Voluntary Term Life and AD&D Insurance
Financial health is important to Well-Being. Life insurance can provide you with a sense of security during your life knowing that you are protecting the financial future of those who matter most in the event you are not able to do so. Adding life insurance to your financial portfolio can benefit the people you care about. Similarly, Accidental Death & Dismemberment (AD&D) insurance can provide a benefit to your beneficiaries or to you in the event of certain accidents.
Kean University employees have the option of enrolling in the Lincoln Financial Group’s Term Life Plan and/or the Accidental Death and Dismemberment Insurance Plan. Eligible employees can elect Life Insurance and/or AD&D insurance for themselves. Provided they elect this coverage, they can also elect Life Insurance and/or AD&D insurance for their spouse at an amount not to exceed half of the employee’s coverage amount. Premium rates are based on age as of January 1 of each year and the coverage amount(s) elected. For one premium rate employees with life insurance coverage can also choose to cover their dependent children. Life insurance for children provides a benefit of $10,000 and the one premium covers all dependent children.
Eligibility
Elections are made annually in the fall during a determined annual enrollment period, to be effective on January 1 of the upcoming year. Similar to health insurance, full-time employees, spouses, civil-union partners, and same-sex domestic partners and dependent children are eligible for to elect Voluntary Term Life and/or AD&D Insurance Plan coverage.
During the year, newly hired employees and their eligible dependents may be covered after 60 days of continuous employment. Full-time faculty members whose appointments start on September 1 may be covered as of the beginning of the academic year. Faculty members that begin employment on other dates are eligible for Life and AD&D insurance following a 60-day waiting period.
Plan Highlights
Life insurance provides a cash benefit to the employee’s beneficiary in the event of the employee’s death. It provides a cash benefit to the beneficiary of the spouse in the event of a covered spouse’s death.
Accidental Death and Dismemberment Insurance provides a paid benefit in the event that a covered employee or spouse is injured, or dies, in a covered accident.
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Employee Life Insurance and Employee AD&D Insurance |
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Minimum coverage amount |
$10,000 |
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Maximum coverage amount* |
5xs annual salary in $10,000 increments. ($1,000,000 maximum) |
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Guaranteed coverage amount (the amount up to which you can elect without having to provide evidence of insurability.) |
$300,000 or 300% of the employee salary (whichever is less) |
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Spouse Life Insurance and Spouse AD&D Insurance |
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Minimum coverage amount |
$5,000 |
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Maximum coverage amount* |
50% of employee coverage amount in $5,000 increments. ($250,000 maximum) |
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Guaranteed coverage amount (the amount up to which you can elect without having to provide evidence of insurability.) |
$30,000 |
Additional Plan Benefits
- Group rates for eligible Kean University employees
- LifeKeys services which provides access to counseling, financial and legal support
- TravelConnect services which provide access to emergency medical assistance while on a trip 100+ miles from home
- Option to convert to an individual life insurance policy if no longer eligible for coverage (conversion is not available when eligibility for AD&D insurance ends)
- Portability available when eligibility for life insurance ends and election is made to continue coverage through a separate direct bill policy (portability may be available when eligibility for AD&D insurance ends
- Employee, under age 60, totally disabled from any occupation for 6 months in a row qualifies for Waiver of Premium for life and AD&D insurance and spouse coverage
- Terminally ill insureds provided an Accelerated Death benefit to use a portion of term life benefit in any manner, subject to restrictions
- One time payout, subject to age reductions
- Must have been insured for 12 months
- 12 months or less to live
Cost of Coverage
Selecting coverage for voluntary term life and AD&D through Lincoln Financial Group is optional. This insurance is a voluntary benefit and employees who choose this coverage pay the full cost. Employees pay through payroll deductions.
Voluntary Life Insurance Premium rates for eligible 12 month employees and eligible 10 month employees are based on age as of January 1 for each year the coverage is in effect, and the amount of coverage elected. Spouse coverage is based on the spouse’s age and the amount of coverage elected. Child life insurance coverage is a flat dollar amount of approximately $1.00 per pay period for $10,000 of coverage.
Voluntary AD&D Insurance Premium rates for eligible 12 month employees and eligible 10 month employees are based on a flat dollar amount multiplied by the coverage amount elected. Employee rates and spouse rates are calculated this way.
Additional Resources
Voluntary Term Life & Accidental Death & Dismemberment (AD&D) Insurance: Quick facts
Life Insurance Benefit Summary and Premium Rates 12 month Employees
AD&D Insurance Benefit Summary and Premium Rates 12 month Employees
Life Insurance Benefit Summary and Premium Rates 10 month Employees
AD&D Insurance Benefit Summary and Premium Rates 10 month Employees
LFG Enrollment Form for Life and AD&D Insurance
LFG Evidence of Insurability (EOI) Instructions
LFG Evidence of Insurability (EOI) FAQs
EOI – video tutorial - what is it and how does it work?
Designation of Beneficiary for Supplemental Lincoln Financial Group Benefits Plans
Additional Information
This coverage is in addition to any other life insurance or AD&D insurance employees may have such as the Group Term Life Insurance provided in the current benefits package.
If you have questions regarding Lincoln Financial Group’s Term Life and Accidental Death & Dismemberment Insurance Plan, please contact benefits@kean.edu