Life Insurance
Basic Group Term Life and Accidental Death & Dismemberment Insurance
All benefits-eligible employees receive $20,000 in basic term life insurance and $40,000 in basic accidental death and dismemberment insurance paid by the state at no cost to the employee. The amounts are subject to change during each annual legislative session. Employees pay the monthly premium on any additional coverage above the state paid amounts of $20,000 for basic term life and $40,000 for basic AD&D and for all dependent coverage.
For all eligible employees, basic term life insurance coverage will be 1.5 times the employee’s base annual salary as of Sept. 1 of each year, even if the employee is not enrolled in health insurance, to a maximum of $50,000. The calculation to determine the employee’s level of basic term life insurance coverage will be rounded up to the next $1,000. For example, if the result of calculating 1.5 times the employee’s annual salary is $40,125, the result will be rounded up to $41,000 of basic term life coverage. The basic AD&D coverage will continue to be two times the basic term life coverage, up to $100,000.
Employees can opt out of the employee-paid basic term life insurance coverage over $20,000 and basic AD&D coverage over $40,000 along with dependent coverage. To do this the employee MUST make this selection in Edison. This is a permanent choice. Employees should make this decision with caution. Employees who opt out of this additional coverage may not re-enroll in the employee-paid coverage (the amount above what the state pays) and dependent coverage unless they later have a qualifying event.
- The premiums for coverage above the amounts provided by the state are deducted from your paycheck.
- If an employee’s salary goes up as of the current September 1 compared to September 1 of the previous year, the employee’s monthly premium will increase accordingly as of the current October 1.
- At ages 65 and over, employee basic term life/basic AD&D coverage amounts will reduce.
- Dependents enrolled in basic term life insurance/basic AD&D have $3,000 of basic term life insurance coverage and basic AD&D coverage based on a percentage of the employee’s basic AD&D coverage. The employee pays monthly premiums for the dependent(s) coverage.
- Basic dependent term life insurance has three coverage levels available: employee + spouse, employee + child(ren) or employee + spouse + child(ren).
- LifeSuite Services, a Value Added Benefit, is included at no additional charge. Services
and resources include:
- Travel Assistance Services
- Legacy Planning Services
- Beneficiary Financial Counseling
- For more information, visit the Securian Financial (MN Life) Member Handbook and/or the Securian Financial website for additional information.
Voluntary Accidental Death and Dismemberment Insurance (AD&D)
You can buy voluntary AD&D insurance to give additional protection if the employee or employee’s covered dependent’s death or dismemberment is due to an accident. This is in addition to the basic AD&D coverage. The employee will pay the full monthly premiums. Enroll and keep the beneficiary information current in Edison.
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Employee coverage includes a choice of these five amounts: $50,000, $60,000, $100,000, $250,000 or $500,000.
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Dependent enrollment in 2023 will be on a coverage tier basis [spouse only, spouse + child(ren), or child(ren) only] instead of generic family coverage. Dependents may be removed or added for this coverage via Edison ESS.
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Dependent voluntary AD&D coverage is based on a percentage of the employee’s voluntary AD&D coverage.
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Dependent premium rates will be per $1,000 of total dependent coverage.
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Benefits will be paid for dismemberment if the loss occurs within 180 days of the accident, provided the employee or dependent was covered on the date of the accident and met the established criteria. Accident could occur at work or elsewhere.
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Coverage is available at low group rates, no questions asked.
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Premiums will be for the coverage level the employee selects.
Additional benefits include:
· Adaptive home and vehicle
· Coma
· Repatriation - For more information, visit the Securian Financial (MN Life) Member Handbook
Voluntary Term Life Insurance
If qualified, employees can buy additional voluntary term life insurance. Enrollment is not automatic. An employee must apply for this coverage. This coverage is available regardless of whether the employee or dependents enroll in health coverage. The employee’s spouse may also apply for enrollment in this coverage even if the employee does not enroll. A child term rider may be added to the employee’s or spouse’s certificate, but not to both. If the employee’s spouse is also a state employee, the spouse must apply for coverage as an employee, not as the other employee’s spouse.
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New hires: Guaranteed issue coverage with no medical questions asked for an employee is available if the employee enrolls during the first 30 calendar days of employment. Coverage will become effective on the first day of the month following completion of three full calendar months of eligible employment. If coverage is not elected during this time, an employee may apply during the annual enrollment period by presenting evidence of insurability through a health questionnaire.
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Newly eligible spouses can enroll within 30 days of first becoming eligible in $5,000 of coverage without answering medical questions (guaranteed issue). This does not apply to current spouses.
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Employees will no longer pay a monthly administrative fee in 2023
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Find coverage options and plan highlights in the Securian Financial (MN Life) Member Handbook.
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To apply, go to lifebenefits.com/stateoftn.
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Beneficiaries for voluntary term life coverage can be updated after logging in at lifebenefits.com/statoftn
Currently enrolled employees who are eligible for a guaranteed issue increase of $5,000 for 2023 will receive a notice from Securian mailed prior to the start of the annual enrollment period. If not currently enrolled, an employee and/or spouse will be required to present evidence of insurability by answering health questions when applying. A child term life insurance rider may be added to an enrolled employee or spouse’s certificate without answering any health questions.
Life Insurance Premiums
Detailed information on the premiums for each life insurance option can be found in the Securian Financial (MN Life) Member Handbook.