2015 Voluntary/Specialty

 

 

Life Insurance 

Summary of Benefits-CIGNA Term Life & ADD

You may purchase Voluntary Life Insurance during 2015 Open Enrollment for yourself, 

spouse or children. This option, previously offered through Lincoln Financial, is now available through CIGNA.

Employees may select life insurance coverage in units of $25,000 to a maximum of $400,000. The guaranteed coverage amount (i.e., evidence of insurability is waived) is $200,000.

Spouses are eligible for $10,000 - $50,000 life insurance coverage, and policies for children are available in amounts of $5,000 or $10,000.  The guaranteed coverage amount for spouses is $30,000 and $10,000 for children.  

Voluntary Life Insurance elections in excess of the guaranteed issue amounts will require evidence of insurability.

As an added value, employees who elect supplemental life insurance automatically receive Accidental Death and Dismemberment (AD&D) coverage in an equal coverage amount.

Streamlined record-keeping

Voluntary life policy beneficiary designation is now built into the benefit election system. This former paper-based process previously required employees to take additional steps after completing online enrollment.

Group Accident

Summary of Benefits - Humana

Specialty insurance adds comfort by helping survivors of severe accidents adjust to new living circumstances. An off-the-job covered accident is a sudden, unforeseeable, external event resulting directly and independently of all other causes. Coverage is available to Xavier employees –or you may also cover family members. 

Critical Illness & Cancer

Summary of Benefits - Humana

Covered Health Screenings

Critical Illness Health Screening Benefit Form

Supplemental Critical illness & Cancer policy works in combination with Xavier’s traditional and High-Deductible Health Plans to provide a cash benefit to persons diagnosed with serious illness after coverage is elected. Guarantee issue benefit amounts are available to in amounts of $10,000 (spouse) or $20,000 (employee) during Open Enrollment 2015. However, pre-existing diagnoses do not qualify.

Employees who are currently enrolled in the Critical Illness & Cancer option can buy-up for the additional guarantee coverage amount.   This first (i.e., current) policy remains unchanged with all benefits outlined upon purchase.  Humana issues a second policy for the buy-up amount that is commensurate with the policy holder’s current age bracket.  Premium rates for the current policy will remain consistent with those established at original enrollment.

Long-term Care

John Hancock Company 

You have insured homes, health, cars--even your lives. Likewise, you have carefully planned savings and investments.

Even best-laid plans could be nullified if you or your spouse need long-term care. 

Incorporate long-term care insurance into your financial plan today, and you’ll take an important step toward helping protect your future.  

Xavier University has chosen John Hancock as its long-term care insurance provider; the discounted program is administered locally through Professional Planning Associates (PPA).  

Contact Mark Schnizer (513) 271-8535