Sueann Street, 8, gets a hug from Gary LeVox of Rascal Flatts during the party at the Monroe Carell Jr. Children's Hospital at Vanderbilt.
photo by Dana Johnson
Supplemental life insurance enrollment set to end soon
During a special enrollment period that ends Sept. 30, it's easier for Vanderbilt University employees to apply to purchase supplemental term life insurance.
As an employee benefit, Vanderbilt provides basic term life insurance for benefits-eligible employees, their spouses/partners and their children. Policies for employees are valued at one times annual salary and policies for spouses/partners and children are valued at $5,000 and $2,500, respectively. Vanderbilt buys the coverage from MetLife.
MetLife also invites Vanderbilt employees to purchase supplemental life insurance up to three times their annual salary, with a cap set at $500,000 (in some cases employees are allowed to buy up to $1 million in total coverage).
While new Vanderbilt employees can purchase supplemental coverage without an application, any existing employees who decide they want more coverage must complete a lengthy questionnaire and have their health status certified by a physician. Like any insurer, MetLife uses the application process to help gauge financial risk.
Through Sept. 30, MetLife is allowing existing employees to apply for supplemental coverage by completing a much shorter questionnaire. There are only five questions and if the applicant can answer “no” to all five MetLife will waive the longer application form and the physician certification.
In exchange for allowing MetLife to conduct this special enrollment, the University and its employees who purchase supplemental coverage will receive a rate reduction for 2006. The employee rate reduction varies by age group but averages 5 percent, said Jane Bruce, director of benefits.
To get maximum attention for this offer, MetLife wanted the enrollment period to be held outside the Vanderbilt employee benefits annual open enrollment period, coming up Oct. 1-17.
Employees who purchase supplemental coverage from MetLife may or may not be able to continue the coverage when their employment at Vanderbilt ends. Conversion of coverage depends on the result of an additional application process conducted at the end of employment.
For more information call the Benefits Office at 322-8330.