Individual Life Insurance
As a full or part-time employee of Unity, you are automatically enrolled in a Basic Term Life Insurance Policy equal to your annual salary ($15,000 to $500,000)—at no cost to you. This coverage amount is paid out in the event of your death; it does not provide any cash value during your lifetime.
You can elect additional term life insurance, up to three times your annual salary at lower group rates. This Supplemental Life Insurance is available at three levels:
The total of your basic life insurance and this supplemental policy may not exceed $500,000. The amount you pay in premiums will be based on your salary and age.
- 1 x your annual salary
- 2 x your annual salary
- 3 x your annual salary
You will be required to provide evidence of insurability if you:
Our insurer will automatically send you information about completing an evidence of insurability form. Your request must be approved before your coverage can be increased.
- Increase your coverage by more than one level or
- Elect 3 x annual yousalary for the first time
You can designate any number of primary and contingent beneficiaries for your life insurance policies.
Primary beneficiaries receive the life insurance benefit in the event of your death. You designate the percentage of the total benefit each beneficiary would receive — these percentages must add up to 100%.
Contingent beneficiaries receive the benefit if no primary beneficiary is living at the time of your death. Their designations, too, must total 100%.
You can update your beneficiary information any time during the year.
The Fine Print
- By law, life insurance totaling over $50,000 (including your free basic policy), is taxed for FICA (social security and Medicare.) This tax, calculated based on your age and the amount of insurance over $50,000, is deducted from each of your paychecks.
- If you are absent from work due to injury, sickness or leave of absence on the date your life insurance coverage would normally begin, the coverage will be delayed until you return to active employment. In addition, you must be actively employed for any increased or additional coverage to take effect.
- On January 1 following the year you turn 70, your life insurance amount will be reduced by 50%.
- There is a suicide exclusion for all Unity’s optional life insurance coverage.