Whole Life Insurance Plan through Unum

January 1, 2020, Wake Forest University is offering a Voluntary Whole Life Insurance Plan with a Long-Term Care Rider through Unum. If you enroll during this one-time Unum open enrollment period, October 21 – November 21, eligible faculty and staff may purchase their own plan up to $75,000 without a medical applications; spouses up to $25,000 without a medical application; child(ren) up to $25,000 without a medical application. If you have questions about this benefit, you may call (877) 819-0508.

Benefits:

  • The cost will not increase with age.
  • The benefit coverage amount does not change.
  • The policy earns interest or a cash value at a guaranteed rate of 4.5%
  • You may borrow from the cash value.
  • It has a living benefit that allows an early payout of the death benefit, if certain criteria are met.
  • You may be able to use the death benefit to pay for long-term care.

Coverage Options: (Guaranteed issue amounts only apply if you enroll during the one-time open enrollment period.)

  • Faculty and staff can purchase $10,000, $25,000, $50,000, or $75,000 of coverage for oneself. Guaranteed issue amount up to $75,000 without a medical application.
  • Spousal individual coverage, ages 15 – 80, $10,000, $25,000, $50,000, or $75,000, even if you do not purchase coverage for oneself. Guaranteed issue amount up to $25,000 without a medical application.
  • Child(ren) or grandchild(ren) individual coverage $10,000 or $25,000, even if you do not purchase coverage for oneself. Guaranteed issue amount up to $25,000 without a medical application.

How to Enroll:

  • All full-time benefits-eligible faculty and staff will get a separate Workday inbox task to complete enrollment.
  • To enroll, complete the task.