Life Insurance and AD&D Plans
The State offers several group term life insurance plans through Securian Financial. All eligible employees are automatically enrolled in the Basic Life insurance plan and are also eligible to enroll in the Optional Life insurance plan for themselves and their eligible dependents.
All life insurance includes a matching amount of Accidental Death and Dismemberment (AD&D) coverage.
- Basic Life and AD&D Insurance (employer paid)
- Optional Life and AD&D Insurance (employee paid)
Basic Life and AD&D Plan
You are automatically enrolled in the Basic Life and AD&D Insurance plan. The State pays 100% of your Basic Life and AD&D Insurance premium. As an eligible employee, you receive Basic Life and AD&D insurance equal to one times your annual earnings to a maximum of $250,000.
Voluntary Life and AD&D Plan
You can enroll for additional life insurance for yourself, your spouse and your eligible child(ren). You can purchase Voluntary Life and AD&D insurance at a minimum of $10,000 and up to a maximum of $500,000 (in increments of $10,000) for yourself at any time. When you enroll in Voluntary Life Insurance for yourself, you can elect life coverage for your spouse (including common-law spouse), and civil union partner, in increments of $10,000 up to a maximum of $250,000 (not to exceed 50% of the employee‚ voluntary life coverage), and for your eligible child(ren) in the amounts of $5,000 or $10,000.
Enrollment and providing Evidence of Insurability (EOI) is completed at Benefitsolver.com and must be completed when you or your spouse apply for new coverage or increase coverage during open enrollment.
According to Internal Revenue Code (IRC) Section 79, group term life insurance coverage in excess of $50,000 may be subject to federal taxes based on a rate table provided by the IRC. The amount of life insurance in excess of $50,000 is multiplied by a premium rate based on age as of the end of the calendar year, which results in a monthly amount of imputed income.
Be sure to designate a beneficiary for your life insurance and make changes to keep it current. Your beneficiary designations must be made through the State‚ online benefits administration system, Benefitsolver.com.
Information for Securian Financial
There are separate premiums for employees and spouses/civil union partners. For optional child life insurance, eligible children may be covered up to age 26 (coverage terminates the end of the month turning 26).
Spouses/civil union partners and eligible children added to optional life insurance during open enrollment must be verified by providing the appropriate documentation to your agency benefit administrator.
IMPORTANT: NO DOUBLE COVERAGE.
If your spouse/domestic partner/civil union partner or child is also a State employee, they may be covered for their own optional life as an employee or as a spouse/domestic partner/civil union partner or child under your plan, but not both. Double optional life coverage is not allowed.
- Legal, Financial, and Grief Services
- Travel Assistance Services
- Legacy Planning Services
- Beneficiary Financial Counseling Services
- Updating Beneficiaries for State Life Insurance
- PERA-Sponsored Life Insurance
- Updating Beneficiaries for PERA Life and Retirement Products
- Life, AD&D Informants Form
- Evidence of Insurability Form
- Policy Number for State-paid Basic and Employee-paid Optional Life/AD&D Insurance -33780-G
- Examples of Beneficiary Designations
- Information on Portability of Life Insurance
- Information on Conversion of Life Insurance
Basic and Optional Life Coverage provided by Securian Financial with a Dedicated Customer Service Line 1-877-828-7728 for questions on claims, evidence of insurability forms, coverage, portability, and conversion.