Reduction in Life Insurance Rates Creates Opportunity for Faculty & Staff
Special Enrollment Period Oct. 24 - Nov. 11
Insurance premiums for Duke's Supplemental Life Insurance Plan are being reduced, and faculty and staff will have an opportunity to enroll or purchase additional coverage at the reduced rates during a special enrollment period Oct. 24 - Nov.
11.
The special enrollment offers faculty and staff an opportunity to review their current coverage and consider any changes that may affect their insurance needs - such as a larger mortgage or the addition of children.
"Financial experts recommend that people have life insurance ranging from five to eight times their annual pay, but the average family only has coverage equal to three times their salary or less," Green said. "For most families, that is not nearly enough. Supplemental life insurance helps ensure that your family will be provided for financially in the event of your death. Through this program, faculty and staff can get the coverage they need to obtain additional security for their family at reduced cost."
During the special enrollment period, faculty and staff can obtain coverage up to eight times their annual pay, if they meet eligibility requirements. Faculty and staff scheduled to work at least 20 hours per week are eligible to apply for coverage and will need to demonstrate insurability by answering a few basic questions about their health. Premiums, which are based upon the amount of coverage selected, age, and smoker status, are paid through payroll deduction. The new rates will become effective January 1, 2006, and are guaranteed through December 31, 2008.
The enrollment form will be mailed to eligible faculty and staff in October,
or you can enroll at the
Marsh@Work Solutions Web Site.
The Supplemental Life Insurance Plan allows faculty and staff to purchase additional term life insurance to enhance the $10,000 basic life insurance paid for by Duke. Duke also provides one month's pay for each complete year of full-time service (up to a maximum of six months of pay) to an employee's spouse, registered same sex spousal equivalent, or estate in the event of death while employed by Duke.
For more information about the special enrollment period or about selecting
additional coverage for yourself, your spouse/spousal equivalent, and your
dependent children, please visit the
Supplemental Life Insurance Web
Site or contact the Supplemental Life Insurance program manager, Marsh@Work Solutions at 1-800-552-9670 or
www.personal-plans.com/duke.
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