Life Insurance

• Highlights
• Eligibility
• Basic Coverage Available to the Employee
• Supplemental Coverage Available to the Employee
• Insurance coverage available to the employee's dependents
• Child Coverage
• CIGNA Life Insurance Brochure

UNM offers term life insurance through CIGNA Life Insurance.  It is available to all benefits-eligible employees, their dependents, and retired employees.

Highlights

• The amount of the life insurance benefit for active employees is based on your annual salary and you can select the level of benefit that best meets your needs.

• Benefits are paid to your beneficiary regardless of the cause of death (there are some restrictions in special cases- including suicide- so please refer to the brochure).

• Basic Life also has a provision for an employee with a diagnosed terminal illness allowing him/her to receive up to 50% of the life insurance coverage prior to death.
  
  
• If you did not enroll during your initial 60-day eligibility period, you can enroll at any time by completing the life insurance application form and the corresponding medical questionaire "Evidence of Insurability" form. Your application will be forwarded to CIGNA for their reveiw and approval. Upon approval your coverage will be processed and deductions from your pay will begin. Coverage for a spouse also requires approval from CIGNA.

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Eligibility

In order to be eligible for Life Insurance, you must:

• Be working part-time (50% appointment percentage) or more, and
• Be a faculty or staff member in a regular position.
• If you did not enroll during your initial 60-day eligibility period, you can enroll at any time by completing the life insurance application form and the corresponding medical questionaire "Evidence of Insurability" form. Your application will be forwarded to CIGNA for their reveiw and approval. Upon approval your coverage will be processed and deductions from your pay will begin. Coverage for a spouse also requires approval from CIGNA.

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Basic coverage available to the employee

• Basic Life is a voluntary benefit available to the employee and is 100% of your UNM base annual salary, adjusted to the next higher multiple of $1,000, with a minimum amount of $25,000 and a maximum amount of $80,000.
• UNM contributes a percentage of the monthly premium (refer to UNM’s contribution table at the beginning of the CIGNA section).
• The cost of Basic Life is $.204 per $1,000 of your covered UNM salary multiplied by your contribution rate. 
• You are guaranteed Basic coverage if you enroll within 60 days from your date of hire or initial eligibility.  Otherwise, you will have to be approved for coverage by CIGNA.
• If you did not enroll during your initial 60-day eligibility period, you can enroll at any time by completing the life insurance application form and the corresponding medical questionaire "Evidence of Insurability" form. Your application will be forwarded to CIGNA for their reveiw and approval. Upon approval your coverage will be processed and deductions from your pay will begin. Coverage for a spouse also requires approval from CIGNA.

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Supplemental coverage available to the employee

• Supplemental coverage is in addition to your basic coverage and is paid exclusively by the employee. 
• Additional life insurance coverage, referred to as Tiers, is available to the employee and is based on your annual salary. 
• Each Tier is the equivalent of one year's salary, and as your salary increases, the coverage increases automatically up to the maximum coverage level of $1,000,000 when combined with your Basic coverage.
• You are guaranteed Tier 1 coverage as long as you enroll within 60 days from your date of hire or initial eligibility.  Otherwise you will have to be approved for coverage by CIGNA.
• Tiers 2 or 3 require that you are approved by CIGNA for coverage.
• If you did not enroll during your initial 60-day eligibility period, you can enroll at any time by completing the life insurance application form and the corresponding medical questionaire "Evidence of Insurability" form. Your application will be forwarded to CIGNA for their reveiw and approval. Upon approval your coverage will be processed and deductions from your pay will begin. Coverage for a spouse also requires approval from CIGNA.

• The cost of the coverage is based on your age (refer to the following coverage chart).

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Insurance coverage available to the employee's dependents

Life insurance is available for the employee's eligible dependents and is paid exclusively by the employee. 

Note:  If both you and your spouse are UNM employees, you cannot be insured as both an employee and a dependent.

Spousal coverage:

• Available at a minimum amount of $13,000 up to a maximum amount of $50,000; however, your spouse may not be insured for more than 50% of your total amount of insurance. 
• The benefit will be rounded up to the next higher multiple of $1,000 if not already a multiple of $1,000; in no event will the coverage be less than $13,000. 
• Your spouse or domestic partner must satisfy CIGNA that he or she is insurable.  This may involve a health exam at your expense. 
• The cost of insuring your spouse is based on your age.
• If you did not enroll during your initial 60-day eligibility period, you can enroll at any time by completing the life insurance application form and the corresponding medical questionaire "Evidence of Insurability" form. Your application will be forwarded to CIGNA for their reveiw and approval. Upon approval your coverage will be processed and deductions from your pay will begin. Coverage for a spouse also requires approval from CIGNA.

The cost of supplemental coverage per $1,000 of coverage is as follows:

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Child coverage:

• Children may be insured for $5,000 each. 
• The total cost of coverage is $.95 per month regardless of the number of children insured. 
• If you enroll a dependent child for coverage within 60 days from the date of birth or adoption, insurance will be effective at the beginning of the month after the enrollment form is received. 
• If you did not enroll during your initial 60-day eligibility period, you can enroll at any time by completing the life insurance application form and the corresponding medical questionaire "Evidence of Insurability" form. Your application will be forwarded to CIGNA for their reveiw and approval. Upon approval your coverage will be processed and deductions from your pay will begin. Coverage for a spouse also requires approval from CIGNA.

Note:  Coverage for your dependents will not occur before the date that your insurance begins.

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CIGNA Life Insurance Brochure