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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. If you turn 40, 50 or 65 in the current year, then in January of the following year your rate for additional life will change according to the rates below.

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