Life Insurance Plans
NSU is committed to providing a comprehensive range of basic and optional life insurance options designed to ensure financial security and peace of mind for you and your loved ones.
Basic Life Insurance and Accidental Death & Dismemberment (AD&D)
Basic Life Insurance provides a fundamental level of financial protection for your beneficiaries in the event of your passing, ensuring that they receive a set benefit amount to help cover expenses and maintain financial stability. Additionally, Accidental Death & Dismemberment (AD&D) Insurance offers extra coverage by providing benefits in cases of death or severe injury resulting from an accident. Together, these policies offer peace of mind by safeguarding your loved ones and supporting their financial well-being during unexpected circumstances.
Employees working 19.2. hours or more per week are provided with Basic Life and AD&D at no cost and employees are automatically enrolled in these benefits.
Basic Life Insurance is the equivalent of an employee’s annual base salary (does not include overtime or overload).
Make sure you have your beneficiaries up to date.
To review or make changes, please go to your ICUBA benefits profile via Sharklink.
Optional Life Insurance (provided through Lincoln Financial Group (LFG))
Note: LFG Optional life coverage is not currently available for employees in the American Territories.
Optional Life Insurance allows you to enhance your financial protection by choosing additional coverage tailored to your individual needs by offering the flexibility to select higher coverage amounts or additional features to better suit your personal and family financial goals.
Rates for Optional Life Insurance are age banded (increase every 5 years) for policy increments of $10,000.00. Guaranteed coverage is available up to $300,000.00 for newly hired employees or when employees make changes during an IRS Section 125 qualifying life event.
- You may elect up to $500,000 in coverage.
- Changes made during the annual Open Enrollment period as well as coverage exceeding $300,000 required simplified medical underwriting (Evidence of Insurability)
- Optional Life Insurance coverage is an age reduced policy
- Elected coverage decreases to 67% of the benefit at age 65 and 50% of the benefit at age 70.
You can contact Lincoln Financial Group by calling 800-291-0112 or visiting their website www.mylincolnportal.com