Because of favorable experience in the group term life insurance program, Security Financial Life will increase by 40 percent the amount of coverage in excess of $20,000 that individual employees possessed on Dec. 31, 2003.
Employees who were enrolled in NUFlex Options 3 through 13 (coverage amounts $35,000 to $500,000) on Dec. 31, 2003, will receive the increased benefit. Employees do not have to be currently enrolled in Options 3 through 13 to be eligible for this benefit, and changes to the group life insurance plan that were effective January 1, 2004, will not affect this additional term life insurance.
The benefit is computed by multiplying the amount of coverage possessed on Dec. 31, 2003, which exceeded $20,000 by .40. For example, if you were enrolled in NUFlex Option 4 ($50,000), your additional death benefit would be $12,000 ($30,000 x .4).
If you should die while this coverage is in force, your beneficiary would receive $12,000 in addition to the amount of coverage you elected for 2004. This additional coverage is in effect from March 1, 2004 through Feb. 28, 2005.
With questions, please contact the campus benefit office at 559-4340 or benefits@unmc.edu