We don’t like to think about dying. But consider this: almost 40 percent of deaths occur between ages 25 and 64, the prime working years.
UAMS offers three group term life insurance plans to provide financial resources to your family should the unthinkable happen. These are fully insured plans, underwritten by The Standard Insurance Company.
Visit this UA System Benefits website to view the Summary Plan Description (insurance booklet).
Basic Life Insurance
Benefit-eligible employees are automatically enrolled in Basic Life. There is no cost to you; this is a UAMS-paid benefit. This would be payable to your beneficiary in the event of your death. The benefit is your annualized base salary, up to $50,000. Benefits are reduced at ages 70 and 75.
Optional Life Insurance
Need more life insurance on yourself? You may purchase an additional 1, 2, 3 or 4 times your salary – up to a maximum of $500,000 – by enrolling in Optional Life. Rates are based upon your age and automatically adjust when you receive a pay increase or reach a birthday ending in a 0 or 5. Benefits are reduced at ages 70 and 75.
Dependent Life Insurance
Need a policy on your family members? You may purchase life insurance on your children under age 26 and your spouse by enrolling in Dependent Life. You are the automatic beneficiary in the event an eligible family member dies. You may choose $10,000, $15,000 or $20,000 coverage. The full amount is paid for spouse’s death, one-half for child’s death.
How do I enroll? What does it cost?
Optional and Dependent Life are guaranteed-issue policies, meaning no health questions – but only if you enroll within your first 31 days of eligibility. If you are past this 31-day period, you must apply directly to Standard for coverage. Standard requires you to pass a medical screening called “evidence of insurability” before issuing coverage. The form to apply for coverage is on the Benefit Forms site.
How do I file a claim?
Contact Human Resources at 501-686-5650 if a death occurs in your family. We will ask you for a death certificate and take care of processing the claim for you.
What else do I need to know?
Be sure to keep your beneficiaries up to date. Visit the Benefit Forms site for the form.
Can I keep coverage when I leave UAMS?
Yes, you have 31 days to convert your life coverage to a private policy. There are two options. One is portability coverage if you and your dependents do not have a medical condition which has a material effect on life expectancy (in other words, you are in good health). The second is conversion coverage. Conversion premiums are higher because you don’t have to provide proof of good health. You apply directly to The Standard Insurance Company and would pay premiums to them.
Standard Life Portability and Conversion at a Glance
Go to Benefit Forms for Standard Life conversion and portability application forms
If you retire by 12-31-2020, you may also be eligible to keep a $10,000 policy as a retiree if at the time you leave you had been covered under Basic Life for the past 10 consecutive years, and your age plus years of service added together equals 70 or more. Contact our office for more information. This benefit is being discontinued for those retiring after 2020.
Benefit plan information on these web pages is in a summary format and is not intended to replace actual plan documents. UAMS reserves the right to amend or terminate all or any part of any benefit plan.