Samford University

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Life and Accidental Death/Dismemberment Insurance

University Paid Group Life and AD&D Insurance

  • Full time employees are eligible for Samford's group life insurance plan upon date of hire
  • The carrier is ReliaStar/ING and it is a term life policy.
  • The amount of coverage is equal to two and one-half times your annual salary up to a maximum of $600,000.00.
  • This coverage is paid by Samford.
  • The life insurance benefit doubles in the event of accidental death.
  • The life insurance amount reduces by 35% if you are still actively employed at age 65.
  • Samford also offers $2,000 of life insurance coverage (University paid) for your dependents.  Eligible dependents include your spouse and your children under the age of 18 or up to age 23 if a full time student.
  • Beneficiaries are named when you enroll in the Plan during new hire orientation; however you may update your beneficiaries at any time by completing the Beneficiary Change Form and returning the completed form to Human Resources.  Please return the original signed form, do not send a fax or scanned copy. 
  • Summary Plan Description for Group Life Insurance
  • Summary Plan Description for Group AD&D Insurance

Optional Life and AD&D Insurance

  • Full time employees can also purchase optional life and optional accidental death/dismemberment insurance.

       Optional Life Insurance

  • Optional employee life can be elected in any amount from $10k up to $500k in $10k increments.
  • Spousal life insurance can be elected in any amount from $10k up to $500k also in $10k increments.  Please note, you must enroll in at least $10,000 of optional employee life insurance to be eligible to enroll in the optional spousal life insurance.
  • During your first 30 days of full time employment there is a Guaranteed Issue Amount of $100,000 for optional employee life and $50,000 for spousal life.  Any amounts elected that exceed the Guaranteed Issue Amount are subject to Evidence of Insurability. 
  • You may enroll in the optional life insurance at any time during your first 30 days of full time employment. After this initial period, you may enroll during the annual enrollment period or if you experience a qualified change in family status.
  • The premiums for the optional employee life and optional spousal life insurance are based on age brackets and the rates are per $10,000. These are monthly premiums.  The brackets are as follows:
    Under 30: $0.60
    30-34: $0.80
    35-39: $0.90
    40-44: $1.40
    45-49: $2.00
    50-54: $3.40
    55-59: $5.80
    60-64: $9.10
    65-69: $14.30
    70-74: $22.80
    75+ $40.40
  • Optional child life insurance is offered in $5,000 or $10,000 options.  Please note that you must enroll in at least $10,000 of optional employee life insurance to be eligible to enroll in the optional child life insurance.
  • Once enrolled, your child's coverage will continue up to age 18 or up to age 23 if a full time student.
  • The premium for child life is $1.00 per month per $5000 of coverage regardless of the number of children insured. 
  • Beneficiaries are named when you enroll in the Plan; however you may update your beneficiaries at any time by completing the Beneficiary Change Form and returning the completed form to Human Resources.  Please return the original signed form, do not send a fax or scanned copy.
  • Click here for a copy of the Optional Life Insurance Summary Plan Description.

       Optional AD&D Insurance

  • Optional AD&D insurance can by elected in multiples of $1,000.00 up to $500,000 of coverage.
  • The cost for this insurance is 1.9 cents/$1000 for employee only coverage and 3 cents/$1000 for family coverage.  
  • Click here for a copy of the Optional AD&D Insurance Summary Plan Description. 

Life Insurance Frequently Asked Questions

  • If I apply for optional coverage above the guaranteed issue during my first 30 days of employment and am denied due to my evidence of insurability do I lose my optional coverage?
    No. If you apply for optional coverage above the Guaranteed Issue (GI) amount, we will automatically enroll you in the GI amount. Your denied approval for coverage above the GI amount does not affect your GI coverage.
  • How do I know if I have been approved for coverage?
    You will receive an approval letter from ReliaStar/ING. Your additional coverage becomes effective as of the date of approval noted in the letter.
  • How long can my dependent children be covered with this insurance?
    They are eligible until age 18 or until age 23 as a full time student.
  • What happens to my optional life insurance if I leave Samford?
    The optional life insurance is portable and can be continued after you leave Samford.  Information regarding rates and portability will be given to you when you leave Samford. 
  • I have recently married. How do I change my beneficiary information?
    Please complete the Beneficiary Change Form and return your completed form to Human Resources.  Please send the original document, do not fax or send a scanned copy.  
  • Can I cancel my coverage at any time?
    Yes, since this benefit is taken out after taxes, you may cancel it at any time. 
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