Life Insurance & Asset Protection

NC State University offers two Voluntary Group Term Life Insurance plans to help employees and their family members have financial security in the event of a death. The Office of State Human Resources offers a Voluntary Group Term Policy administered through VOYA, and the UNC System offers a Voluntary Group Term Life & Accidental Dead and Dismemberment (AD&D) Policy partnering with Securian Financial. The Securian plan offers an added AD&D benefit for employee coverage equal to the amount of the life insurance at no additional cost.

Employees can choose to purchase Voluntary Group Term Life Insurance for themselves, legal spouses, domestic partner (Securian policy only), and/or dependent children up to age 26. Employees may enroll in one or both plans if desired.

Employee Eligibility

Both life insurance plans are voluntary plans for eligible staff and faculty (SHRA/EHRA). Employees pay full cost for employee coverage in addition to any dependent coverage selected.

  • For Securian, 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, eligible faculty/staff who work at least 20 hours per week (.5 FTE) are eligible to participate.

Dependent Eligibility

  • Dependent Children are eligible for coverage up to the age of 26.
    • Employees may submit documentation to maintain coverage for disabled child(ren) over the age of 26. Contact your assigned benefits consultant for assistance with this process.
  • Legal Spouses are eligible for the NCFlex coverage, Both Legal Spouses and Qualified Domestic Partners are eligible for Securian’s coverage.
    • NCFlex Life coverage is reduced by 50% when spouse reaches age 75.

Employees may elect to enroll in either Voluntary Group Term Policy within 30 days of their hire date, within 30 days of a qualified life event, or during annual enrollment each year. Changes to coverage can only be made during annual enrollment or within 30 days of a qualified life event (death, birth, marriage, divorce, etc.). If enrollment is completed outside of the newly hired initial 30-day eligibility period, medical underwriting/qualification will apply.

Coverage will end on the last day of the month in which your employment terminates, your employment status drops below eligibility criteria, or your dependent is no longer eligible.

UNC System Life Insurance

  • Enroll, change or cancel coverage via My Pack Employee Self Service
  • As a new hire or when changing coverage, if you are seeking greater than the gaurenteed issue amount for yourself or spouse, Evidence of Insurability will be required by Securian (through online enrollment portal).
  • Update Beneficaries Online

NC Flex Group Term Life

  • To enroll, go to the MyPack Portal and log in. Under the Employee Self Service tiles>Click on the Benefit Details tile>Click on Enroll in Benefits (on the left–make sure your pop up blocker is off).  You will be logged in to the online enrollment system.
  • As a new hire, if seeking greater than the guaranteed issue of $200,000, Evidence of Insurability (EOI) will be required. NCFlex will send the EOI directly to you.
  • As a new hire, if seeking greater than $50,000 in spouse coverage, Evidence of Insurability (EOI) will be required. NCFlex will send the EOI directly to you.
  • Adding or changing coverage outside of the newly hired initial 30-day eligibility period requires Evidence of Insurability (EOI) for both you and your spouse.  NCFlex will send the EOI directly to you.

 

Plan Details

UNC Securian Life Insurance

The UNC System Securian Life Insurance & Accidental Death and Dismemberment (AD&D) plan is offered to all eligible NC State University employees (see above eligibility criteria). This plan provides coverage for employees, spouse/domestic partners and children. Deductions for this plan are taken on an after tax basis. Rates increase the following January 1 after a participant hits one of the five year rate bands. You may request coverage up to the maximum amount. The amount requested over the guaranteed issue amount is subject to approval by Securian and requires a statement of health.

    To help you understand how much supplemental life insurance to consider, try Securian’s life insurance calculator at www.lifeonlinecalculator.com.

      Securian Life Insurance Summary and Rates
      How to update beneficaries online

        Coverage Amounts

        • Employee Coverage:  Multiples of 1x-8x salary up to a maximum of $1,000,000
        • Spouse/Domestic Partner Coverage: $10,000 or $25,000 up to $250,000.
        • Child Coverage: $10,000
          • All eligible dependent children are covered under one plan at the same premium amount.

        Guaranteed Issue

        As a new employee, within your first 30-days of being hired you may enroll in a guaranteed issue amount of coverage without a Statement of Health. During annual enrollment, or within 30 days of a Qualifying Life Event those already enrolled in Securian coverage may increase Employee-only coverage on a guaranteed issue basis by 1 times salary up to $500,000 as long as coverage has not been denied previously.

        • Employee Coverage: lesser of 3 times base salary, not to exceed $500,000
        • Spouse/Domestic Partner Coverage: $50,000
        • Child Coverage: $10,000 (no statement of health required)

        Evidence of Insurability

        Evidence of Insurability (Statement of Health), is required when an employee elects more than the gaurnteed issue amount noted above.

        • Coverage elections greater than the guaranteed issue amounts
        • Elections made after 30-day new hire enrollment period, or elections made due to qualifying life event
        • Applicants previously denied coverage by Securian under this plan

        Continuation Options

        Securian Life Insurance, dependent term life insurance and voluntary group term life insurance coverage ends upon your termination from the university or loss of eligibility. You may be able to continue all or a portion of your insurance through portability or convert to an individual policy.
        Conversion vs. Portability

    Retirees have the option to continue coverage through Securian’s Voluntary Retiree Life Insurance Plan.
    VRL-Voluntary Retiree Life

Legal Financial and Grief Resources

Access professional services for a variety of needs, from legal matters and financial situations to coping with loss through comprehensive web and mobile resources as well as consultations. Securian Life Insurance includes resources such as will prep templates and free consultations by phone or in an attorney’s office. Click for more information on estate or will preparation service.

Lifestyle Benefits

Securian offers programs to help protect your finanical wellness. You and your family can rely on a suite of additional tools, support, guidance and services to help make life a little easier. Lifestyle Benefit Flyer.

  • Legal, financial and greif resources
  • Travel assistance including pre-trip resources and support for emergency travel assistance
  • Legacy planning resources including end of life and funeral planning
  • Beneficiary financial coaching includes independent, objective and free financial coaching for beneficaries

NCFlex 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.  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. You may request coverage up to the maximum amount. The amount requested over the guaranteed issue amount is subject to approval by Voya Financial and requires Evidence of Insurability (EOI)

Coverage Amounts

  • Employee Coverage:  $20,000 up to $ 500,000 in $10,000 increments.
  • Spouse Coverage: $10,000 up to $500,000 in $10,000 increments (may not exceed the employee’s elected amount).
  • Child Coverage: $10,000 or $5,000
    • All eligible dependent children are covered under one plan at the same premium amount.

Guaranteed Issue

As a new employee, within your first 30-days of being hired you may enroll in a guaranteed issue amount of coverage without a EOI. During annual enrollment those already enrolled in NCFlex Life Insurance may increase Employee and Spouse coverage on a guaranteed issue basis by $10,000 or $20,000 up to the guaranteed issue amount.

  • Employee Coverage: $200,000
  • Spouse Coverage: $50,000
  • Child Coverage: $10,000 or $5,000 (no EOI required)

Evidence of Insurability (EOI)

Evidence of Insurability (EOI), approved by Voya Financial, is required for:

  • Coverage elections greater than the guaranteed issue amounts
  • Applicants previously denied coverage by Voya Financial under this plan

Continuation Options

NC Flex Group Term Life Insurance, dependent term life insurance and voluntary group term life insurance coverage ends upon your termination from the university or loss of eligibility. You may be able to continue all or a portion of your insurance or convert to an individual policy. Please see the below documents for coverage continuation.

Continuation Notice

Additional Group Term Life Benefits

  • Disability Waiver of Premium If you become totally disabled prior to age 60 the life insurance premium is waived. This includes spouse and
    child(ren) coverage.
  • Funeral Planning and Concierge Services: Allows you to contact professionals who can help with funeral planning for yourself and eligible
    family members.
  • Accelerated Death Benefit: You and your spouse may be eligible to receive 50% of the Group Term Life benefit, up to a maximum of $250,000,
    while living if you are:

    • Diagnosed with a terminal illness and have fewer than six months to live.
    • Diagnosed with a condition requiring continuous confinement.

For more information on this plan, please visit the NCFlex Group Term Life Insurance Website.

Premiums

UNC System Group Term Life Insurance

& Accidental Death and Dismemberment (AD&D)

NCFlex Group Term Life

Age of Employee, Spouse or Domestic Partner Employee Monthly Rates per $1000 of coverage Spouse or Domestic Partner Monthly Rates per $1000 of coverage Age of Employee Monthly Rates per $1000 of coverage
Under 25 $.040 $.023 0-24 $.04
25-29 $.044 $.027 25-29 $.05
30-34 $.049 $.032 30-34 $.07
35-39 $.055 $.038 35-39 $.08
40-44 $.063 $.046 40-44 $.09
45-49 $.087 $.070 45-49 $.13
50-54 $.135 $.118 50-54 $.22
55-59 $.221 $.204 55-59 $.40
60-64 $.351 $.334 60-64 $.64
65-69 $.633 $.616 65-69 $1.27
70-74 $1.001 $.984 70-74 $2.06
75-79 $1.253 $1.236 75+* $2.06
80 and over $1.830 $1.813

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

UNC System Life Child(ren) Monthly Coverage Rates

  • $10,000: $.050 (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)

Plan Documents

UNC System Group Term Life Insurance & AD&D (Securian)

NCFlex Group Term Life Insurance (Voya)