🛡️ Protect Your Loved Ones: Understanding Your Life Insurance Options

Life insurance can help protect your loved ones financially by providing a benefit to your beneficiaries if you pass away. Whether you are looking for coverage during your working years or protection that can continue throughout your lifetime, understanding the difference between term and permanent life insurance can help you make informed decisions.

Mo State offers university-sponsored term life insurance and voluntary supplemental life insurance options, including a new Group Whole Life Insurance offering beginning in 2027.

What is the difference between term and permanent life insurance?

• Term life insurance provides coverage for a specific period. Mo State’s university-sponsored term life insurance is tied to your employment with the University. Basic term life insurance is provided at no cost to eligible full-time employees, with supplemental coverage available for those who want additional protection.
• Permanent life insurance is designed to provide coverage throughout your lifetime, as long as the policy remains in force and required premiums are paid. Permanent life insurance may also accumulate cash value over time, depending on the policy.

As you consider your options, think about your financial responsibilities, the people who depend on you, how much coverage you may need, and whether you are looking for protection during a specific period or throughout your lifetime.

Here is a closer look at the life insurance options available through Mo State.

📝 Term Life Insurance (University-Sponsored)

• Coverage: Provides protection during your employment with the University.
• University Offering: Basic term life insurance at no cost to eligible full-time employees, with supplemental term life options available for additional coverage.

Highlights:

🏷️ Age-based premiums: Supplemental coverage premiums increase at certain age milestones, generally ages ending in 5 or 0.

✅ Open Enrollment: Current enrollees may increase coverage by one benefit level within guaranteed issue limits.

🩺 New enrollees: Medical qualification may be required depending on the coverage amount and enrollment circumstances.

🏛️ Permanent Life Insurance: Group Whole Life

Beginning in 2027, Group Whole Life Insurance will replace Universal Life Insurance as the University’s offering for new enrollments.

This voluntary benefit provides employees with another option for life insurance protection and potential cash value accumulation.

Whole life insurance is designed to provide lifelong coverage, subject to the policy’s terms and conditions.

Highlights:

• Life insurance protection: Provides a death benefit to beneficiaries if the insured dies while coverage is in force.
• Cash value accumulation: Builds cash value over time that may be accessed through policy loans or withdrawals, subject to policy provisions.
• Optional coverage enhancements: Available riders may provide additional benefits, including certain long-term care and terminal illness benefits.
• Long-term planning: Offers an opportunity to consider life insurance protection alongside other financial planning priorities.

Whole life insurance is a voluntary benefit. Employees should review the coverage, costs, limitations, and policy provisions to determine whether it meets their individual needs.

📄 Review the Group Whole Life Insurance brochure for additional information about the new offering, its features, and available options.

Already Enrolled in Universal Life Insurance?

If you currently have Universal Life Insurance through Mo State, you may keep your existing coverage. The introduction of Whole Life Insurance does not require you to replace your current policy.

Existing Universal Life policies are age-locked, meaning your premiums do not increase as you get older.

Important: If you wish to cancel your existing Universal Life Insurance policy, you cannot drop it through the Open Enrollment system. You must contact the benefits call center directly to request cancellation.

📞 Benefits Call Center: 877-282-0808

If you are considering making changes to your existing Universal Life coverage, please contact the call center for assistance.

⚡ Accidental Death & Dismemberment (AD&D)

• Focus: Provides benefits for death or certain injuries resulting from a covered accident.
• Coverage: University-provided AD&D coverage is equal to your basic life insurance.
• Important: AD&D does not provide benefits for death resulting from illness or natural causes.

Key Difference from Accident Insurance:

💥 AD&D: Provides benefits for covered accidental death or dismemberment.

💰 Accident Insurance: A voluntary supplemental policy that pays cash benefits for covered accident-related injuries and expenses. It also includes additional AD&D benefits.

📅 Enrollment Information

• Open Enrollment: November 1 – December 1
• Options: Enroll in or make changes to supplemental term life, whole life, or accident insurance. Update Beneficiaries!
• Guaranteed Issue: Certain coverage options may be available without medical questions during Open Enrollment, subject to carrier limits and eligibility.
• Medical Approval: Some coverage amounts or enrollment changes may require health questions and insurance carrier approval.

📚 Learn More

🌐 Virtual Benefits Fair: Explore life insurance, accident insurance, and other employee benefits.

📝 HR Blog: Benefits updates, enrollment information, and employee resources.

🌿 Wellness Blog: Health and wellness updates.