Voluntary Life Insurance

The Voluntary Life Insurance Plan is a voluntary, employee-paid group term life insurance plan in which you can choose to participate to supplement your employer provided basic life and accidental death and dismemberment insurance. You may select coverage for yourself, your spouse and your eligible dependent children. Children over age 19 must be full-time students.

If you are a full-time, benefit eligible employee, you can elect insurance coverage for you and your eligible dependents. If your spouse is also an employee, you are not permitted to elect voluntary life insurance for your spouse.

Faculty/Staff coverage can elect 1 to 5 times annual salary up to a maximum of $500,000 of coverage. This benefit has an automatic increase feature based on your salary.

Age BandsMonthly Biweekly
Rate per $1,000 of coverage
Less than 25$0.06 $0.03
25 - 29$0.07 $0.03
30 - 34$0.09 $0.04
35 - 39$0.10 $0.05
40 - 44$0.11 $0.05
45 – 49$0.17 $0.08
50 - 54$0.25 $0.12
55 - 59$0.47 $0.22
60 - 64$0.73 $0.34
65 – 69$1.40 $0.65
70 – 74$2.27 $1.05
75 and over$3.40 $1.57

New Hires

New hires may purchase the lesser of three times their annual salary or $400,000 with no medical underwriting within the first 31 days of employment. Additional coverage may be purchased above the guaranteed amount up to the lesser of 5 times base salary or $500,000. Coverage above the guaranteed amount will be subject to medical review.

Enrolling at Annual Enrollment or any time after new hire period – Faculty and Staff will be required to complete a Medical History Statement for any amount of coverage. Forms can be obtained from Human Resources (AskHR@wfu.edu). The life insurance carrier will evaluate application and contact the applicant regarding their decision.

Must enroll within 30 days of being eligible – If voluntary employee life or voluntary spouse life is elected at a later date, a Medical History Statement form must be completed and submitted to CIGNA for all coverage amounts.

  • Reduction Formula – Benefits reduce to 65% at age 70; 50% at age 75.
  • Living Benefit Option – Available for someone with a life expectancy of 12 months or less.
  • Waiver of Premium – If disabled prior to reaching age 65 while covered, premiums could be waived. If approved, waiver continues until age 70.
  • Portability – This allows Faculty and Staff to keep their coverage on a direct billed basis after it would normally terminate.