Basic and Supplemental Life Insurance
Basic Life Insurance (Full-Time and Part-Time 30 to 39 hours)
The life insurance coverage is equal to 2 times your annual base pay up to a maximum $150,000. The premium for Basic Life Insurance coverage is paid by the University and enrollment is automatic and does not require you to make an election for coverage.
Taxation of Basic Life Insurance in Excess of $50,000
According to the Internal Revenue Service taxation rules (IRS Code Section 79), the premium value of Group Term Life Insurance in excess of $50,000 provided by an employer is subject to taxation and calculated as imputed income to you. Applicable federal, state, Medicare and local taxes will be withheld. The actual amount of taxes paid will vary based on your individual tax bracket. Taxation of the Life Insurance is automatic and applies to the Basic Life Insurance Plan and not to the Supplemental Employee, Spouse and Dependent Life Insurance.
Factors used to determine the amount of taxable imputed income:
- Basic Life coverage amounts over $50,000,
- The IRS age-based premium rates, and
- An employee’s age as of December 31st of the tax year.
Please note that the tax withholding is based on the value of the premium cost of insurance over $50,000.
Employee Supplemental Life Insurance
Monthly rates per $1,000 of coverage (Employee, Spouse)
| Age | Non-Tobacco User | Tobacco User |
|---|---|---|
| < 25 | $0.031 | $0.064 |
| 25–29 | $0.031 | $0.064 |
| 30–34 | $0.037 | $0.080 |
| 35–39 | $0.048 | $0.095 |
| 40–44 | $0.069 | $0.138 |
| 45–49 | $0.113 | $0.227 |
| 50–54 | $0.174 | $0.348 |
| 55–59 | $0.323 | $0.646 |
| 60–64 | $0.392 | $0.784 |
| 65–69 | $0.683 | $1.366 |
| 70–74 | $1.107 | $2.214 |
| 75 and older | $1.558 | $3.117 |
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Dependent Life Insurance: $.50 per month for all covered dependents. Note: Rates are based on tobacco user status. Monthly premium amount is divided between the first two paychecks of each month. |
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- Cost of coverage increases in the month in which your age reaches a new age-band.
- A reduction in employee Supplemental Life coverage may result in a reduction to spouse coverage if level does not fall within plan rules.
Life Insurance Plan Rules
- Employee Supplemental Life Insurance is required to enroll in Supplemental Spouse Life Insurance coverage.
- Supplemental Life Insurance coverage for your spouse cannot exceed 100% of your Employee Supplemental Life Insurance coverage.
- The maximum Guaranteed Issue limit of coverage without Evidence of Insurability (EOI):
- Employee: $200,000
- Spouse: $100,000
- EOI is required for coverage amounts of $210,000 to $500,000 for an employee and $105,000 to $250,000 life insurance coverage for a spouse.
- This policy does not allow an employee to be covered as a spouse of another employee.
Waiver of Basic Life Insurance
You can voluntarily “waive” or “opt-down” coverage in excess of $50,000 for Basic Life and AD&D Insurance. If you wish to waive coverage in excess of $50,000, a Waiver of Basic Life Insurance Over $50k form must be completed and emailed to Human Resources Benefits at benefits@csuohio.edu. You may request to revoke the waiver of insurance at any time by submitting a written request and Evidence of Insurability to Minnesota Life, a Securian Company. See details below.
Supplemental Life Insurance
Cleveland State University offers three Supplemental Life Insurance Plans—Employee, Spouse, and Dependent Life Insurance. The maximum Employee Supplemental Life Insurance coverage is $500,000 and $250,000 for spouse. Each dependent child can be covered at $10,000, up to age 26. Employees must be enrolled in the Employee Supplemental Life Insurance Plan to request coverage for Spouse and/or Dependent Life Insurance. Evidence of Insurability (EOI) is the process of providing medical evidence to Minnesota Life, a Securian Company, of your ability to be insured. If EOI is required, the process requires completing a medical history statement.
If you wish to enroll in Employee, Spouse, or Dependent Life Supplemental Life Insurance Plans, you may request coverage within 31 days of your new hire date through myBenefits, the online enrollment application. A request for coverage of any amount after your new hire election period has expired is considered a late application and is subject to review by Minnesota Life, a Securian Company, for Evidence of Insurability (EOI). Late applications for coverage may be submitted at any time during the year.
Evidence of Insurability (EOI) is the process of providing medical evidence to Minnesota Life, a Securian Company, of your ability to be insured. If EOI is required, the process requires completing a medical history statement.
The premium cost for Employee or Spouse Supplemental Life Insurance is based on a tobacco and non-tobacco user rate structure. The cost is based on your attestation of tobacco or non-tobacco use for yourself and/or spouse and each person’s age.
Travel Assistance
Minnesota Life, a Securian Life Company, offers travel assistance through Redpoint WTP LLC to employees and their family members who are insured under a Basic or Supplemental Life Insurance Plan. For more information, click here.