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Life Insurance

Open Enrollment

You will have an opportunity to change your additional employee and/or dependent life insurance options during open enrollment, effective January 1 of the following year. 
Note: increases may be subject to Evidence of Insurability requirements.  Contact Human Resources for further information.

Because everyone has different financial needs, NazFlex offers a variety of life and accidental death and dismemberment (AD&D) insurance options.  These options give you the ability to choose the level of financial protection you and your family need.

Employee Life Insurance

The employee life insurance available through NazFlex is group term insurance.  Group term insurance covers you only while you are an eligible faculty or staff member of Nazareth College.  Benefits are provided under a group policy rather than an individual policy and have no cash value.  It does, however, cost much less than cash accumulation insurance like whole life and universal life.

NazFlex employee life insurance is separate from and in addition to any retirement or Social Security benefits to which you or your beneficiaries are entitled.

Life insurance provides financial protection to your beneficiaries when you die.

College Paid Employee Life Insurance

We believe that everyone should have basic life insurance protection; consequently NazFlex provides, without cost to you, $10,000 in life and AD&D insurance protection.

AD&D Insurance

The employee AD&D insurance available through NazFlex, like the employee life insurance, is group term insurance. AD&D insurance provides financial protection to you or your beneficiary in the event of death, dismemberment or paralysis due to an accident.  This protection is in addition to your life insurance.
AD&D benefits are only payable if:

  • The accident is the sole cause of the injury,
  • The injury is the sole cause of the loss, and
  • The loss occurs not more than 365 days after the date of the accident.

Dependent Life Insurance

The dependent life insurance available through NazFlex, like the employee life insurance, is group term insurance.  Dependent life insurance provides financial protection for you when a covered dependent spouse and/or child(ren) die(s), regardless of the cause. 
View beneficiary form

A domestic partner is not eligible to be covered for dependent life insurance (per carrier filing in New York State).  Children of a domestic partner can be covered for dependent life insurance if they are legally adopted by the Nazareth employee and meet the eligibility requirements established by the carrier.

Program Details

What are my life insurance options?

NazFlex offers you five different additional life insurance options as follows:

  • Additional $20,000, pre-tax
  • Additional $40,000, pre-tax
  • Additional one times your salary, after-tax
  • Additional two times your salary, after-tax
  • No additional coverage

All pay-related life amounts are rounded to the nearest $1,000.

For example:

If base annual pay = $35,499

Calculation for 1 times your base annual salary life insurance:

$35,499 x 1 = $35,499

Rounded to the nearest $1,000 = $35,000

Calculation for 2 times your base annual salary life insurance:

$35,499 x 2 = $70,998

Rounded to the nearest $1,000 = $71,000

Regardless of the option you choose, your combined total of life insurance cannot exceed $175,000.

Annual base pay for optional life insurance purposes is equal to your base pay just prior to the NazFlex open enrollment period, annualized.

If your base pay changes during the enrollment period or during the NazFlex plan year, your optional life insurance will not be adjusted to reflect the change. Life insurance coverage adjustments will occur each January 1.

On your 70th birthday, if you are still actively employed, your College paid life insurance and your optional additional insurance will be reduced to 65% of the original amount in effect on the day before your 70th birthday. The original amount will be further reduced to 45% on your 75th birthday, and to 30% of the original amount on your 80th birthday.

Choosing an Employee Life Insurance Option

When evaluating which employee life option you want, it may be helpful to consider the following:

  • Determine your financial need for life insurance by estimating the amount your family would need if you die. You will want to consider outstanding mortgages, loans, education expenses, etc. and offset the expenses by the amount available from other resources such as your retirement account, Social Security, IRAs, personal savings, other life insurance, etc. Comparing the total amount needed with the total amount available will help you determine how much optional employee life insurance you need.
  • Any optional life insurance over $50,000 you elect after the new hire/transfer to benefit-eligible class enrollment period may be subject to Evidence of Insurability requirements.

Providing Evidence of Insurability consists of completing a statement of health form and may also include your having a physical examination at your expense if it is requested by the insurance carrier. The insurance carrier will decide whether or not to approve your optional life insurance after examining the Evidence of Insurability you provide.

Evidence of Insurability Form

Making Your Life and AD&D Elections

If you choose life and AD&D options, you must indicate your election in the life and AD&D categories on your NazFlex Enrollment Form.

If you elect the "no additional coverage" option, you must also indicate this election in the appropriate category(ies) of your NazFlex Enrollment Form. If you do elect the "no additional coverage" option, you are still automatically enrolled in the $10,000 core life insurance benefit that is provided by the College.

Please note your optional life and AD&D elections are binding until the next NazFlex annual open enrollment period. If, however, you have a qualified "change in family status", you may change your life and AD&D elections (life elections may be subject to carrier Evidence of Insurability requirements), and other NazFlex elections, in a manner consistent with the family status change that occurred.

What Are My Dependent Life Insurance Options?

NazFlex offers you three different dependent life insurance options for your family:

  • $5,000 - Spouse; $2,000 each child
  • $10,000 - Spouse; $4,000 each child
  • No Coverage

For purposes of dependent life insurance, eligible dependents are your spouse and unmarried child(ren) except:

  • A child under 14 days old
  • An unborn or stillborn child
  • A child who is 19 years of age or older and who is not a full-time student at an approved school
  • A child who is 25 years of age or older
  • A person who is in the military or like forces in any country or any subdivision of a country
  • A person who is eligible under this plan as an employee
  • A person who lives outside the United States or Canada

Handicapped Child(ren):

  • An unmarried child who is at least 19 years old, primarily supported by the employee, and is incapable of sustaining employment due to mental or physical handicap may be eligible for continuation of dependent life coverage beyond the usual age limit.

The cost for each dependent life option is shown on your NazFlex Enrollment Form.

Choosing a Dependent Life Insurance Option

Here are some considerations which may be helpful when you are choosing dependent life insurance:

  • During NazFlex open enrollment, any dependent life insurance you elect will not be subject to Evidence of Insurability requirements.
  • The cost of the dependent life insurance you elect will be deducted from your pay after-tax throughout the year.

Making Your Dependent Life Insurance Election

If you choose no dependent life coverage for your spouse and your child(ren), you must indicate your election of "no coverage" in the Dependent Life Insurance category on your NazFlex Enrollment Form.

If you choose a dependent life option for your spouse and your child(ren), you must also indicate your election in the Dependent Life Insurance category on your NazFlex Enrollment Form. You do not need to complete a beneficiary designation for dependent life insurance because you are automatically the beneficiary of the dependent life insurance you elect.

Please note that your dependent life election is binding for the entire plan year, which is January 1 to December 31. If, however, you have a qualified "change in family status", you may change your dependent life election, and other NazFlex elections, in a manner consistent with the family status change that occurred.

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