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life

Life Insurance

UCM provides full-time employees basic life insurance coverage at no cost to the employee. The benefit is one times employee's annual salary rounded to the next multiple of $1,000 to a maximum of 300,000.

Employees may purchase additional life insurance up to five times their rounded basic life insurance amount and may not exceed $1,250,000 when combined with university paid basic life insurance. An employee may also purchase dependent life for their eligible dependents. The monthly premiums are deducted on a post-tax basis.

Please note: Benefits reduce to 65% at age 65; 45% at age 70; 30% at age 75; and 20% at age 80 or over.

Employee Additional Life Insurance Monthly Premium
Age

12 Month Rate

9 Month Rate
Under 40 Years  $0.06 $0.08
40 - 49 Years $0.15 $0.20
50 - 64 Years $0.54 $0.72
65+ Years $2.08 $2.77
**Per $1,000 of selected coverage**

Dependent Life Insurance Monthly Premium
Coverage Amount 12 Month Rate 9 Month Rate
$5,000 $2.05 $2.73
$10,000 $4.10 $5.47
$15,000 $6.15 $8.40

 

For more information:  Life Insurance Benefit Summary

Life Insurance Underwriting

Information on Life Insurance Underwriting