Basic Life Insurance
Carrier: Assurity Life Insurance | 800.869.0355
As a UBT associate, you automatically receive basic life insurance coverage upon initial eligibility. Coverage is based on your position outlined in the table below.
|
Eligibility |
Coverage Level |
Associate Cost |
|
Hourly Associates |
$20,000 |
Free |
|
Salaried Associates |
$50,000 |
Free |
|
Officers |
$50,000 |
Free |
|
Officers |
$100,000 |
$6.00/month |
To update your life insurance beneficiary designations, visit UKG at https://myUBT.UKG.net and navigate to Myself > Benefits > Manage My Benefits.
Supplemental Life Insurance
Carrier: Assurity Life Insurance | 800.869.0355
Term life insurance coverage is available for associates, spouses, and eligible dependents up to age 26. Spouse and child coverage is only available in conjunction with associate coverage.
Monthly premiums
Premiums are based on the age of the associate on January 1 and amount of coverage elected. Coverage levels are in increments of $10,000, up to $500,000. Spouse coverage is available in an amount up to, but not exceeding, the associate election. Please refer to the chart to find the monthly rate per $10,000 of coverage. Coverage for child(ren) is only available at $10,000 for a rate of $1.50 per month. One set fee covers all children independently.
|
Associate Age |
Associate Cost |
Spouse Cost |
|
Under 29 |
$0.40 |
$0.40 |
|
30 - 34 |
$0.50 |
$0.50 |
|
35 - 39 |
$0.80 |
$0.80 |
|
40 - 44 |
$1.20 |
$1.20 |
|
45 - 49 |
$1.90 |
$1.90 |
|
50 - 54 |
$3.20 |
$3.20 |
|
55 - 59 |
$5.00 |
$5.00 |
|
60 - 64 |
$6.70 |
$6.70 |
|
65 - 69 |
$10.70 |
$10.70 |
|
70+ |
$32.60 |
$32.60 |
Guarantee issue amount
There is a special guarantee issue for new hires. You and your dependents will not be subject to underwriting if you enroll during your initial enrollment period as a new hire. The guarantee issue amount is up to $150,000 for associates, $30,000 for spouses, and $10,000 for children. The guarantee issue amount is the amount of insurance that you may elect without providing evidence of good health. A statement of health form is required to obtain coverage in excess of the guarantee issue amount or if you enroll after your initial enrollment period.
Convertibility
If this group coverage ends for any reason except non-payment of premium, you can convert to an individual policy. No evidence of insurability is needed. To continue coverage, you must apply for the conversion policy, and pay the first applicable premium within 31 days from your last day of employment. Family members may convert their coverage as long as they have not reached the maximum age limit.
Benefit reductions
When you reach the age of 65, your benefits will be reduced to 65% of the benefit amount selected; at age 70, reduced to 45%; at age 75, reduced to 30%; at age 80, reduced to 20%; and at age 85, reduced to 15%. Coverage for your spouse ends when you, the associate, reach age 70.
To update your life insurance beneficiary designations, visit UKG at https://myUBT.UKG.net and navigate to Myself > Benefits > Manage My Benefits.
