{"id":18311,"date":"2023-07-10T08:31:21","date_gmt":"2023-07-10T15:31:21","guid":{"rendered":"https:\/\/in.nau.edu\/human-resources\/?page_id=18311"},"modified":"2025-07-07T14:37:27","modified_gmt":"2025-07-07T21:37:27","slug":"benefits-faqs-life-insurance","status":"publish","type":"page","link":"https:\/\/in.nau.edu\/human-resources\/benefits-faqs-life-insurance\/","title":{"rendered":"Benefits &#8211; FAQs Life Insurance"},"content":{"rendered":"<h1 style=\"text-align: center;\"><div class=\"eplus-bg-color-row bg-color-dark-blue\"><div class=\"eplus-bg-color-row-content\">Life Insurance &#8211; FAQs<\/div><\/div><\/h1>\n<p>&nbsp;<\/p>\n<h2><em><strong>Enrollment and Plan Benefits<\/strong><\/em><\/h2>\n<!-- shortcode-accordion -->\n<div class=\"shortcode-accordion shortcode-accordion--closed\" style=\"position: relative;\" >\n        <h4 class=\"shortcode-accordion__header\">\n        <button type=\"button\" class=\"shortcode-accordion__trigger\" data-header=\"Can I enroll in both life insurance plans offered by NAU?_0\" id=\"shortcode-accordion-1-trigger\" aria-expanded=\"false\" aria-controls=\"shortcode-accordion-1-panel\">\n            Can I enroll in both life insurance plans offered by NAU?\n            <span class=\"shortcode-accordion__header__arrow\" aria-hidden=\"true\"><\/span>\n        <\/button>\n    <\/h4>\n    <div class=\"shortcode-accordion__body\" id=\"shortcode-accordion-1-panel\" role=\"region\" aria-labelledby=\"shortcode-accordion-1-trigger\" inert>\n        <!DOCTYPE html PUBLIC \"-\/\/W3C\/\/DTD HTML 4.0 Transitional\/\/EN\" \"http:\/\/www.w3.org\/TR\/REC-html40\/loose.dtd\">\n<html><body>\n<p>Yes, you can enroll in both the NAU plan through the Hartford and the State of AZ plan from Securian.<\/p>\n<p><strong><\/strong><\/p><\/body><\/html>\n\n    <\/div>\n<\/div>\n<!-- shortcode-accordion -->\n<div class=\"shortcode-accordion shortcode-accordion--closed\" style=\"position: relative;\" >\n        <h4 class=\"shortcode-accordion__header\">\n        <button type=\"button\" class=\"shortcode-accordion__trigger\" data-header=\"I am a new hire, how much individual life insurance can elect?_0\" id=\"shortcode-accordion-2-trigger\" aria-expanded=\"false\" aria-controls=\"shortcode-accordion-2-panel\">\n            I am a new hire, how much individual life insurance can elect?\n            <span class=\"shortcode-accordion__header__arrow\" aria-hidden=\"true\"><\/span>\n        <\/button>\n    <\/h4>\n    <div class=\"shortcode-accordion__body\" id=\"shortcode-accordion-2-panel\" role=\"region\" aria-labelledby=\"shortcode-accordion-2-trigger\" inert>\n        <!DOCTYPE html PUBLIC \"-\/\/W3C\/\/DTD HTML 4.0 Transitional\/\/EN\" \"http:\/\/www.w3.org\/TR\/REC-html40\/loose.dtd\">\n<html><body>\n<p>As a new hire you can elect up to the maximum for both the NAU plan through the Hartford and the State of AZ plan from Securian.<\/p>\n<ul>\n<li><strong>NAU &ndash; Hartford:<\/strong> You can enroll in up to is the lesser of three times salary or $300,000. The maximum benefit is the lesser of three times salary or $500,000.<\/li>\n<li><em>Note: If you are age 70+ your c<\/em><em>overage amount is reduced 40%.<\/em><\/li>\n<\/ul>\n<ul>\n<li><strong>State of AZ &ndash; Securian: <\/strong>You may purchase coverage in increments of $5,000. You can enroll the lesser of three times salary or $500,000.<\/li>\n<\/ul>\n<p>For more information visit the Life Insurance web page or review the Voluntary Benefit Plan Comparison.<\/p>\n<p><strong><\/strong><\/p><\/body><\/html>\n\n    <\/div>\n<\/div>\n <!-- shortcode-accordion -->\n<div class=\"shortcode-accordion shortcode-accordion--closed\" style=\"position: relative;\" >\n        <h4 class=\"shortcode-accordion__header\">\n        <button type=\"button\" class=\"shortcode-accordion__trigger\" data-header=\"Can I enroll in Dependent Life Insurance if I do not enroll in Supplemental Life Insurance?_0\" id=\"shortcode-accordion-3-trigger\" aria-expanded=\"false\" aria-controls=\"shortcode-accordion-3-panel\">\n            Can I enroll in Dependent Life Insurance if I do not enroll in Supplemental Life Insurance?\n            <span class=\"shortcode-accordion__header__arrow\" aria-hidden=\"true\"><\/span>\n        <\/button>\n    <\/h4>\n    <div class=\"shortcode-accordion__body\" id=\"shortcode-accordion-3-panel\" role=\"region\" aria-labelledby=\"shortcode-accordion-3-trigger\" inert>\n        <!DOCTYPE html PUBLIC \"-\/\/W3C\/\/DTD HTML 4.0 Transitional\/\/EN\" \"http:\/\/www.w3.org\/TR\/REC-html40\/loose.dtd\">\n<html><body>\n<p>It depends on the plan and\/or the amount of dependent life insurance you elect.<\/p>\n<ul>\n<li><strong>NAU &ndash; Hartford: <\/strong>To enroll in dependent life insurance you must purchase individual coverage.<\/li>\n<li><strong>State of AZ &ndash; Securian: <\/strong>You can purchase up to $15,000 of dependent life coverage without enrolling individual coverage. To purchase $50,000 of dependent life coverage you must be enrolled in $35,000 or more of individual coverage.<\/li>\n<\/ul>\n<p><strong><\/strong><\/p><\/body><\/html>\n\n    <\/div>\n<\/div>\n <!-- shortcode-accordion -->\n<div class=\"shortcode-accordion shortcode-accordion--closed\" style=\"position: relative;\" >\n        <h4 class=\"shortcode-accordion__header\">\n        <button type=\"button\" class=\"shortcode-accordion__trigger\" data-header=\"Are the coverage amounts the same at all age groups?_0\" id=\"shortcode-accordion-4-trigger\" aria-expanded=\"false\" aria-controls=\"shortcode-accordion-4-panel\">\n            Are the coverage amounts the same at all age groups?\n            <span class=\"shortcode-accordion__header__arrow\" aria-hidden=\"true\"><\/span>\n        <\/button>\n    <\/h4>\n    <div class=\"shortcode-accordion__body\" id=\"shortcode-accordion-4-panel\" role=\"region\" aria-labelledby=\"shortcode-accordion-4-trigger\" inert>\n        <!DOCTYPE html PUBLIC \"-\/\/W3C\/\/DTD HTML 4.0 Transitional\/\/EN\" \"http:\/\/www.w3.org\/TR\/REC-html40\/loose.dtd\">\n<html><body>\n<p>It depends on the plan.<\/p>\n<ul>\n<li><strong>NAU &ndash; Hartford<\/strong>: If you are age 70+ your coverage amount is reduced 40%.<\/li>\n<li><strong>State of AZ &ndash; Securian:<\/strong> The coverage amounts are the same for all ages.<\/li>\n<\/ul>\n<p><strong> <\/strong><\/p><\/body><\/html>\n\n    <\/div>\n<\/div>\n <!-- shortcode-accordion -->\n<div class=\"shortcode-accordion shortcode-accordion--closed\" style=\"position: relative;\" >\n        <h4 class=\"shortcode-accordion__header\">\n        <button type=\"button\" class=\"shortcode-accordion__trigger\" data-header=\"I did not enroll in the NAU Life Insurance plan, why do I see $15,000 of life insurance coverage on my benefits summary?_0\" id=\"shortcode-accordion-5-trigger\" aria-expanded=\"false\" aria-controls=\"shortcode-accordion-5-panel\">\n            I did not enroll in the NAU Life Insurance plan, why do I see $15,000 of life insurance coverage on my benefits summary?\n            <span class=\"shortcode-accordion__header__arrow\" aria-hidden=\"true\"><\/span>\n        <\/button>\n    <\/h4>\n    <div class=\"shortcode-accordion__body\" id=\"shortcode-accordion-5-panel\" role=\"region\" aria-labelledby=\"shortcode-accordion-5-trigger\" inert>\n        <!DOCTYPE html PUBLIC \"-\/\/W3C\/\/DTD HTML 4.0 Transitional\/\/EN\" \"http:\/\/www.w3.org\/TR\/REC-html40\/loose.dtd\">\n<html><body>\n<p>NAU pays for $15,000 of Basic Life Insurance, $15,000 of AD&amp;D insurance and $5,000 Airbag Benefit for benefit eligible employees through Securian. It cannot be waived.<\/p>\n<p><strong><\/strong><\/p><\/body><\/html>\n\n    <\/div>\n<\/div>\n <!-- shortcode-accordion -->\n<div class=\"shortcode-accordion shortcode-accordion--closed\" style=\"position: relative;\" >\n        <h4 class=\"shortcode-accordion__header\">\n        <button type=\"button\" class=\"shortcode-accordion__trigger\" data-header=\"Can I change my election during open enrollment?_0\" id=\"shortcode-accordion-6-trigger\" aria-expanded=\"false\" aria-controls=\"shortcode-accordion-6-panel\">\n            Can I change my election during open enrollment?\n            <span class=\"shortcode-accordion__header__arrow\" aria-hidden=\"true\"><\/span>\n        <\/button>\n    <\/h4>\n    <div class=\"shortcode-accordion__body\" id=\"shortcode-accordion-6-panel\" role=\"region\" aria-labelledby=\"shortcode-accordion-6-trigger\" inert>\n        <!DOCTYPE html PUBLIC \"-\/\/W3C\/\/DTD HTML 4.0 Transitional\/\/EN\" \"http:\/\/www.w3.org\/TR\/REC-html40\/loose.dtd\">\n<html><body>\n<p>Yes, you are limited based on the plan you are enrolled in:<\/p>\n<ul>\n<li><strong>NAU &ndash; Hartford: <\/strong>You may increase, decrease or stop coverage during open enrollment. If not enrolled, you may only enroll in one-times your salary. If enrolled you can increase your coverage one-times salary.<\/li>\n<li><strong>State of AZ &ndash; Securian:<\/strong> You may increase, decrease or stop coverage during open enrollment. Elections or changes are made in multiples of $5,000. You may purchase an additional $20,000 of coverage.<\/li>\n<\/ul>\n<p><strong> <\/strong><\/p><\/body><\/html>\n\n    <\/div>\n<\/div>\n<\/strong><\/p>\n<hr role=\"separator\" class=\"hr--transparent hr--transparent-15px not-in-view\">\n<h2><em><strong>Beneficiaries<\/strong><\/em><\/h2>\n<!-- shortcode-accordion -->\n<div class=\"shortcode-accordion shortcode-accordion--closed\" style=\"position: relative;\" >\n        <h4 class=\"shortcode-accordion__header\">\n        <button type=\"button\" class=\"shortcode-accordion__trigger\" data-header=\"How do I update my beneficiaries?_0\" id=\"shortcode-accordion-7-trigger\" aria-expanded=\"false\" aria-controls=\"shortcode-accordion-7-panel\">\n            How do I update my beneficiaries?\n            <span class=\"shortcode-accordion__header__arrow\" aria-hidden=\"true\"><\/span>\n        <\/button>\n    <\/h4>\n    <div class=\"shortcode-accordion__body\" id=\"shortcode-accordion-7-panel\" role=\"region\" aria-labelledby=\"shortcode-accordion-7-trigger\" inert>\n        <!DOCTYPE html PUBLIC \"-\/\/W3C\/\/DTD HTML 4.0 Transitional\/\/EN\" \"http:\/\/www.w3.org\/TR\/REC-html40\/loose.dtd\">\n<html><body>\n<ol>\n<li>Sign on to <a href=\"https:\/\/hr.peoplesoft.nau.edu\" target=\"_blank\" rel=\"noopener\"><strong>LOUIE &ndash; HR<\/strong><\/a> with your NAU credentials.<\/li>\n<li>On the <strong>HR Home Page<\/strong> select the &lsquo;<strong>Benefits&rsquo;<\/strong><\/li>\n<li>Select <strong>&lsquo;Benefits Summary&rsquo;<\/strong><\/li>\n<li>Click on the <strong>&lsquo;NAU Basic Life Benefit&rsquo;<\/strong><\/li>\n<li>Click on the <strong>&ldquo;Edit&rdquo;<\/strong> button at the bottom of the page<\/li>\n<li>Click on the <strong>&ldquo;Add a New Beneficiary&rdquo; <\/strong>button at the bottom of the page.<\/li>\n<li>Enter required fields &hellip; Name Fields, Date of Birth, Gender, SSN, Relationship to Employee &gt; Select &ldquo;Spouse&rdquo; or &ldquo;Child&rdquo; Note: unless the &ldquo;new&rdquo; beneficiary has been given a percentage allocation for the Basic Life Plan, they are simply a potential beneficiary.<\/li>\n<li>SAVE<\/li>\n<\/ol>\n<p><strong><\/strong><\/p><\/body><\/html>\n\n    <\/div>\n<\/div>\n <!-- shortcode-accordion -->\n<div class=\"shortcode-accordion shortcode-accordion--closed\" style=\"position: relative;\" >\n        <h4 class=\"shortcode-accordion__header\">\n        <button type=\"button\" class=\"shortcode-accordion__trigger\" data-header=\"How come I can\u2019t add a beneficiary to dependent life?_0\" id=\"shortcode-accordion-8-trigger\" aria-expanded=\"false\" aria-controls=\"shortcode-accordion-8-panel\">\n            How come I can\u2019t add a beneficiary to dependent life?\n            <span class=\"shortcode-accordion__header__arrow\" aria-hidden=\"true\"><\/span>\n        <\/button>\n    <\/h4>\n    <div class=\"shortcode-accordion__body\" id=\"shortcode-accordion-8-panel\" role=\"region\" aria-labelledby=\"shortcode-accordion-8-trigger\" inert>\n        <!DOCTYPE html PUBLIC \"-\/\/W3C\/\/DTD HTML 4.0 Transitional\/\/EN\" \"http:\/\/www.w3.org\/TR\/REC-html40\/loose.dtd\">\n<html><body>\n<p>Employees are the beneficiary so there is no need to designate a beneficiary.<\/p>\n<p><strong><\/strong><\/p><\/body><\/html>\n\n    <\/div>\n<\/div>\n <!-- shortcode-accordion -->\n<div class=\"shortcode-accordion shortcode-accordion--closed\" style=\"position: relative;\" >\n        <h4 class=\"shortcode-accordion__header\">\n        <button type=\"button\" class=\"shortcode-accordion__trigger\" data-header=\"Can I have more than one beneficiary?_0\" id=\"shortcode-accordion-9-trigger\" aria-expanded=\"false\" aria-controls=\"shortcode-accordion-9-panel\">\n            Can I have more than one beneficiary?\n            <span class=\"shortcode-accordion__header__arrow\" aria-hidden=\"true\"><\/span>\n        <\/button>\n    <\/h4>\n    <div class=\"shortcode-accordion__body\" id=\"shortcode-accordion-9-panel\" role=\"region\" aria-labelledby=\"shortcode-accordion-9-trigger\" inert>\n        <!DOCTYPE html PUBLIC \"-\/\/W3C\/\/DTD HTML 4.0 Transitional\/\/EN\" \"http:\/\/www.w3.org\/TR\/REC-html40\/loose.dtd\">\n<html><body>\n<p>Yes, you can allocate both a primary and contingent beneficiary. The total percentage for primary must equal 100% and the contingent beneficiaries must equal 100%.<\/p>\n<p><strong><\/strong><\/p><\/body><\/html>\n\n    <\/div>\n<\/div>\n <!-- shortcode-accordion -->\n<div class=\"shortcode-accordion shortcode-accordion--closed\" style=\"position: relative;\" >\n        <h4 class=\"shortcode-accordion__header\">\n        <button type=\"button\" class=\"shortcode-accordion__trigger\" data-header=\"What is the difference between a primary and contingent beneficiary?_0\" id=\"shortcode-accordion-10-trigger\" aria-expanded=\"false\" aria-controls=\"shortcode-accordion-10-panel\">\n            What is the difference between a primary and contingent beneficiary?\n            <span class=\"shortcode-accordion__header__arrow\" aria-hidden=\"true\"><\/span>\n        <\/button>\n    <\/h4>\n    <div class=\"shortcode-accordion__body\" id=\"shortcode-accordion-10-panel\" role=\"region\" aria-labelledby=\"shortcode-accordion-10-trigger\" inert>\n        <!DOCTYPE html PUBLIC \"-\/\/W3C\/\/DTD HTML 4.0 Transitional\/\/EN\" \"http:\/\/www.w3.org\/TR\/REC-html40\/loose.dtd\">\n<html><body>\n<p>A contingent beneficiary would only receive the benefit if all of the primary beneficiarie(s) are deceased.<\/p>\n<p><strong><\/strong><\/p><\/body><\/html>\n\n    <\/div>\n<\/div>\n <!-- shortcode-accordion -->\n<div class=\"shortcode-accordion shortcode-accordion--closed\" style=\"position: relative;\" >\n        <h4 class=\"shortcode-accordion__header\">\n        <button type=\"button\" class=\"shortcode-accordion__trigger\" data-header=\"What if my beneficiary passes, what will happen to my benefit?_0\" id=\"shortcode-accordion-11-trigger\" aria-expanded=\"false\" aria-controls=\"shortcode-accordion-11-panel\">\n            What if my beneficiary passes, what will happen to my benefit?\n            <span class=\"shortcode-accordion__header__arrow\" aria-hidden=\"true\"><\/span>\n        <\/button>\n    <\/h4>\n    <div class=\"shortcode-accordion__body\" id=\"shortcode-accordion-11-panel\" role=\"region\" aria-labelledby=\"shortcode-accordion-11-trigger\" inert>\n        <!DOCTYPE html PUBLIC \"-\/\/W3C\/\/DTD HTML 4.0 Transitional\/\/EN\" \"http:\/\/www.w3.org\/TR\/REC-html40\/loose.dtd\">\n<html><body>\n<p>If your primary beneficiary passes, the benefit would go to the other primary beneficiarie(s). If all primary beneficiarie(s) are deceased, then the benefit would go to the contingent beneficiaries listed in <a href=\"https:\/\/hr.peoplesoft.nau.edu\" target=\"_blank\" rel=\"noopener\"><strong>LOUIE &ndash; HR<\/strong><\/a> .<\/p>\n<p><strong> <\/strong><\/p><\/body><\/html>\n\n    <\/div>\n<\/div>\n <!-- shortcode-accordion -->\n<div class=\"shortcode-accordion shortcode-accordion--closed\" style=\"position: relative;\" >\n        <h4 class=\"shortcode-accordion__header\">\n        <button type=\"button\" class=\"shortcode-accordion__trigger\" data-header=\"Can I have a trust as a beneficiary?_0\" id=\"shortcode-accordion-12-trigger\" aria-expanded=\"false\" aria-controls=\"shortcode-accordion-12-panel\">\n            Can I have a trust as a beneficiary?\n            <span class=\"shortcode-accordion__header__arrow\" aria-hidden=\"true\"><\/span>\n        <\/button>\n    <\/h4>\n    <div class=\"shortcode-accordion__body\" id=\"shortcode-accordion-12-panel\" role=\"region\" aria-labelledby=\"shortcode-accordion-12-trigger\" inert>\n        <!DOCTYPE html PUBLIC \"-\/\/W3C\/\/DTD HTML 4.0 Transitional\/\/EN\" \"http:\/\/www.w3.org\/TR\/REC-html40\/loose.dtd\">\n<html><body>\n<p>Yes, if you are naming an Estate, or Organization as your primary beneficiary need to provide an Employer Identification Number (EIN). also known as a federal tax identification number. The EIN should be used in place of the Social Security number (SSN). You can obtain the EIN from the Trustee of the Estate or the designated Organization.<\/p>\n<p><strong><\/strong><\/p><\/body><\/html>\n\n    <\/div>\n<\/div>\n<\/strong><\/p>\n<hr role=\"separator\" class=\"hr--transparent hr--transparent-15px not-in-view\">\n<h2><em><strong>Leaving NAU<\/strong><\/em><\/h2>\n<!-- shortcode-accordion -->\n<div class=\"shortcode-accordion shortcode-accordion--closed\" style=\"position: relative;\" >\n        <h4 class=\"shortcode-accordion__header\">\n        <button type=\"button\" class=\"shortcode-accordion__trigger\" data-header=\"Can I continue my life insurance if I leave NAU?_0\" id=\"shortcode-accordion-13-trigger\" aria-expanded=\"false\" aria-controls=\"shortcode-accordion-13-panel\">\n            Can I continue my life insurance if I leave NAU?\n            <span class=\"shortcode-accordion__header__arrow\" aria-hidden=\"true\"><\/span>\n        <\/button>\n    <\/h4>\n    <div class=\"shortcode-accordion__body\" id=\"shortcode-accordion-13-panel\" role=\"region\" aria-labelledby=\"shortcode-accordion-13-trigger\" inert>\n        <!DOCTYPE html PUBLIC \"-\/\/W3C\/\/DTD HTML 4.0 Transitional\/\/EN\" \"http:\/\/www.w3.org\/TR\/REC-html40\/loose.dtd\">\n<html><body>\n<p>You may have the option to port or convert your life insurance coverage if you leave NAU. You should contact your life insurance provider directly to apply to continue your coverage.<\/p>\n<ul>\n<li>Hartford &ndash; Policy# 805644 Group Phone: 800-882-8395<\/li>\n<li>Securian &ndash; Policy #34681- Phone: 1-866-365 -2374 select Option 4 or log onto: lifebenefits.com\/continue and enter Policy Number: 34681 and Access Key: Arizona<\/li>\n<\/ul>\n<p>For more information one what will happen to your benefit if you leave the university visit the <a href=\"https:\/\/in.nau.edu\/human-resources\/exiting-employee-information\/\">Information for Employees Exiting webpage<\/a>.<\/p>\n<p><strong> <\/strong><\/p><\/body><\/html>\n\n    <\/div>\n<\/div>\n<\/strong><\/p>\n<hr role=\"separator\" class=\"hr--transparent hr--transparent-15px not-in-view\">\n<h2><em><strong>Other<\/strong><\/em><\/h2>\n<!-- shortcode-accordion -->\n<div class=\"shortcode-accordion shortcode-accordion--closed\" style=\"position: relative;\" >\n        <h4 class=\"shortcode-accordion__header\">\n        <button type=\"button\" class=\"shortcode-accordion__trigger\" data-header=\"Where can I get plan information?_0\" id=\"shortcode-accordion-14-trigger\" aria-expanded=\"false\" aria-controls=\"shortcode-accordion-14-panel\">\n            Where can I get plan information?\n            <span class=\"shortcode-accordion__header__arrow\" aria-hidden=\"true\"><\/span>\n        <\/button>\n    <\/h4>\n    <div class=\"shortcode-accordion__body\" id=\"shortcode-accordion-14-panel\" role=\"region\" aria-labelledby=\"shortcode-accordion-14-trigger\" inert>\n        <!DOCTYPE html PUBLIC \"-\/\/W3C\/\/DTD HTML 4.0 Transitional\/\/EN\" \"http:\/\/www.w3.org\/TR\/REC-html40\/loose.dtd\">\n<html><body>\n<p>Since this is a group plan, group certificates can be found on the <a href=\"https:\/\/in.nau.edu\/human-resources\/benefit-plan-document\/\">Benefit Plan Documents and Policies webpage<\/a>. There are no individual documents.<\/p>\n<p><strong> <\/strong><\/p><\/body><\/html>\n\n    <\/div>\n<\/div>\n <!-- shortcode-accordion -->\n<div class=\"shortcode-accordion shortcode-accordion--closed\" style=\"position: relative;\" >\n        <h4 class=\"shortcode-accordion__header\">\n        <button type=\"button\" class=\"shortcode-accordion__trigger\" data-header=\"What is Imputed Income?_0\" id=\"shortcode-accordion-15-trigger\" aria-expanded=\"false\" aria-controls=\"shortcode-accordion-15-panel\">\n            What is Imputed Income?\n            <span class=\"shortcode-accordion__header__arrow\" aria-hidden=\"true\"><\/span>\n        <\/button>\n    <\/h4>\n    <div class=\"shortcode-accordion__body\" id=\"shortcode-accordion-15-panel\" role=\"region\" aria-labelledby=\"shortcode-accordion-15-trigger\" inert>\n        <!DOCTYPE html PUBLIC \"-\/\/W3C\/\/DTD HTML 4.0 Transitional\/\/EN\" \"http:\/\/www.w3.org\/TR\/REC-html40\/loose.dtd\">\n<html><body>\n<p>Section 79 of the Internal Revenue Code (IRC) requires that employers calculate imputed taxable income for employees that receive group life insurance coverage in excess of $50,000. The amount of imputed taxable income will be reported on the employee&rsquo;s Form W-2.<\/p>\n<p><strong> <\/strong><\/p><\/body><\/html>\n\n    <\/div>\n<\/div>\n <!-- shortcode-accordion -->\n<div class=\"shortcode-accordion shortcode-accordion--closed\" style=\"position: relative;\" >\n        <h4 class=\"shortcode-accordion__header\">\n        <button type=\"button\" class=\"shortcode-accordion__trigger\" data-header=\"Can I cash out my life insurance?_0\" id=\"shortcode-accordion-16-trigger\" aria-expanded=\"false\" aria-controls=\"shortcode-accordion-16-panel\">\n            Can I cash out my life insurance?\n            <span class=\"shortcode-accordion__header__arrow\" aria-hidden=\"true\"><\/span>\n        <\/button>\n    <\/h4>\n    <div class=\"shortcode-accordion__body\" id=\"shortcode-accordion-16-panel\" role=\"region\" aria-labelledby=\"shortcode-accordion-16-trigger\" inert>\n        <!DOCTYPE html PUBLIC \"-\/\/W3C\/\/DTD HTML 4.0 Transitional\/\/EN\" \"http:\/\/www.w3.org\/TR\/REC-html40\/loose.dtd\">\n<html><body>\n<p>No, it is a term life insurance policy which does not have a cash value.<\/p>\n<p><strong><\/strong><\/p><\/body><\/html>\n\n    <\/div>\n<\/div>\n <!-- shortcode-accordion -->\n<div class=\"shortcode-accordion shortcode-accordion--closed\" style=\"position: relative;\" >\n        <h4 class=\"shortcode-accordion__header\">\n        <button type=\"button\" class=\"shortcode-accordion__trigger\" data-header=\"Why did my supplemental life insurance rate change?_0\" id=\"shortcode-accordion-17-trigger\" aria-expanded=\"false\" aria-controls=\"shortcode-accordion-17-panel\">\n            Why did my supplemental life insurance rate change?\n            <span class=\"shortcode-accordion__header__arrow\" aria-hidden=\"true\"><\/span>\n        <\/button>\n    <\/h4>\n    <div class=\"shortcode-accordion__body\" id=\"shortcode-accordion-17-panel\" role=\"region\" aria-labelledby=\"shortcode-accordion-17-trigger\" inert>\n        <!DOCTYPE html PUBLIC \"-\/\/W3C\/\/DTD HTML 4.0 Transitional\/\/EN\" \"http:\/\/www.w3.org\/TR\/REC-html40\/loose.dtd\">\n<html><body>\n<p>The premium is based on the amount of coverage and age. If you move from one bracket to another due to a birthday or change in salary, your premium will be adjusted. Review <a href=\"https:\/\/in.nau.edu\/wp-content\/uploads\/sites\/5\/2023\/03\/2023-Voluntary-Benefit-Premiums.pdf\">Employee Premiums<\/a>.<\/p>\n<p><strong><\/strong><\/p><\/body><\/html>\n\n    <\/div>\n<\/div>\n<\/strong><\/p>\n<h3 style=\"text-align: left;\"><em><strong>Still have questions?? <\/strong><\/em><\/h3>\n<p style=\"text-align: left;\">Review additional <a href=\"https:\/\/in.nau.edu\/human-resources\/benefits-faqs-main\/\" target=\"_blank\" rel=\"noopener noreferrer\">FAQs on other Benefit plans<\/a> or contact the Benefits Team at nauhrbenefits@nau.edu or call (928) 523-2223.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>&nbsp; Enrollment and Plan Benefits Beneficiaries Leaving NAU Other Still have questions?? Review additional FAQs on other Benefit plans or contact the Benefits Team at nauhrbenefits@nau.edu or call (928) 523-2223.<\/p>\n","protected":false},"author":619,"featured_media":18544,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"ring_central_script_selection":"","footnotes":""},"class_list":["post-18311","page","type-page","status-publish","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/in.nau.edu\/human-resources\/wp-json\/wp\/v2\/pages\/18311","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/in.nau.edu\/human-resources\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/in.nau.edu\/human-resources\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/in.nau.edu\/human-resources\/wp-json\/wp\/v2\/users\/619"}],"replies":[{"embeddable":true,"href":"https:\/\/in.nau.edu\/human-resources\/wp-json\/wp\/v2\/comments?post=18311"}],"version-history":[{"count":0,"href":"https:\/\/in.nau.edu\/human-resources\/wp-json\/wp\/v2\/pages\/18311\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/in.nau.edu\/human-resources\/wp-json\/wp\/v2\/media\/18544"}],"wp:attachment":[{"href":"https:\/\/in.nau.edu\/human-resources\/wp-json\/wp\/v2\/media?parent=18311"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}