FURMAN UNIVERSITY. Special Benefits Open Enrollment April 14, 2015 April 24, 2015

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1 FURMAN UNIVERSITY Special Benefits Open Enrollment April 14, 2015 April 24, 2015

2 Dear Furman University Faculty and Staff, At Furman University, we believe your benefits make a difference to you, your family, your job, and the life you lead outside of the University. In these changing times, your benefits are more valuable than ever before, so it s important to understand how you can use them to your advantage. We are excited about several enhancements and new benefit options we believe will add value to you and your family. Special Open Enrollment Period Open enrollment for Basic Life, Supplemental Life, Supplemental AD&D and Short-Term Disability, along with new voluntary benefits, will be held from April 14 through April You will have the opportunity to meet with a benefit specialist, here on campus, who will help you understand the options available to you. You have received an from Human Resources with instructions on scheduling an appointment with a benefit specialist. You select the time, date and location that best fits your schedule. Meeting with a benefit specialist is optional. However, it might be beneficial to meet with a specialist to confirm your current coverage and to review your options. Any coverages you currently have in regards to Basic Life, Supplemental Life, Supplemental AD&D, Short and Long Term disability will remain in effect, unless you decide to enroll in or make changes to special voluntary benefits. During this special open enrollment only, you will have the chance to elect voluntary benefits without having to answer lengthy medical questions or prove Evidence of Insurability. Enhanced Life Insurance Coverage Effective March 1, 2015, Basic Life insurance coverage has increased to 1.5x your annual earnings to a maximum of $400,000. Optional Life and AD&D coverage has increased to the lessor of 5x your annual earnings up to the guaranteed issue of $400,000. This means that if you elect less than $400,000 during this open enrollment period, you will not be required to complete a medical questionnaire. In addition, the amount of dependent life coverage available to your spouse has increased to $50,000, with no evidence of insurability requirement. If you decline these coverages during this open enrollment period, you may elect coverage during future open enrollments, but evidence of insurability will apply. New Voluntary Benefits The following voluntary benefits offer affordable rates, easy qualification, family coverage, and convenient payroll deductions. Interest-sensitive Whole Life Insurance Supplements any term life insurance you may have, builds cash values, and provides long term care benefits. Critical Illness Insurance Provides benefits if you are diagnosed with a critical illness such as cancer, heart attack, stroke, or end-stage renal disease. Accident Insurance Pays benefits if you are injured in an accident, in addition to any medical benefits you may be eligible to receive. Please review the information contained in this booklet and select the benefit plans that best meet the needs of you and your family. Thanks for your valuable contributions to our success. As always, please feel free to contact Human Resources if you have any questions about this information. Best Regards, Robert Bud Bierly Interim Assistant Vice President for Human Resources Furman University Page 2

3 Basic Life and AD&D and Supplemental Life and AD&D Coverage Options BASIC LIFE & AD&D BENEFITS AVAILABLE FOR YOU TO PURCHASE Basic Life/AD&D 1.5 times your annual earnings, to a maximum of $400,000 rounded to the next higher $1,000 (if not already a multiple of $1,000) Dependent Life Spouse & Child Available for children to 14 days to age 26 OPTIONAL LIFE AND AD&D BENEFITS Optional Life - You Voluntary AD&D You Supplemental Term Life Insurance - Spouse Supplemental Term Life Insurance Child(ren) Available for children to 14 days to age 26 Voluntary AD&D Spouse and Children SHORT TERM DISABILITY BENEFITS Spouse: $10,000 ; 14 days - 6 months: $500 ; 6 months under 26 years: $10,000 AVAILABLE FOR YOU TO PURCHASE Available in increments of $10,000 to a maximum of $500,000 or 5 times your basic annual earnings; Available benefit with no medical questions: -Under age 60: $400, : $400, : 65% of GI 70; $260, : 50% of GI 75; $200,000 *These amounts are subject to evidence of insurability for late entrants Available in increments of $10,000 to a maximum of $500,000 or 5 times your basic annual earnings Available in increments of $5,000 to a maximum of $150,000; *The amount of Supplemental Term Life cannot exceed 100% of employee s amount of Optional Life Insurance GI amount: $50,000 6 months to age 26: Available in increments of $2,500 to a maximum of $10,000; 14 days to 6 months old: Maximum of $500 *The amount of Supplemental Term Life cannot exceed 100% of employee s amount of Optional Life Insurance Spouse: Available in increments of $5,000 to a maximum of $150,000; Child: 6 months to age 26: Available in increments of $2,500 to a maximum of $10,000; 14 days to 6 months old: Maximum of $500 *May not exceed 100% of employee s Voluntary AD&D coverage amount AVAILABLE FOR YOU TO PURCHASE Page 3 Should you experience a disability lasting longer than 8 days, you may be eligible for a short term disability payment. This benefit pays 60% of your earnings to a weekly maximum of $1,000. This benefit could continue for up to 12 weeks. *You must enroll in the Optional Life and/ or AD&D programs to enroll your eligible dependent(s).

4 Page 4 Get lifetime coverage and useful cash benefits, too.

5 Page 5 If you have an accident, will it hurt your bank account too? Unum s accident insurance gives you something to fall back on.

6 Page 6 Could your bank account survive a serious illness? Get protected with group critical illness insurance from Unum.

7 FAQ S UNUM BENEFITS Life Insurance 1. How much basic life insurance does the university provide to me? 1.5 x annual earnings round to the next higher $1,000, up to a max of $400, How do I know how much life insurance I need? A good place to start when determining how much coverage you may need is to evaluate your outstanding debt, total living expenses, and future plans. 3. Is there a limit on the amount of life insurance I can buy through the benefit plan? Yes, 5 x your annual earnings up to a $500,000 maximum (guaranteed issue is $400,000) 4. What if I decide to wait to enroll? You will need to provide Evidence of Insurance. Any amount of coverage is subject to underwriting approval. 5. Can I cover my wife and not myself? No, you have to elect coverage for yourself in order to apply for spouse coverage. 6. What is difference between term life and permanent life? Permanent or whole life insurance provides a lifetime of coverage and offers living benefits you can use when you need them. Coverage is available for employee, spouse, and child. 7. What happens to my coverage if I leave the university? You can take the coverage with you (Life and AD&D port or convert; LTD convert; Whole Life, Group Accident, Group Critical Illness would move to direct bill). 8. What happens to my coverage if I go out on leave? You can continue coverage with payroll deductions throughout the FMLA period. Critical Illness 1. What conditions are covered? For critical illness with cancer: carcinoma in situ (25%), heart attack, coronary artery, bypass surgery (25%), stroke, end stage renal (kidney) failure, major organ failure, permanent paralysis as the result of a covered accident, coma as the result of severe traumatic brain injury, blindness, benign brain tumor, occupational HIV. Additional covered conditions for dependent children: Cerebral Palsy, Cleft Lip or Palate, Cystic Fibrosis, Down Syndrome, Spina Bifida 2. Do I file a claim only if I have had medical expenses? You file a claim upon diagnosis; payment is not dependent upon medical expenses submitted. 3. If I elect not to enroll now, can I enroll later? You will need to provide EOI and any amount of coverage is subject to underwriting approval. Page 7

8 FAQ S UNUM BENEFITS Critical Illness Continued 4. Can I enroll other family members? Child/ren are automatically covered if you enroll in Critical Illness. You can also enroll your spouse. 5. What happens to my coverage if I leave the university? You can take coverage with you and have the policy direct billed. 6. What happens to my coverage if I go out on leave? You can continue coverage with payroll deductions through FMLA period. Accident 1. What events are covered? The Schedule of Benefits is available to review specific covered events. 2. Are accidents covered for my children for scholastic sports? Yes 3. Is there a limit to the number of accident claims per year? No, there is not a limit on the calendar year benefit maximums. 4. Can I enroll family members? Yes, spouses from age and children up to age 26 regardless of student status may be enrolled only if employee is enrolled in coverage. CONTACT INFORMATION PLAN PROVIDER WEBSITE PHONE NUMBER MOBILE APP Basic Life and AD&D / Supplemental Life and AD&D / Short Term Disability Unum N/A Critical Illness/ Accident/ Whole Life Unum N/A Human Resources Furman University sites/hr/pages/default.aspx N/A Page 8