Universal Life Insurance is one of Duke's Flex Benefits. You have the flexibility to choose from this
broad range of benefit options for the coverage that best fits your life and your budget.
Universal Life Insurance
Employees and faculty regularly scheduled to work at least 20 hours per week are
eligible to purchase universal life insurance through payroll deduction. This is
a voluntary, employee paid program and is paid through payroll deduction. The
Universal Life Insurance program is not covered under the
Employee Retirement Income Security Act
(ERISA).
Eligibility
You are eligible to participate in the universal life insurance program if
you are an active employee or faculty, regularly scheduled to work at least
20 hours per week. You may convert the insurance to a direct pay policy when
you terminate or retire from Duke. House staff are not eligible for this
program.
An employee covered by a collective bargaining agreement isn't eligible
to participate in the program, unless participation was mutually agreed
to in the bargaining agreement.
Enrolling
There are two vendors authorized to provide you with the opportunity to buy this
insurance through payroll deduction - the Holroyd Agency and North Carolina
Mutual Life. This coverage also includes the potential for cash
accumulation through a cash value account. In general, a portion of the premium
you pay is used to pay expenses and the cost of the insurance, and the balance
of the premium goes into a cash accumulation fund. The interest earned on this
accumulation is tax-deferred.
You may sign up for coverage at any time.
To sign up for coverage with the Holroyd Agency, please contact them using the
toll free number provided below. To sign up for coverage with North Carolina
Mutual Life, please submit this enrollment
form directly to the vendor.
See the Plan Information section
for a chart highlighting information
from the respective vendors about their product as well as contact information
for each vendor. You may contact either or
both vendors to obtain additional information regarding coverage. Duke reserves the right, in its sole discretion, to modify, suspend or terminate
this program at any time, for any reason.
Plan Information
Holroyd Agency
1-800-582-1879 |
Coverage Type/Amounts
Qualified Issue1
3 x salary up to $100,000
Family Coverage Available
Underwritten by ReliaStar Life Insurance Co. of NY |
Minimum 4.5% |
North Carolina Mutual Life
1-866-533-2357 |
Qualified Issue2
18-39 age $63,000-$100,000
40-59 age $17,000-$ 59,000
60-65 age $12,000-$ 16,000
Family Coverage Available
Underwritten by NC Mutual Life Insurance Co. |
Minimum 4.5% |
- Qualified Issue for the insurance through the Holroyd Agency requires two
questions be satisfactorily answered. These questions are, "Have you been
hospitalized within the past 90 days? and Have you been diagnosed or treated
for AIDS or AIDS related complex?"
- Qualified Issue for the insurance through N.C. Mutual requires answering the
following questions: "Have you been diagnosed or treated by a licensed
physician for any illness or injury in the past year? Have you been hospitalized
in the past six months? Have you been diagnosed, treated or been prescribed
medication for AIDS related complex (ARC) or Acquired Immunodeficiency Syndrome
(AIDS)? Have you received a confirmed positive result on a FDA approved Human
Immunodeficiency Virus Test?"
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