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Loyola University Chicago

Human Resources

Supplemental Life Insurance


If you are benefits-eligible (University Staff FTE .53 or higher; HSD Staff .50 FTE or higher) and interested in additional Term Life Insurance coverage for yourself, you may purchase Supplemental Life Insurance. This coverage may be purchased in amounts equal to 1, 2, 3, 4, or 5 times your annual salary, up to a maximum of $500,000. The cost for this coverage is based on your age. The premium you pay for this coverage automatically changes when your salary or age changes. Please realize that the amount of coverage you select maybe subject to Evidence of Insurability rules. In compliance with the Age Discrimination in Employment Act (ADEA-B), Basic and Supplemental Life Insurance coverage will be reduced when the employee reaches age 65. The amounts of coverage decrease as shown in the chart to the right.

Life Insurance Benefits Reductions at Ages 65–85
Age Insurance Benefit Is Reduced by:
65 35%
70 55%
75 70%
80 80%
85 85%

Effective January 1, 2014, employees will no longer have to wait for open enrollment to enroll in life insurance. You will be able to enroll year-round but will still need to complete the EOI or if you have a qualifying event (birth of a child or marriage for example) you may be able to add additional coverage without completing an EOI. See Evidence of Insurability section further down on this page. Premiums for supplemental life insurance are listed below:

Supplemental Life Insurance Rates for You
Age Rate per $1,000 Age Rate per $1,000
< 30 $0.06 55–59 $0.62
30–34 $0.08 60–64 $0.88
35–39 $0.10 65–69 $1.38
40–44 $0.12 70–74 $2.06
45–49 $0.20 75–79 $2.06
50–54 $0.34 80< $3.42

Calculating the Cost of Your Supplemental Life Insurance Coverage

Follow these steps:

Step 1—Employee Supplemental Life $                      Your Yearly Salary
x                      1, 2, 3, 4, or 5 (salary multiples)
= $                      Amount of Coverage you want
Step 2 Round the Amount of Coverage to the next higher $10,000 increment
(e.g., $214,300 becomes $220,000)
Step 3 $                       Your Coverage Amount ÷ 1,000 = Employee Units
Step 4 Employee Units x $ Employee Cost */Per Unit            = $                       
Step 5—Spousal Life* Spouse Coverage $ Cost                                              = $                       (+)
Step 6—Child Life* $5,000 Children @ $0.36 Cost                                     = $                       (+)
Total Monthly Cost: = $                       


If you are benefits-eligible, you may purchase life insurance coverage for your spouse in $5,000 increments up to $50,000 and thereafter, $10,000 increments up to a maximum of $100,000. However, the maximum coverage for your spouse without Evidence of Insurability (EOI) is $25,000, only for a new hire. A Legally Domiciled Adult (LDA) is not eligible to enroll in Spousal Life insurance.


If you are benefits-eligible, you also may purchase a flat $5,000 plan that covers your dependent children from age six months until age 26 (as long as they are unmarried). You may cover newborns and newly adopted children if you enroll them within 31 days after their arrival. The coverage amount for newborns through age six months is $1,000.

Evidence of Insurability for Supplemental Life for Employee and Spouse

Evidence of Insurability (EOI) is the process by which an insurance carrier determines if you or your spouse is insurable at or above a certain dollar amount by requiring proof of good health. Evidence of Insurability will be required for any combination of your Basic and Supplemental Life Insurance exceeding $500,000. If you are newly hired, you may elect supplemental life insurance up to 2x your annual salary without an EOI if you enroll within the first 31 days of employment. Any new election or increase to coverage made after your new hire enrollment period will require EOI.

To start the EOI process, you will complete a Benefit Enrollment/Change form. Complete sections 1 and 6 on the form, sign and date it and return to benefits via email at hr-wtc@luc.edu or fax it to 312.915.7612. A benefits representative will contact you after receipt of your form to advise you of the next step. Please complete the Evidence of Insurability form here to continue the process.

Evidence of Insurability
When evidence of insurability is required Applies Does not apply
Basic life insurance (1.5 times your annual salary)  
If combination of basic and supplemental is greater than $500,000  
If spousal dependent life is greater than $25,000  
Any change to supplemental life or spouse life is not elected within the first 31 days of employment