Life insurance protects your family from a loss of income in the event of your death. If you die, the named beneficiary (the person you designate as the receiver of the benefits) will get a sum of money. The actual amount varies based on how much you earn at the University.
There are several life insurance options available to University employees, but it’s important to know that 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.
You can also purchase Additional Life Insurance to provide more coverage for yourself or buy coverage for your spouse and children. You must have Basic Life Insurance before you can buy Additional Life Insurance. If you are interested in learning more about this optional coverage, just visit the Additional Life Insurance page.
Enrolling in Basic Life Insurance
If you are a full-time, benefits-eligible employee (75% to 100% time), you are automatically enrolled and don’t need to do anything. You can, however, specify a different beneficiary than the default selection. Visit the Manage Your Beneficiary Designation page to learn how to change it if you wish.
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 want Basic Life Insurance coverage. Employee Benefits will send you information on how to enroll within your eligibility period. You will pay $0.066 per $1,000 of coverage per pay period.
If you are a full-time employee (75% to 100% time) and you die, the amount paid to your designated beneficiary is 115% of your annual covered compensation, rounded up to the next higher $1,000. The maximum payout 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 compenation.
The amount of basic life insurance automatically doubles in the event of accidental death or dismemberment.
For life insurance purposes, covered compensation includes base salary, augmentation, increment, commutation, Regents’ Professor Stipend and Duluth additional instruction. All other earnings are excluded.
The amount of Basic Life Insurance is reduced according to a schedule that begins when you are age 67 or older:
- At age 67, the amount paid out is reduced to 65% of the original benefit
- At age 70, the amount paid out is reduced to 50% of the original benefit
- At age 75, the amount paid out is reduced to 25% of the original benefit
Accelerated Benefit Options
Both the Basic and Optional Life Insurance plans have an accelerated option. This means that if you (or a family member) become terminally ill, you may be able to collect the full amount of the life insurance benefit prior to death.
Call Securian customer service at 866-365-3834 for details.
Marriage, divorce, or the birth or adoption of a child are times to look at life insurance and review beneficiaries.
Visit the Manage Your Beneficiary Designation page to learn more about how to sign onto Securian's secure website and make the appropriate beneficiary selection.
This program helps active and retired employees and their families access resources to cope with the loss of a loved one or to plan for one’s own death and share plans with loved ones to ensure they are followed. Go to Legacy Planning Resources.
LifeWorks has established legal forms you can use to create simple wills, financial power of attorney, living wills, or make final arrangements. LifeWorks also provides caring, confidential support for grief, anger, or anxiety and referrals to community resources. Access the tools at LifeBenefits. The user ID is “lfg” and the password is “resources.”
Learn more about your Group Term Life and Accidental Death and Dismemberment (AD&D) Insurance by reviewing the Certificate of Insurance (pdf).
For more information about Securian life insurance, underwritten by Minnesota Life Insurance Company, contact Ochs Inc., a Securian company.