The following is a note from NU Central Administration about increases in term life insurance.
Because of favorable experience in the group term life insurance program, Assurity Life Insurance will increase by 40 percent the amount of coverage in excess of $20,000 that you possessed on December 31, 2007. If you were enrolled in NUFlex Options 3 through 13 (coverage amounts $35,000 to $500,000) on December 31, 2007, 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 January 1, 2008, will not affect this additional term life insurance.
$ 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 2008. This additional coverage is in effect from March 1, 2008 through February 28, 2009. Of course, the amount of additional coverage for each person varies with the amount of insurance in force on December 31, 2007.
As a result of the life insurance premium reduction, Critical Illness benefit addition, and the increase to the Basic life insurance coverage amounts that were effective January 1, 2008, the 40 percent term life insurance dividend will not be offered in the future.
Please call the UNMC Campus Benefits Office at 559-4340 if you have any questions.