Supplemental Life Insurance

Coverage for Employees

Eligible employees can elect 1, 2, 3, 4 or 5 times their annual base salary or $750,000, whichever is less.  If you enroll during your 31-day new employee enrollment period, you are guaranteed coverage up to 3 times your base annual salary or $500,000, whichever is less. This is your Guarantee Issue (GI), which is not  subject to Evidence of Insurability (EOI) as long as you enroll during your 31-day enrollment period.

If you wish to elect coverage greater than 3 times your base annual salary or $500,000, whichever is less, you are subject to Evidence of Insurability (EOI).  Refer to the Supplemental Life Insurance Overview page for additional information. 

Employee Supplemental Life Insurance will be reduced:

• to 65% of the pre-age 65 amount at age 65
• to 45% of the pre-age 65 amount at age 70
• to 30% of the pre-age 65 amount at age 75
• to 20% of the pre-age 65 amount at age 80
• to 15% of the pre-age 65 amount at age 85
• to 10% of the pre-age 65 amount at age 90

Coverage Beyond the Guarantee Issue Maximum

Coverage over the Guarantee Issue (GI) maximum, is subject to Evidence of Insurability (EOI).  Refer to the Supplemental Life Insurance Overview page for additional information.  If approved, The Standard will notify you and SMU Human Resources of the increase in coverage and your payroll deductions will be adjusted accordingly. If denied, only you will be notified.

New Enrollment and Coverage Increases

After the initial eligibility period (i.e., new employee 31-day enrollment period) expires, any new enrollments and coverage increases are subject to Evidence of Insurability (EOI). Refer to the Supplemental Life Insurance Overview page for additional information.  If approved, The Standard will notify you and SMU Human Resources of the increase in coverage and your payroll deductions will be adjusted accordingly. If denied, only you will be notified.

What if I Was Not Previously Enrolled and I Have a Qualified Life Event?

The only exception is a qualified Life Event (e.g., marriage, birth of a child, etc.)  In this case, the guidelines for new employee enrollment will apply.  You must contact Human Resources and make your election via my.SMU.edu within 31 days of the Life Event.

Beneficiary Designations

It is very important that you designate one or more beneficiaries for your Supplemental Life Insurance. You will complete your designations via The Standard's Online Beneficiary Designation System. The Online Beneficiary Designation Guide will walk you through the process. You will need the Company Key: standardbendes. You will find helpful information in the Beneficiary Designation FAQ.

Coverage for Spouse

You may elect up to $50,000 coverage (or an amount equal to your Supplemental Life coverage amount, if less than $50,000) for your legal spouse, from whom you are not legally separated or divorced.  

This coverage is not subject to Evidence of Insurability if he/she is enrolled during the new employee enrollment period. In the event of the death of your spouse the benefit is paid to you as beneficiary.

Age-Based Coverage Reductions

Spouse Life Insurance will be reduced:

• to 65% of the pre-age 65 amount at age 65
• to 45% of the pre-age 65 amount at age 70
• to 30% of the pre-age 65 amount at age 75
• to 20% of the pre-age 65 amount at age 80
• to 15% of the pre-age 65 amount at age 85
• to 10% of the pre-age 65 amount at age 90
  
  

Coverage for Children

You may elect up to $10,000 per child.  Children include your unmarried adopted, foster, or step-children under age 25, who are in your custody or who are physically or mentally disabled, and under your supervision.  Unmarried natural or adopted grandchildren, under age 25, who are financially dependent upon you for support may also be covered.

This coverage is not subject to Evidence of Insurability if they are enrolled during the new employee enrollment period. In the event of the death of a covered child, the benefit is paid to you as beneficiary.

How to Calculate the Cost of Supplemental Life Insurance

Employee

Divide your coverage amount by 1000.  Multiply the result by the applicable rate, based on your age, from the table below to determine the monthly premium.

Spouse

Divide the coverage amount by 1000.  Multiply the result by the applicable rate, based on the age of your spouse, from the table below to determine the monthly premium. 

Children

The cost of coverage for child(ren) is $1.90 per month per family unit (regardless of the number of children covered).