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Life Insurance

Cost

The State of Illinois pays the entire premium for the basic life insurance plan for full- and part-time employees. Employees who purchase additional State of Illinois and University life insurance plans will pay premiums based on the schedules below.

Please Note: Up to $50,000 of life insurance is tax exempt. If the total value of basic term life insurance plus any optional insurance purchased exceeds $50,000, then the amount in excess of $50,000 is taxed as imputed income.


State of Illinois Optional Life Insurance

Monthly premium is calculated per $1,000 of salary and varies by age. Examples of premiums include:

Monthly premium for employee:
$.10 per $1,000 of coverage at age 35
$.16 per $1,000 of coverage at age 45
$.44 per $1,000 of coverage at age 55

Monthly premium for spouse:
$6.00 for $10,000 of coverage.

Monthly premium for child:
$.70 for $10,000 of coverage (regardless of the number of children).

State Optional Life Insurance Calculator:
Calculate your personal life insurance premiums with the premium calculator. (Excel Document)

University of Illinois Optional Life Insurance

New enrollments in the plan are discontinued effective July 1, 2011.

Coverage for employees enrolled prior to July 1, 2011 will continue according to policy provisions as long as premiums are paid through payroll deduction or direct payment to Voya Financial (formerly ING/ReliaStar). Coverage amounts will continue at current levels; there will no longer be opportunities to increase coverage amounts in the future.

Employees enrolled prior to July 1, 2011 may view the Voya Financial (formerly ING/ReliaStar) for premium information.


Maintained by University Human Resources | Contact Information | Last Update: 05-February-2015 | ID: 92