limits of two times salary and $100,000 maximum will be provided at no cost to the employee.
DEPENDENT LIFE INSURANCE COVERAGE
Dependent life insurance is available for an eligible employee’s spouse or dependent children. Children between the ages of 14 days and 19 years, and unmarried, dependent full-time students up to age 25 are eligible dependents.
An employee must participate in some level of employee life insurance to select the dependent life insurance option. The amount of dependent life insurance chosen for a spouse cannot exceed 50% of the employee’s amount of life insurance. If an employee’s spouse or eligible dependent dies while covered under dependent life insurance, the employee is the beneficiary for the coverage amount.
Three coverage options are available:
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OPTION
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COVERAGE LEVEL – SPOUSE/CHILD(REN)
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1
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$10,000/$5,000
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2
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$5,000/$2,500
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3
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No Coverage
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