Consider enrolling in a life insurance policy

Consider enrolling in a life insurance policy

By Life@TheU

Consider enrolling in a life insurance policy

By Life@TheU
Learn about life insurance as an important part of your financial health and sense of security during this open enrollment period.

Life after the death of a loved one may be one of the most difficult challenges a family can face. While it may be easier to avoid having hard conversations about a potential loss, planning for the future is important to ensure stability, should the unexpected happen. During this open enrollment period, learn about the value life insurance can bring to your family’s financial security and how life changes may impact your needs. 

Through Cigna, the University of Miami offers benefits-eligible employees the opportunity to purchase voluntary excess life insurance. An application can be submitted at any time throughout the year. During this open enrollment period, Cigna is providing guaranteed issue coverage for the lesser of three times your base salary or $1,000,000, without having to provide any medical documentation. The following are a few reasons to consider in making this decision now. 

Typically, the younger you are when you purchase voluntary excess life insurance coverage, the less you’ll pay in premiums. And you may qualify for larger coverage amounts with a record of good health. View Cigna Voluntary Excess Life Insurance rates.

Pro tip: Group insurance provides a guaranteed issue coverage that provides a certain amount of coverage without needing to provide medical documentation. However, it may not be enough.

Take action long before the loss itself by being proactive and frankly assessing how to best protect all aspects of your family's health and well-being. Consider how your family—and every individual who depends on you—would make ends meet, and for how long, after you’re gone. Life insurance can help pay outstanding debts, such as a student loan or mortgage, and won’t leave a co-signer or spouse with the burden in your absence.

Pro tip: Life insurance is not only for people who have or plan to have children. Plan for final expenses and avoid leaving a financial burden for loved ones. Additionally, you can leave a legacy with a gift to your beneficiaries or a charitable organization.

Get started.

Find out how much life insurance you will need. Cigna offers both a life insurance assessment and calculator to help you determine your needs, as well as a personal information organizer that keeps key personal and financial information in one convenient place. Take the quiz

Interested in learning more?

Cigna will be hosting several additional information sessions to assist with your decision. View the updated list of Cigna sessions, as well as sessions from Aetna, Carisk, and HR-Total Rewards. Visit the Open Enrollment website for more information.

Open enrollment information sessions

Get to know your Aetna medical plan

  • Friday, Oct. 23, at 11 a.m. – Register
  • Monday, Oct. 26, at 12 p.m. – Register
  • Tuesday, Oct. 27, at 1 p.m. – Register
  • Wednesday, Oct. 28, at 10 a.m. – Register

General open enrollment information session

  • Friday, Oct. 23, at 10 a.m. – Register
  • Monday, Oct. 26, at 3 p.m. – Register
  • Tuesday, Oct. 27, at 11 a.m. – Register
  • Wednesday, Oct. 28, at 1 p.m. – Register