intro
Comprehensive Coverage
Auburn University offers numerous voluntary insurance products.
We encourage you to review these options. During Open Enrollment you can enroll online via AU Access, contact the PWS Call Center at 833-203-4283, or schedule an online meeting with a benefits enroller. We also encourage you to review your beneficiaries.
Cancer
Cancer insurance through Colonial Life can help offset both indirect and direct cancer costs that may not be covered by the PPO or HDHP plans such as:
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Deductibles and co-pays
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Out-of-network treatment
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Travel, lodging and meals during treatment
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Childcare
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Home health services
Critical Illness
Critical Illness Insurance Flyer (The Standard)
Critical illness insurance is guaranteed issue. It is a type of supplemental health insurance designed to provide financial support if you or your family members are diagnosed with a serious illness. Here are some key points:
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Coverage: It typically covers illnesses such as cancer, heart attacks, strokes, and other severe conditions.
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Payout: If you or your family members are diagnosed with a covered illness, the insurance pays out a lump sum. This money can be used for any purpose, such as medical bills, mortgage payments, or daily living expenses.
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Purpose: The main goal is to offer a financial safety net to help manage the high costs associated with critical illnesses, which might not be fully covered by the PPO or HDHP insurance.
NEW FOR 2025
Beginning on Jan. 1, 2025, the critical illness plan that was previously offered by Colonial Life will be replaced with a new and improved plan from The Standard.
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Employees who have enrolled in the Colonial Life plan can choose to keep and port their plan or cancel that plan and enroll in the new plan offered by The Standard. (IMPORTANT: If you wish to enroll in the new plan, you must do so online.)
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Auburn will only offer payroll deductions for The Standard plan. If you are an employee who chooses to keep the Colonial Life plan, you must pay Colonial Life directly. Colonial Life will contact employees regarding instructions on how to port the plan.
Life Insurance
Auburn offers whole life and term life insurance plans to eligible full-time employees. Both options are Guaranteed Issue during Open Enrollment.
|
Feature |
Term Life Insurance |
Whole Life Insurance |
|---|---|---|
|
Duration |
Specific term (e.g., 10, 20, 30 years) |
Lifetime coverage |
|
Premiums |
Lower, fixed for the term duration |
Higher, fixed for life |
|
Cash Value |
None |
Builds cash value over time |
|
Cost |
Generally, more affordable |
More expensive |
|
Death Benefit |
Paid only if death occurs during the term |
Guaranteed, if premiums are paid |
|
Policy Expiry |
Expires at the end of the term |
Does not expire |
|
Surrender Value |
None |
Possible, depending on the policy |
|
Loan Availability |
Not available |
Can borrow against the cash value |
|
Purpose |
Temporary needs (e.g., mortgage, education) |
Long-term financial planning and estate planning |
whole life
Whole Life
Whole life insurance through MassMutual provides guaranteed features: cash value accumulation, premium rates, and a death benefit (minus any loans and loan interest). It offers guaranteed issue protection, premiums, and cash value. Guaranteed issue (GI) of $150,000 is available to all employees.
The benefit pays a lump sum death benefit, builds guaranteed cash value and is paid for with level premiums that never increase (ends at age 100).
term life
Term Life
Term life insurance through The Standard can be used to provide financial security for an employee and their loved ones. This money can help pay for things like the mortgage, college tuition, child-care costs, or daily living expenses.
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All eligible employees receive employer provided Basic Term Life Insurance, free of charge, one times annual base salary up to a maximum of $35,000.
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Optional Term Life Insurance and Accidental Death & Dismemberment (AD&D) coverage for employee, spouse/sponsored adult dependent, or child/sponsored child dependent is available and paid for by the employee.
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An employee can purchase life insurance for up to five times their annual earnings (the benefit limit is $450,000).
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An employee may apply for Spouse Term Life Insurance in multiples of $10,000, from $10,000 to $100,000, for their spouse/sponsored adult dependent.
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An employee may elect a Child Life Insurance benefit for their child/sponsored child dependent of $5,000 or $10,000.
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If you enroll during Open Enrollment, optional term life insurance for employee and spouse coverage will be offered at the guaranteed issue amount without Evidence of Insurability (EOI). Additional coverage will still need to go through EOI.
Long Term Disability
Long-term disability insurance (LTD) coverage through The Standard is provided to all full-time, benefit-eligible employees who have been employed at least one year, at no cost to the employee. Auburn's LTD insurance covers 60% of your income if you are unable to work for an extended period.
Additional Insurance
During Open Enrollment, eligible employees may also purchase an additional 10% of coverage (in addition to the Auburn provided LTD coverage) at affordable group rates. Evidence of Insurability (completion of a medical history statement) will be needed to add the additional coverage.
Accident Insurance
Additional Information (requires AU authentication)
Accident insurance, which is offered by The Standard, pays a lump sum if you or your covered eligible dependent are injured in an accident. It covers injuries and services such as:
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Lacerations
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Burns
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Dislocations
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Emergency dental repair
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Ambulance
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Emergency room
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Surgery
It includes a $50 annual health maintenance screening benefit. The benefit is paid when you or your covered eligible dependent visit the doctor for a wellness screening.
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Youth Organized Sports Benefit: There is an additional 25% benefit if your child (under 18) is injured while playing organized sports.
AD&D Premiums
Premium Rates
|
Plan |
Monthly Cost |
|---|---|
|
Employee Only |
$6.91 |
|
Employee+Spouse (EE+SP) |
$11.00 |
|
Employee+Children (EE+CH) |
$13.07 |
|
Family |
$20.53 |
Hospital Indemnity
Additional Information (requires AU authentication)
Hospital indemnity insurance, which is offered by The Standard, pays a lump sum if you or your covered eligible dependent are admitted to the hospital.
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$2,000 for hospital admission (once per year)
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$200 per day of hospital confinement (up to 15 days per admission)
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Waiver of Premium: You do not pay a premium if you are confined to the hospital for more than 30 days.
rates
Premium Rates
|
Plan |
Monthly Cost |
|
Employee Only |
$16.19 |
|
Employee+Spouse (EE+SP) |
$27.43 |
|
Employee+Children (EE+CH) |
$22.59 |
|
Family |
$40.47 |
Reviewing Your Beneficiaries
When did you last review your life insurance and retirement plan beneficiary elections? By periodically reviewing your beneficiary designations, you can rest assured that your assets will be distributed according to your wishes.
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When you enroll for 2025 benefits, you can review and update your beneficiary designations for Auburn University’s employer provided Term Life, (if applicable), optional Voluntary Term Life and/or Voluntary AD&D (if enrolled).
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To update the designations for your retirement plans, please contact the Teachers’ Retirement System (TRS) for your mandatory retirement account, and your respective vendor(s) if you have a 403(b) or 457(b) account.
