Employees pay premium. Benefits included in the Tennessee Board of Regents Plan include payment of state group medical premiums, payment of state group dental premiums, medical reimbursement accounts and dependent day care reimbursement accounts. The premium is small in comparison to other types of life insurance because there is no cash accumulation or paid-up feature. The premiums automatically increase as the participant's insurability ages increases. Spouse and dependent children coverage is also incuded in the term life insurance.
Employees pay premiums.
The premiums are higher than a term life insurance plan because it includes cash accumulation, a loan provision and paid-up features. The universal life insurance plan has a level premium which means the premiums do not increase as the participant's age increases. The universal plan does not include coverage on spouse or children. Employees pay premiums. We are currently pursuing other providers for long term disability coverage and will update benefit summary as soon as information is available.