Life Insurance
Loyola University Chicago provides employees with a basic life insurance program, and an option to purchase supplemental life insurance for employees, a spouse and/or dependent children.
- This is one of our income protection benefits designed to help you build and protect financial security for you and your dependents.
- For your convenience, both the Life Conversion and Life Portability Request forms have been added to the Benefits sub-menu section located in the "Key Forms" (near the upper right area).
- For more information about life insurance, please review the Benefits Booklet located in the upper right corner, within the Resources
Reliance Standard is now Reliance Matrix
Reliance Standard Life Insurance and Matrix Absence Management have rebranded as ‘Reliance Matrix’ and joined forces to bring integrated and personalized employee benefits, absence management and workforce productivity solutions to the U.S. employer market. Reliance Standard and Matrix have worked together as sister companies since 1997, providing integrated insurance and TPA services to large employers. The rebrand is the culmination of a multiyear process aimed at providing a unified experience for employers, employees and families that Reliance Matrix already supports today.
How will our rebranding impact Loyola?
- Logos: Except for Retirement Services, all logos will be changing over time.
- Matrix’s eServices site will remain the same as matrixabsence.com.
- Reliance Standard’s new enterprise site will be reliancematrix.com. If you go to www.rsli.com, you will be asked to redirect to either our main site (www.reliancematrix.com) or our specific Retirement Services site at (www.reliancestandardlife.com). For your purposes, please travel to www.reliancematrix.com or select that option if redirected from www.rsli.com.
InfoArmor Identity Protection
Reliance Matrix provides identity theft protection through the InfoArmor Identity Protection program. The service is available for benefit eligible employees. Explore the for more information.
Please direct questions about life insurance or InfoArmor Identity Protection services to Reliance Matrix:
- Customer Care Center at 800.351.7500 (8:00AM – 7:00PM ET weekdays)
- Our group plan number is GL 156761
For additional information, please see the areas below.
Basic Life Insurance
Loyola University Chicago automatically provides eligible faculty and staff with basic term life insurance equal to 1½ times your annual salary, with a maximum of the lesser of one and one-half times your annual salary, or $500,000.
- Loyola pays the entire cost of this coverage and the policies are currently administered through Reliance Standard. See below.
Imputed Income: There are some tax consequences to employees with employer-funded insurance coverage over $50,000.
- As mandated by the IRS, coverage amounts in excess of $50,000 are subject to imputed income whereby the cost of the life insurance coverage in excess of $50,000 is subject to federal income and Social Security (FICA) taxes. The taxable amount is included in your W-2 and is calculated using an IRS age-based table.
Automatic Reduction of Basic Life: For Insureds age 65 and over, the Amount of Basic Life Insurance is subject to automatic reduction. Upon the Insured’s attainment of the specified age below, the Amount of Basic Life Insurance will be reduced to the applicable percentage. This reduction also applies to Insureds who are age 65 or over on their Individual Effective Date.
|
Age |
Percentage |
|
65-69 |
65% |
|
70-74 |
45% |
|
75-79 |
30% |
|
80-84 |
20% |
|
85+ |
15% |
Please see the Benefits Booklet for additional information.
Supplemental Life Insurance
Employee: If you are benefit-eligible (University staff FTE .53 or higher; HSD Staff .50 FTE or higher), and interested in additional term life insurance coverage for yourself, you may purchase supplemental life insurance.
- This coverage may be purchased in amounts equal to 1, 2, 3, 4, or 5 times your annual salary, up to a maximum of $500,000
- The cost for this coverage is based on your age. The premium you pay for this coverage automatically changes when your salary or age changes
Spouse: If you are benefit-eligible, you may purchase life insurance coverage for your spouse if you elect employee supplemental life insurance for yourself. However, the maximum coverage for your spouse without Evidence of Insurability (EOI) is $25,000, only for a new hire. In addition, you may not purchase more life insurance on your spouse than you have purchased on yourself.
Automatic Reduction of Supplemental Life Insurance: For Insureds age 65 and over, the Amount of Supplemental Life Insurance is subject to automatic reduction. Upon the Insured’s attainment of the specified age below, the Amount of Supplemental Life Insurance will be reduced to the applicable percentage. This reduction also applies to Insureds who are age 65 or over on their Individual Effective Date.
| Age | Percentage |
| 65-69 | 65% |
| 70-74 | 45% |
| 75-79 | 30% |
| 80-84 | 20% |
| 85+ | 15% |
Child: If you are benefit-eligible, you also may purchase a flat $5,000 plan that covers your unmarried dependent children from age six months until age 26. You may cover newborns and newly adopted children if you enroll them within 31 days after their arrival. The coverage amount for newborns through age six months is $1,000.
Life Insurance Benefit Reduction at Ages 65-85
Automatic Reduction of Basic Life & Supplemental Life Insurance Coverages: For Insureds age 65 and over, the Amount of Basic Life and Supplemental Life Insurance is subject to automatic reduction. Upon the Insured’s attainment of the specified age below, the amount Life Insurance will be reduced to the applicable percentage. This reduction also applies to Insureds who are age 65 or over on their Individual Effective Date.
|
Age |
Percentage |
|
65-69 |
65% |
|
70-74 |
45% |
|
75-79 |
30% |
|
80-84 |
20% |
|
85+ |
15% |
Evidence of Insurability (EOI)
Evidence of Insurability (EOI) is the process by which an insurance carrier determines that an employee or spouse is insurable at or above a certain dollar amount by requiring proof of good health.
- If employees are newly hired, they 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
- The
Beneficiary
Life insurance benefits are paid to the beneficiary on file when a life insurance claim is processed. You are automatically the beneficiary of any life insurance you choose for your spouse and children.
- Beneficiaries can be updated online anytime during the year by visiting Employee Self-Service, located in the Resources section (upper right)
- You are able to designate both a primary and secondary beneficiary for your own insurance plan
Dependents
Dependents are determined as follows:
- An Insured's legal spouse; and
- An Insured's unmarried child(ren), from birth to 20 years, who is financially dependent upon the Insured for support. Adoptive, foster, and stepchildren are considered dependents if they are in the custody of the Insured; and
- An Insured's unmarried child(ren), attending a college or other school on a full-time basis, who is financially dependent upon the Insured for support, up to age 26; and
- An Insured's child(ren) beyond the limiting age who is incapable of self-sustaining employment by reason of intellectual disability or physical handicap, and who is chiefly dependent on the Insured for support and maintenance.
Leaving the University - Continuation of Life Insurance
Life insurance ends on your last day worked. Dependent life insurance coverage terminates either when your coverage ends or when the individual ceases to be your eligible dependent.
- For life insurance purposes only, an unmarried dependent child, who is eligible for life insurance benefits, is covered up to age 26. You may have portability options to continue your life insurance, provided you are not sick or injured. Portability permits a portion of your existing (group) coverage to be continued through the carrier after your University employment ends if you contact Reliance Standard within 31 days of your last day worked
Alternatively, you have the option to convert your group life insurance to an individual (permanent) whole life policy with the carrier, Reliance Matrix. You must act within 31 days of your termination date to continue coverage under either option.
- To obtain an application for either option, you may contact Reliance Standard. Please see below.
Please direct life insurance continuation questions to Reliance Matrix
- Customer Care Center: 800.351.7500 (8:00AM – 7:00PM ET weekdays)
Revision History
Revised: 7/27/16, 12/16/16, 12/29/16, 12/31/16, 4/4/19