Gerald L. Andriole
Urologist combats prostatic diseases
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Gerald L. Andriole Urologist combats prostatic diseases |
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Term life insurance rates lowered, limits increased Open enrollment period starts today By Andy Clendennen It's an opportunity too good to pass up. Thanks to a significant rate reduction, all benefits-eligible faculty and nonunion staff have a rare opportunity to increase their optional term life insurance. Open enrollment starts today and runs through March 15. TIAA, the underwriter of the University's term life insurance policies, is decreasing its optional term life rates by 37 percent, effective April 1. "This is a chance to purchase more life insurance without completing a health statement, and that's the key," said Tom Lauman, director of benefits. "This is only the second time that an open enrollment has been offered since the term life insurance plan began in 1982, so it's special in that way. "Employees are guaranteed acceptance during the open enrollment period. They are eligible to purchase one additional times their salary of term life insurance, and an additional $25,000 of spouse/domestic partner term life insurance on a guaranteed basis without completing the health statement." The maximum amount for employee term life insurance remains at four times the annual salary, but the overall limit increases from $500,000 to $1 million. The maximum amount for spouse/domestic partner term life insurance remains at $100,000. "When TIAA presented us with this rate reduction, we immediately requested an open enrollment and increased limits, which they ultimately approved." Lauman said. "We really pushed hard, because based on the significant rate reduction, we wanted our employees to have the opportunity to take advantage of these improvements. "Now is a great time for all employees, regardless of their family structure, to take a moment to evaluate their life insurance needs." Enrollment packets will be sent to all eligible employees' campus boxes during the week of February 18. These packets will include a cover letter, a personalized coverage report and an enrollment/change form. Eligible employees should send in the enrollment/change form to their benefits department. This form can be accessed and printed from the human resources Web site, https://hr.wustl.edu. |
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