Group Life and Accidental Death and Dismemberment Plan

Basic Life Insurance
Principal Life Insurance Company
(Effective 6/1/06)


200% Basic Annual Compensation

Retiree under 65 (1)


Retiree 65 and over

  24 hour-a-day coverage

Accidental Death Benefit


Equals the insured's life insurance benefit.

Retiree under 65


Retiree 65 and over



24 hour-a-day coverage

Accidental Dismemberment Benefit

100% of life benefit for loss of both hands,

feet, or eyes; or for loss of combination of

hands, feet, or eyes.

AD&D Features

Seatbelt and Airbag, Education and

Repatriation Benefits; 365-day Event Period

Conversion Privilege

Insurability not required if converted within 31 days.

Accelerated Benefit

If terminally ill and life expectance is 12

months or less, may request a portion of life

insurance benefit.

Age Reduction Schedule
(Employees Only)

Coverage is 65% of pre-age 65 amount at

age 65, 50% at age 70, and 35% at age 75.

Voluntary Life Insurance


Up to $500,000 (Excluding Basic Life Insurance)


Up to $100,000


Up to $10,000

Rates based on employee's age. Underwriting required for amounts over $400,000 for employee and $50,000 for spouse. All amounts elected can be ported to age 75.

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University News
February 19, 2018
Drake University is proud to once again be recognized among the nation’s top producers of Fulbright Scholars and Students.