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Cigna Voluntary Life Insurance

Employees pay the full cost for this plan; premiums will be deducted from your paycheck. Employees must be enrolled in coverage in order to enroll dependents. Voluntary Life Insurance amounts will not be effective until New York Life approves your application. 

All employees must review and confirm their beneficiaries in the new Benefit Express portal.

Voluntary Life

Employee

  • Increments of $10,000
  • Up to a max of 5X salary or $500,000, whichever is the lesser

Spouse

  • Increments $10,000 up to $50,000
  • Limited to 100% of Employee amount

Child

  • Increments of $2,000 to $10,000 Max
  • Dependent Under 6 Months: $500 Max

Age Reduction

  • 65% at Age 65
  • 45% at Age 70
  • 30% at Age 75
  • 20% at Age 80

Accelerated Benefits

  • Yes

Conversion Privilege

  • Yes

Waiver of Premium

  • Yes

 

Monthly Life Rates

Age Band

Employee per

$10,000 Benefit

Spouse Per 

$10,000 Benefit

Children Per 

$2,000 Benefit

Under 30

$0.600 $0.600 $0.212

30-34

$0.800 $0.800 ---

35-39

$0.900 $0.900 ---

40-44

$1.200 $1.200 ---

45-49

$2.000 $2.000 ---

50-54

$3.200 $3.200 ---

55-59

$5.400 $5.400 ---

60-64

$8.300 $8.300 ---

65-69

$14.100 $14.100 ---

70-74

$22.000 --- ---

75 & Over

$33.300 --- ---

 

Questions About Benefits?

Contact Human Resources at (804) 289-URHR (8747) or email URHR@richmond.edu.