Life Insurance

If life throws you a curveball - or worse - CU's life insurance policies can help provide coverage for your family.

Plan overview: 

Provider: The Standard Insurance Co. 

All eligible employees are automatically enrolled in this university-funded basic term life policy, which covers faculty and university staff at $57,000 and classified staff members at $50,000.

Features and Considerations:

This plan also includes an accidental death and dismemberment (AD&D) benefit. Should a covered employee's death be ruled an accident, the AD&D provision provides a benefit up to $57,000 for faculty and university staff and $50,000 for classified staff, in addition to the amount of basic term life. 

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What's covered?

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Premiums are paid for by the University. This is not a voluntary Life Insurance plan.

Policy Details

Faculty and university staff receive $57,000 in coverage from Basic Term Life. Classified staff receive $50,000 in coverage from Basic Term Life. This plan pays a benefit if the employee's death is considered natural.

In addition to Basic Term Life, employees also receive an accidental death and dismemberment (AD&D) benefit. If an employee's death is ruled an accident, AD&D provides an additional $57,000 for faculty and university staff and $50,000 for classified staff in addition to the Basic Term Life benefit. 

Taxes

According to IRC regulations (IRC section 79), life insurance coverage over $50,000 may be subject to federal taxes. The amount of coverage above $50,000 is multiplied by a premium rate based on an employee's age at the end of the calendar year, which results in a monthly amount of imputed income.

This imputed income, reduced by the amount the employee paid toward the insurance, is taxable as a benefit and is, therefore, added to the employee's applicable wage base for federal income tax, Social Security tax and Medicare tax purposes.

This does not apply to spouse's/same-gender domestic partner's optional life insurance.

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What's covered?

What the plan covers

In the event of your death, benefits are payable to your named beneficiaries. Additionally, benefits may be payable to you (the covered member) for losses other than life, such as loss of hand, foot, sight, speech, hearing, paralysis or certain other losses caused by an accident.

Claim Assistance

Claims must be provided to Standard Insurance Co. within 90 days after the date of loss.

If a claim has been rejected, call 303-860-4200, option 3, and an Employee Services benefits professional will help you explore your options.

When does my coverage end?

If you are enrolled in one or more of the term life insurance plans and you lose eligibility, contact Employee Services immediately for information on your right to conversion or portability.

Address Changes

To change your address, phone number and email:

  1. Log in to your campus portal at my.cu.edu.
  2. Select the NavBar in the right-hand corner.
  3. Select the CU Resources link.
  4. Under the My Info and Pay menu, select Employee Profile. Here, you can update your addresses, phone numbers, emergency contacts, email addresses and more.

Plan overview: 

Provider: The Standard Insurance Co.

Eligible employees, spouses/same-gender domestic partners and dependents have the opportunity to purchase a separate, elective term life insurance plan, which includes accidental death and dismemberment (AD&D) benefits in the same amount. 

Features and Considerations:

Newly eligible employees may enroll in $1,000 increments up to three time their annual salary not to exceed $500,000. Newly eligible spouses/same-gender domestic partners may elect up to $50,000, not to exceed the employee's Optional Life insurance election.

Eligible dependent children may be enrolled in flat amounts of either $5,000 or $10,000.

If you'd like to enroll in, or add to, your existing optional life insurance coverage during the plan year or at Open Enrollment, you must send your Medical History Statement to Standard Life Insurance Company as evidence of insurability (EOI), who must approve your form before you receive coverage. You may submit an application for more benefit to Standard Insurance Co. at any time during the plan year.

Employees may decrease or revoke these elections at any time during the plan year.

Choose your plan

Submit a form below to Standard Insurance Co. to apply for more benefit

Review Monthly Rates

Optional Term Life Insurance + Accidental Death and Dismemberment Coverage for Employee or Spouse

Age

Standard monthly rate for every $1,000 of coverage

Discount monthly rate for every $1,000 of coverage*
Younger than 20 $0.076 $0.057
20-24 $0.078 $0.060
25-29 $0.083 $0.063
30-34 $0.10 $0.064
35-39 $0.11 $0.071
40-44 $0.137 $0.096
45-49 $0.201 $0.141
50-54 $0.305 $0.21
55-59 $0.484 $0.341
60-64 $0.893 $0.625
65-69 $1.44 $1.04
70-74 $2.51 $1.86
75 and older $4.50 $2.08

 *Discount rate (no tobacco use in the last 12 months)

Children's Optional Term Life Insurance + Accidental Death and Dismemberment Coverage
One rate covers all verified children
 
Coverage Amount

Monthly cost per enrollee

Option A
$5,000 group term + $5,000 AD&D $1.10

Option B
$10,000 group term + $10,000 AD&D $2.20

Policy Details

Newly eligible employees may enroll in $1,000 increments up to three times their annual salary, not to exceed $500,000. Newly eligible spouses/same-gender domestic partners may elect up to $50,000, not to exceed the employee's Optional Life Insurance election.

In addition to Optional Life, employees also receive an accidental death and disability (AD&D) benefit that provides coverage if an employee's death is an accident. The AD&D benefit matches the amount of Optional Life. For example, if you hold $2,000 in optional, you will also have $2,000 in AD&D.

Eligible dependent children may be enrolled in flat amounts of either $5,000 or $10,000

  Coverage options

Coverage increments for Employee or Spouse $1,000
Plan maximum for Employee $500,000
Plan maximum for Spouse $50,000
Flat rate for dependent children coverage $5,000 or $10,000

  Taxes

According to IRC regulations (IRC section 79), life insurance coverage over $50,000 may be subject to federal taxes. The amount of coverage above $50,000 is multiplied by a premium rate based on an employee's age at the end of the calendar year, which results in a monthly amount of imputed income.

This imputed income, reduced by the amount the employee paid toward the insurance, is taxable as a benefit and is, therefore, added to the employee's applicable wage base for federal income tax, Social Security tax and Medicare tax purposes. 

This does not apply to spouse's/same-gender domestic partner's optional life insurance.

Use your plan

Submit a form below to Standard Insurance Co. to apply for more benefit

What the plan covers

In the event of your death, benefits are payable to your named beneficiaries. Additionally, benefits may be payable to you (the covered member) for losses other than life, such as loss of hand, foot, sight, speech, hearing, paralysis or certain other losses caused by an accident.

 AD&D vs. Optional Life

Not sure which elective plan is right for your circumstances? Follow along with Anna to see if your needs match up:

Anna, a faculty member at UCCS, is reviewing the life insurance policy options offered through CU.

She wants to make sure that her family will be well protected in the event of her death or an accident that leaves her unable to provide income for them. Her CU Basic Term Life Insurance will pay $57,000, but she does not believe this will be enough for her family. To increase protection, Anna enrolls in Optional Life Insurance to increase her coverage.

But, Anna was still unsure about the amount of coverage she was receiving, especially for accidents.

She understands that accidents happen. Her current CU life insurance and Optional Life Insurance both have Accidental Death & Dismemberment (AD&D) benefit included, but she wants more protection for serious misfortunes such as loss of life or a dismemberment such as loss of hand, foot, sight, speech, hearing, paralysis or other losses caused by an accident. For these reasons, Anna enrolls in the Voluntary Accidental Death & Dismemberment plan.

When can I elect for Optional Life Insurance?

You do not have to wait until Open Enrollment to apply for Optional Life Insurance. You can apply to increase coverage at any time during the plan year. You must fill out and send a Medical History Statement Form (Faculty, Officers & University Staff or Classified Staff) to Standard Insurance Company as evidence of insurability (EOI), who must approve the application before you receive coverage.

When does my coverage end?

If you are enrolled in one or more of the term life insurance plans and you lose eligibility, contact Employee Services immediately for information on your right for conversion or portability. 

Address Changes

To change your address, phone number and email:

  1. Log in to your campus portal at my.cu.edu.
  2. Select the NavBar in the right-hand corner.
  3. Select the CU Resources link.
  4. Under the My Info and Pay menu, select Employee Profile. Here, you can update your addresses, phone numbers, emergency contacts, email addresses and more.

Plan overview: 

Provider: The Standard Insurance Co.

Employees may add or increase voluntary accidental death & dismemberment (AD&D) insurance during Open Enrollment. AD&D is separate, elective insurance that provides a benefit in the event of an insured member's covered loss of life or dismemberment such as hand, foot, sight, speech, hearing paralysis or other losses caused by an accident. 

Choose your plan

What's covered?

Review Monthly Rates

Voluntary Accidental Death and Dismemberment Coverage
  Coverage Amount Monthly cost per enrollee
Employee or Spouse $10,000 - $250,000 $0.28 (for every $10,000 of coverage)
Child(ren) $5,000 $0.14

Policy Details

  Employee Spouse/Same-Gender Domestic Partner Dependent Children
Initial Eligibility May enroll in increments of $10,000, up to the lesser of:
  1. 10 times employee's annual salary ; or
  2. $250,000
May enroll in increments of $10,000 for an amount less than or equal to the amount of the employee's coverage. May enroll in $5,000 as long as the employee is enrolled
Qualifying Life Event and Open Enrollment May enroll in increments of $10,000, up to the lesser of:
  1. 10 times employee's annual salary ; or 
  2. $250,000
May enroll in increments of $10,000 for an amount less than or equal to the amount of the employee's coverage. May enroll in $5,000 as long as the employee is enrolled
Other May decrease or revoke election any time during the plan year May decrease or revoke election any time during the plan year May revoke election any time during the plan year

 Taxes

According to IRC regulations (IRC section 79), life insurance coverage over $50,000 may be subject to federal taxes. The amount of coverage above $50,000 is multiplied by a premium rate based on an employee’s age at the end of the calendar year, which results in a monthly amount of imputed income.

This imputed income, reduced by the amount the employee paid toward the insurance, is taxable as a benefit and is, therefore, added to the employee's applicable wage base for federal income tax, Social Security tax and Medicare tax purposes.

This does not apply to spouse’s/same-gender domestic partner’s optional life insurance.

Use your plan

What's covered?

What the plan covers

AD&D is separate, elective insurance that provides a benefit in the event of an insured member's covered loss of life or dismemberment such as hand, foot, sight, speech, hearing paralysis or other losses caused by an accident.

 AD&D vs. Optional Life

Not sure which elective plan is right for your circumstances? Follow along with Anna to see if your needs match up:

Anna, a faculty member at UCCS, is reviewing her life insurance policy offered through CU.

She wants to make sure that her family will be well protected if something were to happen to her, such as death or illness. Her CU Basic Term Life Insurance will pay $57,000, but she does not believe this is enough. Therefore, Anna enrolls in Optional Life Insurance to increase her coverage.

However, Anna was still unsure about the amount of coverage she was receiving, particularly for accidents. 

She understands that accidents happen. her current CU life insurance has Accidental Death & Dismemberment (AD&D) benefit included, but she wants more protection for misfortunes such as loss of life and dismemberment such as loss of hand, foot, sight, speech, hearing, paralysis and other losses caused by an accident. For these reasons, Anna enrolls in the Voluntary Accidental Death & Dismemberment plan.

When does my coverage end?

If you are enrolled in one or more of the term life insurance plans and you lose eligibility, contact Employee Services immediately for information on your right for conversion or portability. 

If you lose coverage due to termination of employment or reduced work hours, you may be eligible to up to 18 months of continuing coverage under COBRA

Qualifying Life Events

Recently had a significant life event, such as getting married or having a baby? Your benefits coverage may need to be adjusted. Find out how

Address Changes

To change your address, phone number and email:

  1. Log in to your campus portal at my.cu.edu.
  2. Select the NavBar in the right-hand corner.
  3. Select the CU Resources link.
  4. Under the My Info and Pay menu, select Employee Profile. Here, you can update your addresses, phone numbers, emergency contacts, email addresses and more.