Group Term Life Insurance
The University pays for a policy equal to one times your annual salary to a maximum of $100,000, which goes into effect three months following your date of hire. You are responsible for designating and updating your beneficiaries. Log onto portal.adp.com to make any beneficiary designation changes.
For any amount of coverage over $50,000, the employee is required to pay taxes on that value. The on-line payslip now shows under the earnings section NC GTL Income which equates to the amount you are taxed on. Creighton is required to report this information on the W-2 each calendar year. If you have questions, please contact Human Resources at 402-280-2709.
Voluntary Employee Term Life Insurance
To provide added financial stability to your family's future, you may enroll in additional life insurance coverage for yourself, your spouse, and your child(ren). This benefit is 100% employee paid and is open for enrollment throughout the year since deductions are made post tax. Benefits are effective the first of the month following your date of hire.
Voluntary Term Life Options
Minimum Benefit Coverage
Maximum Benefit Coverage
$10,000 increments, not to exceed 5 times salary
Benefits Reduce at age 70
$5,000 increments; but no more than 50% of employee’s coverage
Must be under age 70 and not a CU employee
Choose a benefit in $2,000 increments up to $10,000 for all enrolled children
Must be at least 15 days old and less than 26 yrs unless in school full-time
Employee and spouse premiums are based on age, so refer to your new hire enrollment worksheet or portal.adp.com for personalized information. Rates increase as you age. Spouse coverage is limited to half of the employee’s election; if you elect $60,000 of coverage, your spouse could elect up to $30,000 of coverage. You must elect coverage in order to elect spouse or dependent coverage. If both spouses work for Creighton, dual coverage is NOT allowed (you cannot cover your spouse, and they cannot cover you).
Dependent Life Insurance
For dependents up to age 26 coverage ranges from $2,000 to $10,000. Coverage is a flat amount and not based on the number of enrolled children, so you can cover one or more children for the same cost per pay period as if you only needed to cover one child. Underwriting is not required for dependents.
Biweekly Cost Per Pay Period
Monthly Cost Per Pay Period
Designating a Beneficiary and Maintenance of Beneficiary Designations
Designating beneficiaries for Basic Life and Voluntary Life may be done on-line by logging onto portal.adp.com or by calling the CU Solution Center at 866-903-8216. It is important to keep beneficiary information current. You may change your beneficiary designations at any time.
How/when can I enroll?
You can enroll at any time by logging onto portal.adp.com, but enrollment after your initial new hire election period will require completion of an Evidence of Insurability and subsequent underwriting approval.
Reference Group # G000 20W8.
When can I change my elections?
Because this benefit uses after-tax deductions, you can enroll, increase, decrease, or cancel your coverage at any time. After your initial new hire elections, to enroll or increase coverage you would require approval after completing an Evidence of Insurability. You may increase coverage in multiples of $10,000, not to exceed five times your annual salary. The additional insurance coverage will not go in effect until the insurance company has approved the additional coverage.
If you have a qualifying status change or you transfer into a benefit eligible position, you may elect coverage for those newly eligible dependents or yourself within 31 days of the event. Documentation may be required for newly eligible dependents. In addition, if a dependent no longer qualifies, you must access portal.adp.com and de-enroll that dependent from coverage within 31 days of the event.
What would cause this benefit coverage to end?
Coverage will end:
- When you transfer to a non benefit-eligible position, terminate employment or retire
- When your dependent no longer meets eligibility requirements
- When you de-enroll yourself and eligible dependents on-line, as you no longer need the coverage
Continuing Life Insurance after Employment Change or Termination
You may continue the Group Term Life Insurance and/or Voluntary Term Life Insurance after leaving Creighton, or if you change to a non-benefits eligible status. Application for continuation of coverage must be mailed within 31 days of your last day worked/status change date at Creighton. Please thoroughly read and calculate your premium to evaluate your options. You will not be required to provide medical evidence of insurability. Application and payments are made directly to Mutual of Omaha/United of Omaha Life Insurance Company.
Term Life Portability Request Form: http://www.mutualofomaha.com/documents/forms/MUG6585_EVTL.pdf
The option of converting the group/voluntary life policy to an individual, whole life, policy also exists. The cost to convert is substantially higher, but may appeal to some. Please read the following document to learn more and calculate the costs.
Life Conversion Coverage Information and Application: http://www.mutualofomaha.com/documents/forms/lgac341.pdf
Life Insurance Summary Plan Descriptions and Forms
Evidence of Insurability Form (PDF) - reference Group # G000 20W8
Online Evidence of Insurability Form- reference Group # G000 20W8