Life Insurance

Life insurance protects your family from a loss of income in the event of your death. If you die, the person you designate as the receiver of the benefits (beneficiary) will get a sum of money. The actual amount varies based on how much you earn at the University.

This group term life insurance is offered through the University to help protect your family’s financial wellbeing in case you die unexpectedly. Premiums are conveniently deducted from your paycheck and the actual amount varies based on how much you earn.

Go to:

 

Basic Life Insurance

All full-time, benefits-eligible employees are automatically signed up for basic life insurance, regardless of health history. Part-time employees (50% to 74% time) are eligible for basic life insurance but need to enroll and pay a premium.

 

Additional Life Insurance

You can also purchase additional life insurance coverage for yourself, your spouse and children.

You must have basic life insurance in order to buy additional life insurance. Interested in learning more about this optional coverage? Go here: Additional Life Insurance.

Enrolling in Basic Life Insurance

  • Full-time employee: If you are a full-time, benefits-eligible employee (75% to 100% time), you’re automatically enrolled. To designate a beneficiary (other than the standard default selection) or make changes in the future, go to Manage your Beneficiary Designation.
  • Part-time employee:  If you are a part-time employee (50% to 74% time), you will need to enroll within 30 days of your first day of work if you would like basic life insurance coverage. Employee Benefits will send you information on how to enroll within your initial eligibility period. You will pay $0.066 per $1,000 of coverage per pay period.

Coverage Benefits

If you are a full-time employee (75% to 100% time) and you die, the amount paid to your beneficiary is 115% of your annual covered compensation, rounded up to the next higher $1,000. The maximum is $200,000.

If you’re a part-time employee (50% to 74% time), your beneficiary will receive an amount based on your part-time covered compensation. The amount of basic life insurance automatically doubles in the event of a covered accidental death. In addition, there are dismemberment benefits.

For life insurance calculations, covered compensation includes your base salary, augmentation, increment, commutation, Regents’ Professor Stipend and Duluth additional instruction. All other earnings are excluded.

Reduction Schedule for Those Over 67

The amount of basic life insurance begins reducing at age 67, according to this schedule:

  • At age 67, reduces to 65% of the original coverage amount
  • At age 70, reduces to 50% of the original coverage amount
  • At age 75, reduces to 25% of the original coverage amount 

Accelerated Benefit Option

Both the basic and additional life insurance plans have an accelerated option—or early payment if you’re diagnosed with a terminal condition. This means if you (or a family member) become terminally ill, you may be able to collect the full life insurance benefit amount prior to death.

To learn more about this option, call Securian Financial at 1-866-365-3834.

 

Naming Your Beneficiary

From marriage or divorce to the birth or adoption of a child, these major life milestones are good opportunities to review your life insurance coverage and update your beneficiary information.

Go to Managing Your Beneficiary Designation for directions on how to log into Securian Financial’s secure website to select or make beneficiary changes.

 

Legacy Planning Resources

All active and retired employees and their families can access online legacy planning tools and resources—from getting personal affairs in order or dealing with the loss of a loved one. A funeral concierge service also allows for coverage verification and direct payment to the funeral home, so services can be provided before the insurance settlement becomes available.

To get started, visit Legacy Planning Resources.

 

Legal, Financial, and Grief Resources

Whether you want to create a will, get legal advice, need financial security or help coping with loss—get the professional support you need. Resources include will and key legacy templates, a complimentary 30-minute, face-to-face consultation with an attorney, unlimited telephone consultation with attorneys and counselors, and more.

Call 1-877-849-6034 or visit LifeBenefits.com/LFG:

Username: lfg

Password: resources

 

Travel Assistance Services

You have access to pre-trip planning and emergency services while traveling 100 or more miles from home. These include medical relocation and medical or security evacuation, assistance replacing lost or stolen luggage or other critical items, repatriation of mortal remains, and more. 

Visit LifeBenefits.com/travel or call 1-855-516-5433 in the U.S. and Canada.

(Outside of the U.S. and Canada, call +1-415-484-4677.)

Certificate of Insurance

Learn more about your Group Term Life and Accidental Death and Dismemberment (AD&D) Insurance by reviewing the Certificate of Insurance (pdf).

Contact Information

For more information about Securian Financial or the underwriter of your life insurance coverage Minnesota Life Insurance Company, contact Ochs Inc., a Securian Financial company:

  • 651-665-3789
  • 800-392-7295

 

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