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 you possessed on Dec. 31, 2005.
If you were enrolled in NUFlex Options 3 through 13 (coverage amounts $35,000 to $500,000) on Dec. 31, 2005, you will receive the increased benefit. You do not have to be currently enrolled in Options 3 through 13 to be eligible for this benefit. Changes to the group life insurance plan that were effective Jan. 1, will not affect this additional term life insurance.
The benefit is computed by multiplying the amount of coverage possessed on Dec. 31, 2005, 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, computed as follows:
$ 50,000Total Coverage
– 20,000Basic Coverage
———–
30,000Optional Coverage
x .40
———–
$ 12,000Additional Death Benefit
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 2006. This additional coverage is in effect from March 1, 2006 through Feb. 28, 2007. Of course, the amount of additional coverage for each person varies with the amount of insurance in force on Dec. 31, 2005.
If you have questions, contact the UNMC Campus Benefits Office at 559-4340 or Benefits@unmc.edu.