Life and AD&D insurance

Employee life insurance can provide money for your family if you die or are diagnosed with a terminal illness.

Lynn University provides basic group term life insurance at no cost to you. In addition you have the option to purchase additional group term life insurance coverage for yourself, your spouse and your dependent child(ren).

You are asked to designate beneficiaries for coverage on your life insurance at the time you enroll in Lynn University benefits. Beneficiaries can be changed at any time during the year.

You keep coverage for a set period of time, or "term". If you die during that term, your coverage level is paid to the designated beneficiaries listed on the policy.

Accidental Death & Dismemberment (AD&D) is also included. AD&D pays benefits if the policy holder is injured or dies as a result of a covered accident. If the accident results in death, beneficiaries will receive benefits from both the life insurance and AD&D policy.

Additionally, if you are diagnosed with a terminal illness with less than 12 months to live, you can request 100% of your life insurance benefit (up to $250,000) while you are still living. This amount will be taken out of the death benefit and may be taxable.

All Lynn University life plans—employee, spouse and child—are insured by Unum.

You are automatically enrolled in Lynn's basic life insurance coverage at one times your annual base pay (up to $100,000), paid for by Lynn University.

Your annual base pay is your gross earnings prior to any deductions. It does not include any stipends, bonuses, overtime pay or other compensation.

Supplemental life insurance extends your basic life coverage up to five times your annual salary. You choose the amount of coverage that's right for you.

Your coverage amount is based on your annual base pay at the time of enrollment. The maximum amount of supplemental life insurance coverage that you can purchase through Lynn University is the lesser of five times your annual salary or $500,000.

Rates are based on age and coverage amounts. As you age, your rate will remain the same until the next plan year. If your base pay changes during the year, your rate will adjust and any benefit paid to your beneficiary(ies) will be based on your actual pay at the time life insurance benefits become payable.

If you are enrolled in supplemental life insurance, you can elect spouse coverage up to $250,000. The amount of coverage you elect for your spouse cannot exceed 50% of your total supplemental life insurance cover. Benefits will be paid to you if your spouse dies while covered under Lynn’s life insurance plan.

If your spouse is also an employee at Lynn University and is eligible for benefits coverage, you cannot cover him or her as a dependent under the life insurance plan.

You can elect child coverage of $10,000 per child if you are enrolled in supplemental life insurance of $20,000 or more. The cost for this coverage is the same regardless of the number of children you cover.

Evidence of insurability is proof of good health as certified by a licensed doctor and approved by Unum. You or your covered dependents will be required to provide evidence of insurability when electing more than $150,000 in coverage under Lynn's supplemental or dependent life insurance plans. When asked, you will need to complete an online questionnaire that provides information about your health and medical history, so that Unum may determine whether you qualify for certain levels of coverage.

The amount of your benefits reduces by 65% at age 65; and 50% of the original amount at age 70. Any reduction in your benefits may also reduce your spouse and child life insurance coverage amounts, if enrolled, in order to satisfy the rule that your dependent life insurance coverage cannot be more than 50% of your life insurance coverage.

If you terminate your employment, or if you or your dependents become ineligible for life insurance and/or AD&D coverage for a reason other than nonpayment of premium or policy termination, then you will have the option to convert all or part of the terminated group Life Insurance to an individual life policy without evidence of insurability. Conversion election must be made within 31 days of your coverage termination.

For full plan details, general questions, and claim status call Unum directly at +1 866- 679-3054.