Benefits: Life & Accidental Death Insurance
There are five possible options for life insurance benefits. All employees do not qualify for every option.
- A.C. Newman & Company is a voluntary, pre-tax AD&D plan offered as an option through the NCFlex plan and available to all permanent employees working at least half-time.
- Reliance Group Term Life Insurance is a voluntary term life insurance plan offered at $0.18/$1000 with premiums paid on an after-tax basis and available to all permanent employees working at least half-time
- The Teachers’ and State Employees’ Retirement System provides a death benefit for employees participating in TSERS at no cost to employee.
- The university-paid life insurance program provides benefits to tenured-track faculty and administrative directors.
- VOYA Voluntary Group Term life Insurance is an NCFlex plan. The monthly premium is based on your age and the coverage amount you elect. Premiums are deducted on a pre-tax basis.
A. C. Newman & Company
A. C. Newman & Company (1-800-257-0930) is offered through the NCFlex plan and premiums are paid on a pre-tax basis.
Permanent employees working 50% time or more are eligible to enroll in personal life, dependent life and AD&D insurance. Dependents include spouse, domestic partner and dependent children up to age 19 (age 26 if a full-time student).
CORE AD&D is available to employees only and can provide up to $10,000 of life insurance or a percentage of the principal sum payable to the employee based on the injury.
Enrollment: Within 30 days of your date of hire, during the annual NCFlex enrollment, or within 30 days of a qualifying family status change.
Visit the NCFlex homepage for additional information.
Reliance Voluntary Group Life Insurance
Reliance Insurance is available to permanent employees working half-time or greater. Premiums are paid on an after-tax basis. The plan offers term life insurance up to five times annual salary to a maximum of $100,000 (guaranteed issue) or up to five times annual salary up to $500,000 with evidence of insurability. The premiums are $0.18 per $1,000 coverage per month regardless of the age of the insured.
Family Coverage is available for $3.00 per month for $10,000 of coverage for eligible children plus spouse.
Additional spouse/partner coverage is available at the rate of $0.18 per $1,000 coverage per month up to half the face value of employee's ($10,000 min) on the guaranteed issue policy and half face value of employee with evidence of insurability.
Enrollment is during the first 30 days or employment. Otherwise, employees will be required to provide evidence of insurability and coverage may be denied or limited. For more information contact your HR benefits counselor at 910-962-3160.
Teachers’ & State Employees’ Retirement System
Teachers’ & State Employees’ Retirement System provides a death benefit equal to the highest 12 consecutive months of salary earned during the 24 months preceding death, but no less than $25,000 and no more than $50,000. To be eligible the employee must be participating in the TSERS for at least one year and still be in active service or within 180 days of last day for which salary was paid. This benefit is paid in addition to your accumulation in TSERS in the event of your death.
University-Paid Life Insurance Program
University-Paid Life Insurance Program provides $25,000 in term life insurance and $25,000 in AD&D insurance for all tenured and tenure-track faculty, administrative department heads, and head coaches and $50,000 of term life insurance and $50,000 in AD&D insurance for Tier I and Tier II senior academic or administrative offers. Eligible employees must complete an enrollment form. For more information contact your HR benefits counselor at 910-962-2351.
Voya Voluntary Group Term Life Insurance (1-877-464-5111) is an NCFlex plan and premiums are deducted on a pre-tax basis. Voluntary Group Term Life Insurance pays a benefit to your beneficiaries if you die while covered under the policy. Your monthly premium is based on your age as of your effective date of coverage and the coverage amount you elect.
Contact your HR benefits counselor at 910-962-3006 or 3345 or visit the NC Flex site for more information.
Disclaimer: The information contained on this website is general in nature. Applicable laws and regulations are complex and subject to change. Information on this website cannot alter, modify, or otherwise change the controlling documents of any plan. For legal and tax advice employees should consult an attorney or tax adviser.