Human Resources

Life Insurance

Basic Group Life Insurance

Administered by Reliance Standard

Policy # GL140918

1-800-644-1103

All full-time and part-time faculty and staff are eligible for coverage under the Basic Group Life Insurance program, effective on the first day of active employment. This benefit is paid in full by SMU. In the event of your death, your beneficiary will receive 1-1/2 times your annual base salary,* up to a maximum of $750,000. The benefit for Post-Doctoral Fellows is $10,000.

*The Amount of Basic Life Insurance will be: (1) reduced to 65% of the pre-age 65 amount at age 65; (2) further reduced to 45% of the pre-age 65 amount at age 70; (3) further reduced to 30% of the pre-age 65 amount at age 75; (4) further reduced to 20% of the pre-age 65 amount at age 80; (5) further reduced to 15% of the pre-age 65 amount at age 85; and (6) further reduced to 10% of the pre-age 65 amount at age 90.

Imputed Income

The IRS requires that the "value" of employer provided group life insurance in excess of $50,000 be reported as taxable income to covered employees. The "value" is referred to as imputed income. To learn how the imputed income is calculated, click here.

For more information please refer to the Group Life Insurance Summary Plan Description.

Supplemental Group Life Insurance

Administered by Reliance Standard

Policy # GL140918

1-800-644-1103

In addition to the Basic Group Life Insurance provided by the University at no cost to you, you have the opportunity to purchase Supplemental Group Life Insurance. By having enough insurance, you'll have peace of mind in knowing that your family's financial security is protected.

You may purchase Supplemental Life Insurance for yourself, for your spouse or domestic partner, and for your children.

As a new employee you can elect 1, 2, 3, 4 or 5 times your annual salary or $750,000 (whichever is less). If you enroll during the new employee enrollment period, 3 times salary or $500,000 (whichever is less) is available on a guaranteed issue basis. Any amount over 3 times salary or $500,000 (whichever is less) will not be effective until Reliance Standard approves your Evidence of Insurability (form attached below).

During annual open enrollment current participants may increase their coverage one level without Evidence of Insurability. If you did not enroll during the 31 day enrollment period for new employees and wish to do so during open enrollment the total coverage amount you elect will be subject to Evidence of Insurability (form attached below).

You may elect up to $50,000 coverage for your spouse or domestic partner and $10,000 per child. This coverage is not subject to Evidence Of Insurability if they are enrolled during the new employee enrollment period.

You may purchase coverage for your spouse/domestic partner and children only if you elect coverage for yourself.

Supplemental Group Life premiums are deducted from your pay on an after-tax basis.

How to Calculate the Cost of Supplemental Life Insurance:

The cost of child(ren) coverage is $1.90 per month per family unit (regardless of the number of children covered).
To determine the cost of your coverage, divide your $ election by 1000 and multiply the result of the applicable rate to determine your monthly premium.
If you elect coverage for your spouse, do the same calculation, using his/her $ amount and the rate for his/her age.

Example #1: Employee elects $150,000 (3 x salary) at age 37 → ($150,000 divided by 1000 = 150 x .08 = $12.00 per month).

Example #2: Employee also elects the maximum $50,000 coverage for spouse who is age 34 → ($50,000 divided by 1000 = 50 X .06 = $3.00 per month).

Age	Monthly Rate
Employee/Spouse	Per Unit of $1,000
18-24	$0.07
25-29	$0.06
30-34	$0.06
35-39	$0.08
40-44	$0.12
45-49	$0.19
50-54	$0.31
55-59	$0.52
60-64	$0.83
65-69	$1.31
70-74	$2.84
75-79	$6.29
80-84	$19.17
85-89	$55.55
90-94	$214.83
95-99	$284.07

For more information please refer to the Group Life Insurance Summary Plan Description.

Reliance Standard Evidence of Insurability Form

Please note that it is not necessary for SMU to complete any part of this form. Provide all information requested and mail the form directly to Reliance Standard. Be sure to keep a copy for your records. The policy number is GL140918.