After a landmark deal this summer between the university and the locally-owned North Carolina Mutual Insurance Company, the Office of Benefits Administration has taken the first steps toward enrolling employees in the newly-offered life insurance program.
The N.C. Mutual policy is a universal life insurance plan dubbed "Select VIP." Once enrolled, a monthly premium-deducted from an employee's salary-goes toward the life insurance and to an interest-earning accumulation fund.
The voluntary plan supplements the University's current life insurance option offered through Blue Cross/Blue Shield, said Lois Ann Green, manager of benefits administration.
A mailing has been sent to all eligible employees, referring interested individuals to either N.C. Mutual or the University's benefits office. Green also said N.C. Mutual representatives will be presenting policy information during staff meetings in several departments.
No specific numbers were available on how many employees have expressed interest in the plan, Green said. "Since the program has just been introduced," she explained, "applications are just now coming in."
Willie Kloss, N.C. Mutual's senior vice president, said the policy is somewhat unique because an employee can retain coverage even after he or she stops working for their current employer.
This "portable plan" is somewhat unique in the insurance world, Kloss said. "Usually insurance plans last as long as the employer/employee relationship exists," he said.
Green said the premiums are competitive with other universal life plans and vary based on the age of the employee at the time of application, the amount of coverage selected and smoking status.
Despite past discussions between the two Durham institutions, this agreement marks the first link between the University and N.C. Mutual-the country's oldest and largest black-managed life insurance company.
"While [N.C. Mutual is] historically African-American, we are very much interested in integrating our activities to the customers we work for," Kloss said.
He added that because N.C. Mutual is based in Durham, the money recirculates within the local economy.
"[The agreement with Duke was] absolutely, extremely important to N.C. Mutual," Kloss added. "We know that the program is very competitive."
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