Ball State Pays Majority of Premiums Life Insurance Video Life insurance provides financial protection for your loved ones in the event of your death. It pays a benefit to your designated beneficiary (or beneficiaries), which can help cover everyday living expenses. Life insurance offers peace of mind by helping ensure your loved ones have financial support when they need it most. Basic Life Insurance VOYA View Coverage Plan Feature Details Benefit 50% of the volume of employer-sponsored group term life in force prior to your retirement. Maximum Benefit maximum is $37,500. There is no age reduction on this plan. Premiums $8.50 per month to participate.