Life Insurance & Asset Protection

NC State University offers two voluntary group term life insurance plans:

Plan Options

MetLife Group Term Life

  • The MetLife Group Term Life Insurance plan is offered to all eligible NC State University employees.  The plan is administered by NC State University in conjunction with MetLife.  This plan provides coverage for employees, spouse/domestic partners (up to age 70) and children (up to age 26).  Deductions for this plan are taken on a post-tax basis. Rates increase the month that a participant hits one of the five year rate bands.

NC Flex Group Term Life

  • The NCFlex Group Term Life Insurance is offered to all eligible state employees through the NCFlex program.  This plan is administered by the State of North Carolina in conjunction with VOYA Financial.  It provides death benefits to employee-designated beneficiaries.  Effective January 2014, this plan provides coverage for employees, spouses and children up to age 26.  Deductions for this plan are taken on a pre-tax basis if employee-only coverage is elected and taken on an after-tax basis if spouse or child coverage is elected. Rate changes based on age bands change in January of each year and are based on age as of December 31 of the previous year.

Coverages Available

MetLife Group Term Life

  • Employees may choose coverage from $10,000 up to $1,000,000 in $10,000 increments.  For employees within the first 30-days of being hired, the guaranteed-issue amount is three times the base annual salary or $500,000-whichever is reached first.  Amounts over three times base annual salary (up to seven times salary or $1,000,000-whichever is reached first) are subject to approval with a statement of health.
  • Spouse/Domestic Partner coverage is available in $10,000 increments from $10,000 – $100,000. A Domestic Partner Declaration is required for Domestic Partner coverage.
  • Child coverage (up to age 26) is available at either $2,000 or $10,000 per child.

NC Flex Group Term Life

  • Employees can elect life insurance coverage in increments of $10,000.  A minimum of $20,000 is available up to a maximum of $500,000 of coverage (may not exceed five times your base salary).
  • New employees may enroll in this plan within their first 30 days on a guaranteed basis up to $100,000 without providing Evidence of Insurability (EOI).
  • Spouse/Domestic Partner coverage is in increments of $10,000.  A minimum of $20,000 is available up to a maximum of $500,000 of coverage (may not exceed the employee’s elected amount).
  • Child coverage (up to age 26) is available at either $5,000 or $10,000 per child.

Eligibility

Both life insurance plans are voluntary plans for eligible faculty/staff (SPA/EPA).  For MetLife Life, employees who work at least 20 hours per week (.5 FTE) on a 9-month or greater recurring contract are eligible to participate.  For NCFlex Life, eligible faculty/staff who work at least 20 hours per week (.5 FTE) are eligible to participate.  Employees pay full cost for employee coverage in addition to any dependent coverage selected.

Effective Dates

Employees must enroll within 30 days of their hire date or within 30 days of a qualified life event.  Medical underwriting/qualification will apply outside of the newly hired initial 30-day eligibility period.  Coverage begins the first of the month following your hire/start date or qualified life event.

Coverage will end on the last day of the month in which your employment ends.  For example, if your last day of work is March 20, your coverage would end on March 31.

Life Insurance Premiums

MetLife Group Term Life Insurance

NCFlex Group Term Life
Age of Employee, Spouse* or Domestic Partner* Monthly Rates per $1000 of coverage Age of Employee Monthly Rates per $1000 of coverage
0-24 $.038 0-24 $.05
25-29 $.038 25-29 $.06
30-34 $.038 30-34 $.08
35-39 $.043 35-39 $.09
40-44 $.07 40-44 $.10
45-49 $.116 45-49 $.15
50-54 $.195 50-54 $.25
55-59 $.32 55-59 $.46
60-64 $.48 60-64 $.72
65-69* $.933 65-69 $1.48
70-74 $1.514 70-74 $2.20
75-79 $2.455 75+** $2.20
80-84 $3.978
85-89 $6.439
90+ $10.43

 

*Spouse/domestic partner coverage ends when he/she turns age 70.

**If still actively employed at age 75, NCFlex Life coverage is reduced by 50%.

MetLife Child(ren) Monthly Coverage Rates

  • $2,000:   $ .21 (one premium covers all children)
  • $10,000: $1.03 (one premium covers all children)

NCFlex Life Child(ren) Monthly Coverage Rates

  • $5,000:   $ .68 (one premium covers all children)
  • $10,000: $1.36 (one premium covers all children)

Enrollment

MetLife Group Term Life

NC Flex Group Term Life

  • Go to the MyPack Portal and log in.
  • Once logged in, click on FOR FACULTY & STAFF at the top in the black bar.  In the center of the page, you will see Employee Self Service.  Click on “Enroll in Benefits”, accept the campus Shibboleth ID notice (only during the first time you log in) and you will be logged in to the online enrollment system.

Changes to Coverage

Changes to coverage can only be made during annual enrollment or within 30 days of a qualified life event (death, birth, marriage, divorce, etc.).

MetLife Group Term Life

NC Flex Group Term Life

  • Goto the MyPack Portal and log in.
  • Once logged in, click on FOR FACULTY & STAFF at the top in the black bar.  In the center of the page, you will see Employee Self Service.  Click on “Enroll in Benefits”, accept the campus Shibboleth ID notice (only during the first time you log in) and you will be logged in to the online enrollment system.  Changes made in the online enrollment system by the 10th of the month should be reflected in the next payroll.

MetLife Group Term Life Will Preparation

Employees enrolled in the MetLife Life plan have access to a free will preparation service provided by MetLife/Hyatt Legal Services. Click for more information or to begin the will preparation service.

Plan Documents