Group Term Life Insurance Plan
Security No Matter What Tomorrow Holds
While we can't see the future, death is an undeniable reality. In the event that you pass unexpectedly, the Group Term Life Plan can help your family navigate a difficult time with peace of mind by replacing a portion of your income.
NCFlex's offers a voluntary Group Term Life Plan that pays a benefit to an employee's beneficiaries if the employee dies while covered under the policy and pays a benefit to the employee if a covered dependent dies.
This is strictly a term life insurance policy; there is no accumulated cash value. However, the cost is much less than a whole or universal life plan.
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Coverage Options
You can choose coverage for yourself, your spouse or your unmarried children under age 26. If eligible to participate in the Group Term Life Plan as an employee and a dependent, you must participate as an employee. Medical questions may be required based on the amount of coverage you choose.
Coverage Amount: $20,000 to a maximum of $500,000 in $10,000 increments. Spouse coverage cannot exceed 100% of employee's elected amount.
Premium: The monthly premium for an employee and their spouse is based on the covered employee's age as of January 1 of the plan year. An employee may not be covered as both an employee and a dependent.
| Employee/Spouse Cost: | ||||
|---|---|---|---|---|
| Employee Age | Monthly Rates* per $1,000 Coverage | Monthly Cost for Sample Coverage Amounts | ||
| $20,000 | $50,000 | $100,000 | ||
| 0–24 | $0.04 | $0.80 | $2.00 | $4.00 |
| 25–29 | $0.05 | $1.00 | $2.50 | $5.00 |
| 30–34 | $0.07 | $1.40 | $3.50 | $7.00 |
| 35–39 | $0.08 | $1.60 | $4.00 | $8.00 |
| 40–44 | $0.09 | $1.80 | $4.50 | $9.00 |
| 45–49 | $0.13 | $2.60 | $6.50 | $13.00 |
| 50–54 | $0.22 | $4.40 | $11.00 | $22.00 |
| 55–59 | $0.40 | $8.00 | $20.00 | $40.00 |
| 60–64 | $0.64 | $12.80 | $32.00 | $64.00 |
| 65–69 | $1.27 | $25.40 | $63.50 | $127.00 |
| 70–74 | $2.06 | $41.20 | $103.00 | $206.00 |
| 75+ | $2.06 | $41.20 | $103.00 | $206.00 |
*The costs are per covered person (employee/spouse) for the benefit amount elected.
How Your Premium is Deducted: If you elect employee-only coverage, premiums will be deducted on a pre-tax basis. If you elect to cover dependents, premiums for the employee and dependents will be deducted post-tax.
Coverage Amount: $5,000 or $10,000 without evidence of insurability as long as the coverage is elected within 30 days of becoming eligible, within 30 days of a qualified life event or during the annual enrollment period.
Premium: An employee must be enrolled to cover their children. A child cannot be dually enrolled. The premium is a set cost based on the coverage amount no matter how many children are covered.
| Child(ren) Cost: | |
|---|---|
| Coverage Amount | Monthly Rate |
| $5,000 | $0.68 |
| $10,000 | $1.36 |
How Your Premium is Deducted: Premiums for the employee and dependents will be deducted post-tax.
An employee's Group Term Life coverage amount reduces to 50% on January 1 following the employee's 75th birthday. Dependent spouse coverage will reduce to 50% on the same date.
Note: Coverage cannot be increased once coverage starts reducing due to age. Any reduced coverage may be eligible for conversion.
Need to Know Details
Evidence of Insurability (EOI) is required for amounts above the Guaranteed Issue (GI) amount when enrolling in this plan to determine if coverage will be granted.
If EOI is required, Voya Financial will send an invitation to the email address on file in the enrollment platform. If an employee doesn't have an email address on file, Voya Financial will mail the invitation to the mailing address in the enrollment platform. Voya Financial must approve EOI before the increased amount takes effect.
| If an Employee Is | Coverage Options |
|---|---|
| New Hire/Newly Eligible | If newly hired or newly eligible, an employee may elect from $20,000 to $200,000 on themselves and $20,000 to $50,000 on their spouse without providing evidence of insurability (EOI). |
| Existing Employee | |
| Electing or adding coverage during annual enrollment | If an employee is not currently enrolled in the Plan, during annual enrollment, they may purchase $20,000 of coverage on themselves (and on their spouse, if desired) on a guaranteed issue basis (if the employee was not previously denied coverage). Amounts over $20,000 require EOI. |
| If an employee is enrolled in the Plan, they may add either $10,000 or $20,000 of additional coverage at each annual enrollment up to the guaranteed issue amount of $200,000 for the employee and $50,000 for the spouse without EOI required. | |
| Making coverage changes during the plan year | If an employee experiences a qualifying life event that allows them to add or increase their life insurance amount, they'll be allowed to elect coverage on a guaranteed issue basis up $200,000 for the employee and $50,000 for the spouse. |
Note: You may elect up to $10,000 of coverage for eligible children without providing EOI for 2025.
For Newly Eligible Employees:
If a new hire enrolls for coverage of $200,000 or less, coverage begins on the first day of the month following their hire date. An employee must enroll within 30 days of their hire date.
Coverage over the Guaranteed Issue amount of $200,000 will not go into effect until the first of the month following the date evidence of insurability (EOI) is approve by the insurance company.
For Existing Employees:
During Open Enrollment:
Coverage will go into effect on January 1 of the plan year for employees who enroll for coverage during annual enrollment and whose EOI is approved prior to January 1. If EOI is approved after January 1 of the plan year, coverage goes into effect on the first of the month following the date EOI is approved.
Employees who are on a leave of absence may enroll once returned to active status.
When a Life Event Occurs:
If EOI is not required, coverage begins on the first of the month following the life event. Coverage over the Guaranteed Issue amount will not go into effect until the first of the month following the date EOI is approved by the insurance company.
This policy pays a benefit for all causes of death. However, if the cover person commits suicide while sane or insane within two years of their effective date, premiums will be refunded instead of a death benefit.
Portability
Portability is an option for employees who want to continue their term life insurance, are under age 70, and are no longer active at work due to a leave of absence or separation from employment including retirement. The premiums for ported coverage are the same as active employee premiums in the same age band.
Portability for dependent coverage is only available when the employee's coverage is ported.
Conversion
Conversion may be an option for covered employees and/or covered dependents whose term life insurance ends. This includes but is not limited to: a leave of absence, separation from employment including retirement, or active employees that have their coverage reduced due to age.
When coverage is converted, premium rates are generally higher than portability because coverage converts to a Whole Life Policy that builds cash value. These premiums do not change with age.
Contact Voya at 877-464-5111 for more information. Want more details on how to continue other NCFlex benefits at the separation of employment? Our guide can help.
If an employee becomes totally disabled prior to age 60, as defined under the policy, and satisfies certain conditions, they may apply for a waiver of premium.
ReliaStar Life waives any life insurance premium that becomes due while the employee is totally disabled for the employee's coverage only. Premiums are waived until the earliest of:
- The date the employee is no longer disabled
- The date the employee does not give ReliaStar Life proof of total disability when asked
- The date the employee turns age 70
Fifty percent of the covered person's benefit amount may be payable while they are living if they are diagnosed with a terminal illness or diagnosed with a condition requiring continuous confinement and other conditions are met. The Accelerated Death Benefit is only payable once per covered person. The remaining benefits will be paid to the beneficiary after death.
When diagnosed with a terminal illness:
If an employee or covered spouse has been diagnosed with a terminal illness and has fewer than six months to live, they can receive 50% of the death benefit while living.
When diagnosed with a condition requiring continuous confinement:
If an employee or covered spouse has a medical condition that is reasonably expected to require continuous confinement in an institution, and they are expected to remain there for the rest of their life, they can receive 50% of the death benefit while living.
Find more information:
Funeral planning services allow employees to contact professionals who will help with funeral planning for themselves and eligible family members. This service helps employees prepare for and deal with all aspects of a funeral. Services are not available in all states.
Find more information:
Funeral planning and concierge services are provided by Everest Funeral Package, LLC, Houston, Texas.
| Group Term Life Plan Contact Information | |
|---|---|
Customer Service
| 877-464-5111 9 a.m.–5 p.m. (EST) Monday–Friday ncflex@lifehelp.com |
| Mailing Address | LifeHelp Attn: NCFlex 2990 Innsbruck Drive Redding, CA 96003 |
| EOI Forms Mailing Address | ReliaStar Life Insurance Co. P.O. Box 20 Mail Stop 4-S Minneapolis, MN 55440 |
The Group Term Life Plan is administered by Voya Financial and underwritten by ReliaStar Life Insurance Company, policy form LPOOGP. Rates shown are guaranteed until Dec. 31, 2025.