Are All Life Insurance Policies the Same?

What’s the Difference?

Life insurance comes in two main types: term and permanent.

• Term Policies: These are valid for a specified period, such as 20 or 30 years, or based on your employment term. Term policies are typically affordable and provide substantial coverage. If you outlive the term, no benefit is paid. The University offers a term life policy at no cost to eligible full-time employees, with options to purchase supplemental coverage for yourself and dependents.
• Permanent Policies: Also known as universal or whole life insurance, these policies offer lifetime coverage if premiums are paid. Permanent policies accumulate cash value and do not increase in cost over time. They are ideal for long-term planning and final expenses. The University provides a Universal life insurance option through Allstate.

Accidental Death and Dismemberment (AD&D)

AD&D is not a life insurance policy but offers benefits if you die or suffer specific losses due to a covered accident. Unlike life insurance, AD&D does not cover death from illness. The University provides AD&D coverage equal to your basic life insurance.

Enrollment Information

• Some life insurance enrollment/changes may require medical questions and carrier approval.

• Open Enrollment  (Nov. 1 – Dec 1). Enroll or make changes to your supplemental term life or Universal life insurance. Some changes may require medical questions and carrier approval.

Learn More

• LinkedIn Learning: Explore courses like The Basics of Life Insurance and Life Insurance 101.
  • MyMissouriState> Learning and Development Card> LinkedIn Learning
• Virtual Benefits Fair: Learn more about life insurance and other benefits.
• HR Updates: Follow the HR Blog for news, benefits insights, and professional development opportunities.
• Wellness News: Stay updated by following the Wellness Blog.