Life Insurance
- This is one of our income protection benefits designed to help you build and protect financial security for you and your dependents
- For your convenience, both the Life Conversion and Life Portability Request forms have been added to the Benefits sub-menu section located in the "Key Forms" (near the upper right area)
- For more information about life insurance, please review the Benefits Booklet located in the upper right corner, within the Resources box
- Customer Care Center at 800.351.7500 (8 a.m. - 7 p.m ET weekdays)
- Our group plan number is GL 156761
- For additional information, please see:
-
Loyola pays the entire cost of this coverage and the policies are currently administered through Reliance Standard. See below.
-
As mandated by the IRS, coverage amounts in excess of $50,000 are subject to imputed income whereby the cost of the life insurance coverage in excess of $50,000 is subject to federal income and Social Security (FICA) taxes. The taxable amount is included in your W-2 and is calculated using an IRS age-based table.
Age | Percentage |
65-69 | 65% |
70-74 | 45% |
75-79 | 30% |
80-84 | 20% |
85+ | 15% |
- 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
Automatic Reduction of Supplemental Life Insurance: For Insureds age 65 and over, the Amount of Supplemental Life Insurance is subject to automatic reduction. Upon the Insured’s attainment of the specified age below, the Amount of Supplemental Life Insurance will be reduced to the applicable percentage. This reduction also applies to Insureds who are age 65 or over on their Individual Effective Date.
Age | Percentage |
65-69 | 65% |
70-74 | 45% |
75-79 | 30% |
80-84 | 20% |
85+ | 15% |
Child: If you are benefit-eligible, you also may purchase a flat $5,000 plan that covers your unmarried dependent children from age six months until age 26. 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.
Automatic Reduction of Basic Life & Supplemental Life Insurance Coverages: For Insureds age 65 and over, the Amount of Basic Life and Supplemental Life Insurance is subject to automatic reduction. Upon the Insured’s attainment of the specified age below, the amount Life Insurance will be reduced to the applicable percentage. This reduction also applies to Insureds who are age 65 or over on their Individual Effective Date.
Age | Percentage |
65-69 | 65% |
70-74 | 45% |
75-79 | 30% |
80-84 | 20% |
85+ | 15% |
- If employees are newly hired, they may elect supplemental life insurance up to 2x annual salary without an EOI, if they enroll within the first 31 days of employment. Any new election or increase to coverage made after a new hire enrollment period will require EOI
- The Evidence of Insurability (EOI) form is located in the Benefits section found within the "Key Forms" box (upper right area)
-
Beneficiaries can be updated online anytime during the year by visiting Employee Self-Service, located in the Resources section (upper right)
-
You are able to designate both a primary and secondary beneficiary for your own insurance plan
Dependents are determined as follows:
- An Insured's legal spouse; and
- An Insured's unmarried child(ren), from birth to 20 years, who is financially dependent upon the Insured for support. Adoptive, foster, and stepchildren are considered dependents if they are in the custody of the Insured; and
- An Insured's unmarried child(ren), attending a college or other school on a full-time basis, who is financially dependent upon the Insured for support, up to age 26; and
- An Insured's child(ren) beyond the limiting age who is incapable of self-sustaining employment by reason of intellectual disability or physical handicap, and who is chiefly dependent on the Insured for support and maintenance.
- For life insurance purposes only, an unmarried dependent child, who is eligible for life insurance benefits, is covered up to age 26. You may have portability options to continue your life insurance, provided you are not sick or injured. Portability permits a portion of your existing (group) coverage to be continued through the carrier after your University employment ends if you contact Reliance Standard within 31 days of your last day worked
- To obtain an application for either option, you may contact Reliance Standard. Please see below.
- Customer Care Center: 800.351.7500 (8 a.m. - 7 p.m ET weekdays)