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Life Insurance
Voluntary Life Insurance FAQ
Voluntary Life Insurance FAQ 
(1) What are the benefit amounts?
The plan allows employees to choose 1, 2, 3, 4, 5 X their
annual salary up to a maximum of $500,000 as the benefit amount.
New employees who apply within 30 days of hire may enroll
for an amount up to and including 3 times their annual salary
(or to a maximum of $250,000, whichever is less), enroll their
spouse for up $50,000, and enroll any eligible children for
up to $10,000 without submitting evidence of insurability.
(2) What is the maximum Amount of Coverage available for
(a) Employees, (b) Spouses, (c) Dependent Children?
For employees: Up to 5 times their annual salary to a maximum
of $500,000.00, whichever is less.
For the spouses: $10,000, $20,000, $30,000, $40,000 $50,000.
Spouse coverage cannot exceed employee coverage. Spouse coverage
terminates at age 70.
Eligible children may be covered for $2000 ($.21/month) or
$10,000 ($1.03/per month)
(3) Amount of Guaranteed Issue Coverage (i.e. amount of
coverage that can be purchased without having to answer any
medical questions)
New employees who apply within 30 days of hire may enroll
for an amount up to and including 3 times their annual salary
(or to a maximum of $250,000, whichever is less), enroll their
spouse for up $50,000, and enroll any eligible children for
up to $10,000 without submitting evidence of insurability.
(4) Age Reduction Schedule: At what age are the benefits
reduced/not available?
No coverage reduction with age for active employees.
(5) Portability/Conversion: What provisions does the plan
contain for Portability/Conversion once employment is terminated?
Portability: Employees who retire from North Carolina State
University may continue their Optional Life Insurance coverage
at the current benefits and cost.
Conversion: If employment terminates while you are covered
under the plan, employees may purchase without medical evidence
of insurability, any individual insurance policy, except a
term policy, issued by MetLife in any amount up to the amount
of the coverage in effect on your date of termination.
(6) Accelerated Death Benefit: What “pre-paid” death benefits
are available for members that are expected to die within
a 6 or 12 month period?
Yes, 6 months.
Current Rates?
Rate Chart (Employee/ Spouse Life Rates/ $1,000 /Mo.)
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Age
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Rates
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<35
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$.038
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35-39
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$.043
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40-44
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$.070
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45-49
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$.116
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50-54
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$.195
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55-59
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$.320
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60-64
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$.417
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65-69
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$1.014
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- To calculate monthly premiums for employee and spouse:
take annual salary, multiply by salary multiple desired
(1, 2, 3, 4, 5) and divide by $1,000. Multiply answer by
appropriate rate in chart. Spouses premiums are calculated
using the employee’s age.
- Eligible children may be covered for $2000 ($.21/month
or $10,000 ($1.03/per month).
(7) Any riders to the life insurance coverage (i.e. cancer
coverage, critical illness coverage, etc.)
No.
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