Employee life insurance premiums reduced; special enrollment opens April 1

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Employee life insurance premiums reduced; special enrollment opens April 1

The University of Nebraska has announced a reduction in employee-paid life insurance premiums and a one-time opportunity to enroll in or increase voluntary coverage.

Announced March 27, employee-paid premiums in the voluntary life insurance program will be reduced from 20 to 30 percent. The savings are determined by the age of the employee, tobacco/nicotine designation and the amount of coverage.

The new rates, effective May 1, were negotiated by Gallagher Benefits Associates, which serves as the university’s benefits consultant.

Benefits-eligible employees (.5 FTE or greater) will also have the opportunity to enroll or increase voluntary life insurance coverage up to $250,000 without having to provide evidence of insurability. The option is open to all employees under the age of 70 and who have not been denied life insurance coverage with Assurity in the past.

A similar change is available for dependent life insurance plans for spouses with coverage up to $20,000.

The three-week special enrollment period is 8 a.m. April 2 and 5 p.m. April 20. This will be the only opportunity to take advantage of the guaranteed issue limits.

Future NUFlex benefits enrollment procedures revert back to the regular process where employees can increase voluntary life insurance coverage by providing evidence of insurability.

Learn more about this change in Firefly.

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