Life insurance administration is moving from The Hartford to Voya in 2026. With Group Term Life Insurance, your beneficiaries will be paid proceeds if you pass away during the term of the coverage. The term is generally one year, renewing annually with other employer-offered benefits. Basic Life INSURANCE Benefit Basic life volume for retirees equals 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 Premiums for this benefit are paid using your monthly premium bills. Ball State subsidizes the majority of the cost of premiums, but your share will continue to cost $8.50 per month to participate.