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My Benefits | Life Insurance Benefits

1. University-Sponsored Life Insurance

A life insurance plan for active employees where upon death, assets will be paid to a designated beneficiary. Principal Financial Group is the insurer of our university-sponsored Life Insurance plan. For more information about this benefit you may visit the UNI Principal Portal.

Non-temporary Employee Eligibility

  • Must work at least half-time (20 hours per week) or more.
  • Must be appointed for nine (9) months or more.
  • Participation is automatic and is effective the first day of work.

Premiums

  • Premiums for the insurance are paid by the University of Northern Iowa.
  • Premiums include Accidental Death and Dismemberment Insurance.

Beneficiary Information

  • Once eligible, employees will need to access the Benefits Self-Service System and complete the beneficiary enrollment. Benefits will be paid to the beneficiaries on file upon your death.
  • If the listed beneficiary is not living at the time of the employee’s death, benefits will be paid to the employee’s estate, spouse, child(ren), parent(s), or other persons in the Group Policy.
  • Employees can update their beneficiary information at any time.

Coverage

  • Life insurance coverage amounts are based on the employee’s University fringe benefits salary and rounded to the nearest $1,000 using general rounding rules.
 FacultyAcademic Administrators, Institutional Officials, Merit Supervisory, and P&SMerit AFSCME and Merit Confidential
Coverage under 65 years of age1.5 times your University fringe benefits salary to a maximum of $250,0001.5 times your University fringe benefits salary to a maximum of $250,000.2 times your University fringe benefits salary to a maximum of $124,000.
ReductionBenefit reduces in 5% increments beginning at age 61.Benefit reduces to 65% of the full benefit following age 65, and will further reduce to 45% of the full benefit following age 70.Benefit reduces to 65% of the full benefit following age 65, and will further reduce to 45% of the full benefit following age 70.
Principal Coverage ManualAccess Coverage ManualAccess Coverage ManualAccess Coverage Manual

Accelerated Benefits

  • If conditions for an accelerated benefit are met, the employee may qualify to receive a portion of their life insurance benefit prior to death. For more information, please review the Access Coverage Manual for your employee group.

Taxable Life Insurance/Imputed Income

  • Per IRS regulations, any life insurance coverage amount greater than $50,000 will be taxable to the employee and will be subject to Medicare and Social Security taxes. This amount is reflected as "Txbl Life Ins" on the employee’s UNI pay slip each month.
  • To view the calculation formula and rates visit page 14 of the IRS Publication 15-B.

Continuation of Benefits After Employment Has Ended

  • You have the option of porting or converting your group term life insurance coverage to an individual policy. For an application and rates please visit principal.com/uni or contact Principal directly.
    For questions on Portability: 800-986-3343 x76398.
    For questions on Conversion: 800-986-3343 x79994.
University-Sponsored Life Insurance Coverage Starts
Life EventCoverage Starts
New HireFirst day of work.
Qualifying Employment EventEffective the first of the month after the event.
University-Sponsored Life Insurance Coverage Ends
Life EventCoverage Ends
No Longer EligibleEffective the day after you are no longer eligible for benefits.
Separation of EmploymentEffective the day after your last day worked.

2. Voluntary Term Life (VTL) - Additional Life Insurance Coverage

This optional Life and Accidental Death and Dismemberment (AD&D) plan offers additional life insurance benefits for the employee, their spouse or domestic partner, and/or child/ren.

Non-temporary Employee Eligibility

  • Must work at least half-time (20 hours per week) or more.
  • Must be appointed for nine (9) months or more.

Premiums

  • Premiums for the insurance are paid by the employee with after-tax dollars through monthly payroll deduction.
  • Premiums include Accidental Death and Dismemberment Insurance.
  • Premiums can be calculated for each coverage amount by viewing page 4 of the Group Voluntary Term Life Coverage document.

Beneficiary Information

  • The beneficiary information will be the same for your Voluntary Term Life Insurance as your Group Term Life Insurance unless you designate differently.
    • To designate a separate beneficiary please contact hrs-benefits@uni.edu.
    • If the listed beneficiary is not living at the time of the employee’s death, benefits will be paid to the employee’s estate, spouse, child(ren), parent(s), or other persons in the Group Policy.
    • Employees can update their beneficiary information at any time.

Life Insurance Age Reduction

  • Benefit reduces to 65% of the full benefit following at age 70 but less than age 75, and will further reduce to 50% of the full benefit at age 75.

When a Child Reaches Age 26

  • Benefits will end the last day of the month in which the child turns age 26.
  • A child may continue to be covered under the group policy after age 26 if you primarily support a dependent incapable of self-support as the result of a developmental or physical disability. To continue coverage, you will need to complete an Application to Continue Disabled Child and return to Human Resource Services. We will provide to Principal for their review and approval.
  • To end coverage log into Benefits Self-Service and choose the option I Want to Cancel My Voluntary Term Life Policy.

Coverage Limits

  • If you enroll within 30 days of your hire date:
    • Coverage is guaranteed and no medical information is required.
  • If enrolling in coverage during the annual open enrollment period:
    • Statement of health questionnaire will be required if electing an amount greater than $20,000, or increasing a current election by any amount greater than $20,000.
    • Once approved, coverage begins on January 1.
Voluntary Term Life Coverage Limits
Coverage LevelMinimumMaximum
Employee$10,000$300,000
Spouse/Domestic Partner$5,000$50,000**
Child Up to Age 26$10,000$10,000**

**Spouse/domestic partner and child coverage cannot exceed 100% of the employee's coverage.

For more information on the premiums and coverage amounts, view the Benefits-At-A-Glance informational handout.

Shared Family Benefit Coverage

  • You and your spouse/domestic partner must both be employed in benefit eligible positions.
  • You and your spouse must elect at least $10,000 in coverage for yourselves.
  • You may each elect VTL Child coverage for any qualified dependents.
    • Each VTL Child policy would be $10,000, equating to a total of $20,000 on each child.
  • You are not eligible to elect spousal coverage for each other resulting in double VTL coverage.

Ending Coverage Before Employment Has Ended

  • You may elect to not participate in the Voluntary Term Life insurance on a monthly basis through Benefits Self-Service by electing the option I Want to Cancel My Voluntary Term Life Policy.
  • Coverage will be cancelled the first of the next month.

Continuation of Benefits After Employment Has Ended

  • You have the option of porting or converting your voluntary life insurance coverage to an individual policy. For an application and rates please visit principal.com/uni or contact Principal directly.
    For questions on Portability: 800-986-3343 x76398.
    For questions on Conversion: 800-986-3343 x79994.
Voluntary Term Life Insurance Coverage Starts
Life EventCoverage Starts
New HireBased on your start date, coverage begins the first day of the next month.
Qualifying Employment EventBased on the event date, coverage begins the first day of the next month.
Voluntary Term Life Insurance Coverage Ends
Life EventCoverage Ends
Reduction in Working HoursCoverage ends the last day of the month the appointment is no longer eligible.
Separation of EmploymentCoverage ends the last day of the separation month.

Know Your Current Elections

Learn about your current benefit elections by using the web-based Benefits Self-Service system.

View your Benefit Enrollments

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