Supplemental Voluntary Life Insurance


Employee Requirements:

  • Faculty, Professional & Scientific, Supervisory/Confidential Merit or Merit employee
  • 1/2 time or greater
  • Enrolled in ISU's Group Basic Term Life Insurance plan


Why Purchase Life Insurance?  Watch this short video to learn more.  


Enrollment / Annual Open Change Period

  • New Hire Benefits Enrollment period (within 31 days of hire date)

    • Guaranteed coverage up to 2 times annual salary

    • Medical underwriting approval required for 3 or 4 times annual salary

    • Effective 1st of the month following hire date

  • Annual Open Enrollment period 

    • Medical underwriting approval required if electing or increasing coverage (if denied, you will maintain the current enrollment level)

    • Effective the later of January 1of the upcoming year or upon notification of approval from Principal Financial Group

    • May enroll, increase or decrease coverage

  • Voluntary Term Life Insurance coverage may be reduced or canceled at any time. Employees can request to reduce or drop coverage by completing a benefit change event in Workday.  Changes in coverage will be effective the 1st of the month following the request date. 


Coverage Options

You have four options for Voluntary Term Life Insurance Coverage, which are 1, 2, 3 or 4 of your budgeted annual salary (rounded to the nearest $1,000). Minimum coverage is the greater of 1 times your annual budgeted salary or $10,000, and the maximum is the lesser of 4 times your annual budgeted salary or $500,000. Guaranteed coverage is the lesser of 2 times your annual budgeted base salary or $500,000.

New Hires are guaranteed coverage for the levels of 1 times or 2 times your annual salary. Coverage for the levels of 3 or 4 times your annual budgeted salary, require evidence of insurability by completing the Principal Statement of Health Questionnaire. If coverage is denied you will maintain the 2 times your annual budgeted salary level.


Certificate of coverage for voluntary life insurance - administered by Principal Financial Group


  • Automatic payroll deduction
  • Paid with post-tax dollars.
  • Premium rates are based on your age and your budgeted annual salary.
  • Premiums will increase in January following the year you attain the age of a new tier.

To calculate your premium rate:

  1. Round your annual budgeted salary to the nearest $1,000
  2. Multiply your salary by the level of coverage you are applying (1, 2, 3 or 4) then divide by $1,000
  3. Multiply that number by the cost of your age group


Age Group Cost Multiplier
29 and under $0.07
30-34 $0.08
35-39 $0.10
40-44 $0.13
45-49 $0.20
50-54 $0.30
55-59 $0.46
60-64 $0.70
65-69 $1.19
70 and over $3.12

Policy Benefits

Accidental Death & dismemberment: You receive an additional benefit equal to your Voluntary Term Life Insurance amount for loss of life, hands, feet or vision as the result of an accident. Coverage includes payment for injuries arising from or during employment for wage or profit for insured employee. The loss must occur within 365 days of the accident.

Accelerated Benefit: An accelerated benefit is an advance (before death) payment of a part of your member life insurance benefit. For qualifications see the Summary Plan Document/Group Life Insurance Booklet-Certificate.  

Disability: If you become totally disabled and all leave is exhausted, coverage will continue and premium will be waived for you. Coverage continues without premium payment until total disability ends or the June 30th following the date you attain age 70, whichever occurs first. No benefits will be paid for any disability that results from willful self-injury, or self-destruction, while sane or insane, war or act of war, voluntary participation in an assault, felony, criminal activity, insurrection or riot.


You may continue coverage for yourself until age 70 if you cease to qualify as a member. The employee must be less than age 70 and enroll within 60 days from the date they cease to qualify as a member. When insurance coverage terminates as an active employee, you may be eligible to continue insurance under a Group Life Portability Insurance Policy underwritten by Principal Financial Group. The Group Life Portability Policy will contain provisions that differ from the Group Policy. You will have the option to continue the insurance coverage under this option. If coverage is ported, there a several reasons the coverage would terminate, review the details on the Summary Plan Document.   Portability and Conversion

Beneficiary Designation

If electing coverage, primary and contingent beneficiaries should be listed on the Principal Beneficiary Designation/Change Form. Beneficiary change form must be returned to UHR Service Center. Do not send to Principal Financial Group. The beneficiaries you designate for your Group Term Basic Life/AD&D coverage will be the beneficiaries for your Voluntary Term Life Insurance unless you designate different beneficiaries for your Voluntary Term Life Insurance.

Beneficiary Designation/Change Form

Note: You may change the beneficiary designation at any time during the year.

If you list more than one primary beneficiary, the payable benefits will be divided by percentage between the named beneficiaries as you specify. Contingent beneficiaries receive benefits only if all primary beneficiaries are deceased. If any beneficiaries are minors, under age 18 according to the Uniform Transfers to Minors Act, a custodian for such beneficiary may be named on the Principal Beneficiary Designation/Change Form for the proceeds to be payable to the beneficiary. If a custodian is not named, the funds will remain in an annuity with Principal Financial Group until the child reaches age 18.