Voluntary Life Insurance provided through Lincoln Financial Group.
Rates for the Group Term 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. Changes made during the annual Open Enrollment period require the completion of an Evidence of Insurability form.
Enrollment in term life is made during your new hire enrollment period through the ICUBA Enrollment Portal, this is an OPTIONAL benefit requiring an election and premium payment. The Group Term Life Insurance is an age reduced policy.
Elected coverage decreases to 65% of the benefit at age 65 and 50% of the benefit at age 70.