Life and Accidental Death/Disability Insurance
University Paid Group Life and AD&D Insurance
- Full time employees are eligible for Samford's group life insurance plan upon date of hire
- The carrier is Fort Dearborn Life and it is a term life policy.
- The amount of coverage is equal to two and one-half times your annual salary up to a maximum of $600,000.00.
- This coverage is paid by Samford.
- The life insurance benefit doubles in the event of accidental death.
- The life insurance amount reduces if you are still actively employed at age 65.
- Samford also offers $2,000 of life insurance coverage (University paid) for your dependents.
- Click here for a copy of the Summary Plan Discription for the Group Life Insurance.
- Click here for a copy of the Summary Plan Discription for the Group AD&D Insurance.
Optional Life and AD&D Insurance
- Full time employees can also purchase additional life and accidental death insurance.
- Optional employee life can be elected in any amount from $10k up to $500k in $10k increments.
- Spousal life insurance can be elected in any amount from $10k up to $500k in increments of $10k.
- Guaranteed issue amount for optional employee life is $100,000 and the guaranteed issue amount for spousal life is $50,000
- The guaranteed issue amount is available during your first 30 days of employment. After this initial period, all amounts are subject to evidence of insurability.
- During your first 30 days of employment, evidence of insurability is not required up to the guaranteed issue of $100,000 for employee life, and $50,000 for spousal coverage. However elections over the guaranteed issue are subject to evidence of insurability.
- You may enroll in the optional life insurance at any time during your first 30 days of employment. After this initial period, you may enroll during annual open enrollment or if you experience a qualified change in family status.
- The premiums are based on age brackets and the rates are per $10,000. The brackets are as follows:
| Under 30: |
$0.60 |
| 30-34: |
$0.80 |
| 35-39: |
$0.90 |
| 40-44: |
$1.40 |
| 45-49: |
$2.00 |
| 50-54: |
$3.40 |
| 55-59: |
$5.80 |
| 60-64: |
$9.10 |
| 65-69: |
$14.30 |
| 70-74: |
$22.80 |
| 75+ |
$40.40 |
- Optional dependent life insurance is offered in $5,000 or $10,000 options.
- The premium for dependent life is $1.00 per month per $5000 of coverage regardless of the number of children insured.
- You must enroll in optional employee life or optional spousal life to enroll in optional dependent life.
- Optional AD&D insurance can by elected in multiples of $1,000.00.
- The cost for this insurance is 1.9 cents/$1000 for employee only coverage and 3 cents/$1000 for family coverage.
- Click here for a copy of the Optional Life Insurance Summary Plan Description.
- Click here for a copy of the Optional AD&D Insurance Summary Plan Description.
Life Insurance Frequently Asked Questions
- If I apply for optional coverage above the guaranteed issue during my first 30 days of employment and am denied due to my evidence of insurability do I loose my optional coverage?
No. If you apply for optional coverage above the Guaranteed Issue amount, we will automatically enroll you in the GI amount. Your denied approval for coverage above the GI amount does not affect your GI coverage.
- How do I know if I have been approved for coverage?
You will receive email notification from Human Resources regarding your approval. Your additional coverage becomes effective as of the date of approval.
- How long can my dependent children be covered with this insurance?
They are eligible until age 18 or until age 23 as a full time student.
- What happens to my optional life insurance if I leave Samford?
The insurance is portable and can be continued after you leave Samford. You will no longer pay the group rate, however.
- I have recently married. How do I change my beneficiary information?
Contact Human Resources. There is a form you will need to complete to update your beneficiary.
- Can I cancel my coverage at any time?
Yes, since this benefit is taken out after taxes, you may cancel it at any time.
