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Loyola University Chicago

Human Resources

Supplemental Life Insurance


If employees are benefits-eligible (University Staff FTE .53 or higher; HSD Staff .50 FTE or higher) and interested in additional Term Life Insurance coverage, they may purchase Supplemental Life Insurance. This coverage may be purchased in amounts equal to 1, 2, 3, 4, or 5 times annual salary, up to a maximum of $500,000. The cost for this coverage is based on age. The premium paid for this coverage automatically changes when salary or age changes. Please realize that the amount of coverage you select maybe subject to Evidence of Insurability rules. In compliance with the Age Discrimination in Employment Act (ADEA-B), Basic and Supplemental Life Insurance coverage will be reduced when the employee reaches age 65. The amounts of coverage decrease as shown in the chart to the right.

Life Insurance Benefits Reductions at Ages 65–85
Age Insurance Benefit Is Reduced by:
65 35%
70 55%
75 70%
80 80%
85 85%

Effective January 1, 2014, employees will no longer have to wait for open enrollment to enroll in life insurance. They will be able to enroll year-round, but will still need to complete the EOI, or, if they have a qualifying event (birth of a child or marriage for example), may be able to add additional coverage without completing an EOI. Please check the forms and information page for the most current Benefit Election form to make changes because of a qualifying life event. See Evidence of Insurability section further down on this page. Premiums for supplemental life insurance are listed below:

Supplemental Life Insurance Rates for You
Age Rate per $1,000 Age Rate per $1,000
< 30 $0.06 55–59 $0.62
30–34 $0.08 60–64 $0.88
35–39 $0.10 65–69 $1.38
40–44 $0.12 70–74 $2.06
45–49 $0.20 75–79 $2.06
50–54 $0.34 80< $3.42

Calculating the Cost of Your Supplemental Life Insurance Coverage

Follow these steps:

Step 1—Employee Supplemental Life $                      Your Yearly Salary
x                      1, 2, 3, 4, or 5 (salary multiples)
= $                      Amount of Coverage you want
Step 2 Round the Amount of Coverage to the next higher $10,000 increment
(e.g., $214,300 becomes $220,000)
Step 3 $                       Your Coverage Amount ÷ 1,000 = Employee Units
Step 4 Employee Units x $ Employee Cost */Per Unit            = $                       
Step 5—Spousal Life* Spouse Coverage $ Cost                                              = $                       (+)
Step 6—Child Life* $5,000 Children @ $0.36 Cost                                     = $                       (+)
Total Monthly Cost: = $                       


If benefits-eligible, employees can purchase life insurance coverage for spouses in $5,000 increments, up to $50,000, and thereafter $10,000 increments, up to a maximum of $100,000. However, the maximum coverage for spouses without Evidence of Insurability (EOI) is $25,000 for new hires. A Legally Domiciled Adult (LDA) is not eligible to enroll in Spousal Life insurance.


If are benefits-eligible, employees can purchase a flat $5,000 plan that covers dependent children from age six months until age 26 (as long as they are unmarried). Employees can cover newborns and newly adopted children if they are enrolled within 31 days after their arrival. The coverage amount for newborns through age six months is $1,000.

Evidence of Insurability for Supplemental Life for Employee and Spouse

Evidence of Insurability (EOI) is the process by which an insurance carrier determines if employees or their spouses are insurable at or above a certain dollar amount by requiring proof of good health. Evidence of Insurability will be required for any combination of Basic and Supplemental Life Insurance exceeding $500,000. If newly hired, employees may elect supplemental life insurance up to 2x annual salary without an EOI if they enroll within the first 31 days of employment. Any new election or increase to coverage made after a new hire enrollment period will require EOI.

To start the EOI process, complete a Benefit Form on the Forms and Information page. The Benefit Status Change form must be signed and dated, faxed or scanned, and returned to benefits via e-mail at benefits@luc.edu or fax at 312.915.7612. A benefits representative will contact employees after receipt of the form to advise on next steps. Please complete the Evidence of Insurability form here to continue the process. The Evidence of Insurability form is customized for Loyola University Chicago Employees only. Trinity and LUMC employees must contact their Human Resources Department for the correct form. Completing the wrong form will delay the processing of your request.

Evidence of Insurability
When evidence of insurability is required Applies Does not apply
Basic life insurance (1.5 times your annual salary)  
If combination of basic and supplemental is greater than $500,000  
If spousal dependent life is greater than $25,000  
Any change to supplemental life or spouse life is not elected within the first 31 days of employment