Life can be unpredictable, but IU’s voluntary insurance plans can offer peace of mind. From life and accident insurance to critical illness and long-term disability, these plans can protect you and your loved ones if life takes an unexpected turn.

This week’s Benefits Spotlight explores these plans in detail, including the key benefits and costs, and a special opportunity to enroll in long-term disability insurance.

Special enrollment opportunity: Long-term disability

Voluntary long-term disability insurance from The Standard replaces a portion of your income if a qualified injury, illness, mental health condition or pregnancy keeps you out of work for an extended period. You choose whether benefits start within 90 or 180 days and whether to enroll in the annuity contribution benefit.

Key long-term disability benefits include:

• Income protection: Replaces up to 60% of your monthly income (up to $10,000/month).
• Optional annuity contribution benefit: To keep your retirement savings on track, the plan will retroactively make contributions to an annuity savings account on your behalf after 24 months of disability.
• Affordable rates: Your monthly premium is based on your age, salary and coverage level, and is deducted from your paycheck after taxes, making payouts from the plan tax-free.

Enrolling in or increasing your long-term disability coverage typically requires medical underwriting (providing proof of good health to the plan’s administrator, The Standard, for approval). However, during this year’s Open Enrollment period, medical underwriting is not required. An exception is for employees who have previously applied for long-term disability and been denied coverage; these individuals are not eligible to enroll during this special enrollment period.

Visit the long-term disability insurance page on the Open Enrollment website to learn more about this coverage and this year’s special enrollment opportunity.

Critical illness insurance

Voluntary critical illness insurance from The Standard pays a lump sum following the diagnosis of one of 20 covered medical conditions including cancer, heart attack and stroke. Coverage is available in the following amounts:

• Employee: $10,000 to $50,000 in increments of $10,000.
• Spouse: $5,000 to $25,000 in increments of $5,000. Cannot exceed 50% of employee benefit.
• Tax dependent children through age 25: Automatically covered at 50% of employee’s coverage for no additional cost.

Key critical illness benefits include:

• Tax-free payout: Payouts are made directly to the employee as a tax-free lump sum and can be used for any purpose.
• Health maintenance screening incentive: Employees and covered family members are each eligible for a $100 incentive for receiving a health maintenance screening each year.
• Reoccurrence benefit: If you are re-diagnosed with a covered illness after a treatment-free period, you can receive up to 100% of the original benefit amount. You can also receive an additional benefit payout if you are diagnosed with a different and subsequent covered illness.

Visit the critical illness insurance page for a list of covered medical conditions, premium rates and plan documents.

Supplemental accidental death and dismemberment insurance

Voluntary supplemental accidental death and dismemberment coverage from The Standard pays an insurance benefit in the event of death or dismemberment due to a covered accident. This coverage is in addition to the $50,000 accidental death and dismemberment benefit included with your IU basic group life insurance.

Key benefits include:

• Coverage to suit your needs: Choose between employee-only or family coverage, with benefit amounts ranging from $30,000 to $500,000.
• Additional benefits for added security: When accidental death and dismemberment insurance is payable, additional benefits may include higher-education funding for surviving children, repatriation, and career adjustment and childcare benefits for the surviving spouse.
• Comprehensive and flexible: Covers accidents that occur on or off the job, at home or while traveling.

Specific payout amounts and benefit details can be found on the supplemental accidental death and dismemberment insurance page.

How to enroll

Enrollment in critical illness or supplemental accidental death and dismemberment insurance is only available during Open Enrollment, or within 30 days of hire or a qualifying life event such as marriage or the birth of a child. For premiums, plan details, enrollment instructions and more information about this year’s special long-term disability enrollment period, visit the Open Enrollment website. For questions or assistance, contact AskHR at askhr@iu.edu.