Life Insurance

Eligible employees are automatically covered by basic life insurance through Standard Life Insurance Company (The Standard), provided for you at no cost. This plan pays your beneficiary the amount of your annual salary, up to a maximum of $50,000, in benefits.

When your pay increases, coverage is automatically adjusted. Coverage reduces at age 70 to 65% of the amount of life insurance you had prior to age 70 and then at age 75 reduces to 50%. The minimum basic life coverage is $10,000 regardless of salary level or age. Benefits-eligible employees cannot opt out of basic life insurance, but can choose to enroll in additional optional life insurance.

A life insurance policy through The Standard also entitles you to travel assistance.

You can choose to buy additional life insurance through the optional life insurance plan. Additional coverage of one, two, three or four times your annual salary with a maximum benefit of $750,000 is available. New and current employees must submit evidence of insurability for 4x salary and any coverage over $500,000. Coverage reduces at age 70 to 65% of the amount of life insurance you had prior to age 70 and then at age 75 reduces to 50%.

You may purchase Dependent Life Insurance to cover your eligible family members. The benefit is payable to you in the event of their death. You may choose $10,000, $15,000 or $20,000 coverage for your spouse. Children are covered at one-half of the elected spouse’s coverage.

You can change your beneficiaries for Basic Life Insurance, Dependent Life Insurance and Accidental Death & Dismemberment Insurance in Workday.

Or you can complete the Group Benefits Change Form.   Complete the first section including employee name and birthdate and the Beneficiary Changes section at the bottom of the form.  Sign, date and send the completed form to Human Resources.

Employees have 31 days from their benefits-eligible appointment dates to enroll in Dependent Life Insurance and Optional Life Insurance.  Enrollments after 31 days from the benefits-eligible appointment date will be subject to Evidence of Insurability requirements.   To enroll in Dependent Life Insurance and Optional Life Insurance after 31 days:

The beneficiary or the beneficiary's representative should make an appointment with HR Expert Tracee Riggs.  Bring a certified death certificate to the appointment where the following topics will be addressed:

HR will file the death claim.

Employees leaving university employment have two options for keeping their university life insurance: portability or conversion. See Portability and Conversion at a Glance to evaluate your options.

You may be able to buy portable group life insurance when your employment with the university ends. Dependents may port dependent life insurance the employee was enrolled in at the time of the employee's death, divorce or termination (if the employee ports). Portability is not guaranteed; employees must certify that they and their dependents (when including dependent coverage) are not sick or injured to be eligible for portability.

To be eligible to port your life insurance, you must:

To port life insurance, an employee leaving the university should:

The Standard must receive the Life Insurance Election of Portability Coverage form and your first premium payment within 31 days of your termination date. If your portability request is denied by The Standard, you can file a conversion request. 

Conversion allows employees and covered dependents to convert their coverage if they are ineligible for portability due to health reasons. If you are leaving employment due to sickness or injury, contact HR to determine if you are eligible for disability or waiver of premium benefits before completing the application for conversion.  Employees will not be turned down for conversion if they are sick or injured; however, conversion rates are significantly higher than group rates. The conversion policy will accumulate cash value and will allow you to borrow against the case value if sufficient. To convert employee life insurance to a private policy, an employee leaving the university should:

The Standard must receive the conversion application form within 31 days of your termination date.

Quick Links

Contact the standard

The Standard 920 SW Sixth Ave Portland, OR 97204 www.standard.com

Human Resources 222 Administration Building Fayetteville, AR 72701 479-575-5351 Fax: 479-575-6971

Payroll Services 1001 E. Sain Fayetteville, AR 72703 479-718-1354 Fax: 479-575-2336

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