All regular full-time faculty and staff are eligible for Baylor Group Insurance and eligible for Group Term Life and Dependent Life Insurance at Baylor expense. This coverage is underwritten by Dearborn National Life Insurance Company, Independent Licensees of the Blue Cross and Blue Shield of Texas Association. The amount of the employee's coverage is based on the annualized rate of basic earnings.
Baylor provides term life insurance to faculty and staff members. Term life insurance has no accrual value and pays to the beneficiary upon the death of the insured. Whole life does have an accrual value and is more expensive when converted from a term life policy.
The amount of insurance provided to faculty and staff is based on your salary with the maximum amount provided by Baylor being $50,000. Your policy will terminate at the end of the month when you are no longer employed at Baylor University. You may convert your term life policy to a whole life policy on an individual basis with the carrier, Fort Dearborn Life. If you are interested in converting your group term life insurance to a whole life policy, you would complete the conversion application and forward to Human Resources within 30 days of separation from Baylor University. For questions about the conversion application, you would contact Dearborn National customer service.
The group life insurance policy number is 24220 and the policy number is your social security number.
Steps to update your beneficiaries:
Log on to SmartBen™ at www.baylor.edu/smartben and choose to update beneficiaries.
For retirees without access to SmartBen, please use this form to update your beneficiaries: Beneficiary Designation Form
Dearborn National Customer Service