Premiums are higher than the term life insurance plan because it includes cash accumulation, a loan provision and paid-up features. Also, premiums do not increase as the participant's age increases. Employees may not cover their spouse and eligible dependents. The Term Life Insurance Plan offers a death benefit from month to month. The premium is less than the Universal Life Insurance Plan because there is no cash accumulation or paid up feature.
Premiums automatically increase as the participant's age increases.
Employees may also elect to cover their spouse and eligible dependents. For more specific information, contact the Human Resources Office. Retirement Austin Peay State University offers two types of retirement options to its employees. Both options are paid by the University as a fringe benefit. Membership in a retirement program is mandatory for all regular employees except part-time employees.