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Life Insurance

State Life

Provider:Minnesota Life Insurance Company
Contact Information: Minnesota Life Insurance Company
Eligibility:Benefits-eligible employees
Coverage:Insured for twice the employee's annual wage, with a minimum of $30,000 and a maximum of $100,000 coverage. Please note that state-sponsored group term life insurance coverage over $50,000 is subject to imputed tax under the Internal Revenue Service Code Section 79.
Cost: The premium is 18 cents per $1,000 of coverage per month (9 cents per semi-monthly). The employee pays one half of the premium and the university pays the other half of the premium.



Supplemental Term Life

Provider:UNUM Provident
Contact Information: The Benefits Center
P.O. Box 100158
Columbia, SC 29202-3158
Eligibility:Benefits-eligible employees, their spouses and dependent children
Coverage:Employees may elect coverage up to five times their annual wage with a maximum of $500,000 for self and spouse. Coverage amounts are available for dependent children in two thousand dollar increments up to a maximum of $10,000.
Cost:The employee is responsible for the full cost. Premiums for employee and spouse coverage are based on age and adjusted annually effective with the January premium, which is deducted from the December paychecks.