Additional Life Insurance

Employees who are already covered by the University’s Basic Life Insurance program are eligible to choose additional coverage. Having more life insurance coverage may be important to you if you have a spouse and children who depend on your financial support.

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Additional Employee Life

You can choose Additional Employee Life Insurance in multiples of $1,000, subject to the following limits:

  • Within your first 30 days of employment without evidence of insurability, you may select an amount equal to the lesser of either:
    • Three times your annual base salary rounded to the next $1,000, or
    • $500,000
  • For an amount greater than the guaranteed issue or after your initial enrollment period, application requires evidence of insurability. That means you must provide information on your health condition. You may apply for a maximum amount of either:
    • $500,000, or
    • If greater, five times your annual base salary rounded to the next $1,000 but not more than $1 million

Note: The insurance company’s underwriting department will review your application and evidence of insurability. They will notify you whether or not the requested amount is approved.

 

Spouse Life

You can choose Spouse Life Insurance in multiples of $1,000, subject to the following limits:

  • Select an amount up to $10,000 without evidence of insurability either within your first 30 days of employment or within 30 days of marriage.
  • You may apply for a maximum amount of $500,000 with evidence of insurability.
  • Evidence of insurability in which you provide information on your spouse’s health condition is required for any amount elected outside of your first 30 days of employment or after 30 days of marriage.

 

Child Life

You can choose Child Life Insurance that covers each eligible child for $10,000 of coverage:

  • Select Child Life without evidence of insurability either within your first 30 days of employment or within 30 days of the birth or adoption of your child. 
  • Child life Insurance can be selected during Open Enrollment without evidence of insurability.
  • If your first eligible child dies within 30 days of birth, but prior to enrolling for Child Life Insurance, a $10,000 benefit will be paid.

 

Accidental Death and Dismemberment AD&D)

This coverage provides beneficiaries with additional financial protection if an insured’s death or dismemberment is due to a covered accident, whether it occurs at work or elsewhere. It is included as part of your employee and spouse life insurance.

 

Enrollment

If you have a 50% to 74% time appointment, you must first purchase Basic Employee Life before you can buy additional life insurance.

If you are within your first 30 days of employment or within 30 days of a life event that allows you to make a change in life insurance, you may apply online in MyU for the appropriate amounts that do not require underwriting.

To apply for additional amounts:

  • above the guarantee issue amount,
  • at any time, or
  • more than 30 days after a life event such as marriage or birth or adoption of a child,

you need to provide “evidence of insurability,” in which you provide information on your health condition. The insurance company’s underwriting department will review the information and let you know whether or not it is approved.

Print and complete the application form below, and Employee Benefits will send the application to Securian. You will receive a password from Securian so that you can complete the evidence of insurability about your health condition directly on their online system. 

Download an Application (pdf)

Note: You can add coverage for your spouse or child within 30 days due to a life event, but you must submit evidence of insurability to increase additional employee life.

Making a Coverage Change

You may decrease the amount of coverage or cancel coverage at any time during the year. If you wish to enroll again or increase the amount of coverage at a later date, you will need to provide medical evidence of insurability.

 

Additional Life Insurance Rates per Biweekly Pay Period

Employee or Spouse

Attained age of employee or spouse 2017 Rate Per $1,000
Under 30 $0.018
30-34 $0.018
35-39 $0.025
40-44 $0.027
45-49 $0.044
50-54 $0.074
55-59 $0.114
60-64 $0.183
65-69 $0.292
70-74 $0.468
75-79 $0.750
80-84 $1.212
85+ $2.416

Child Life Rate

The 2017 rate per biweekly pay period is $0.42 for $10,000 of coverage.

 

Plan Details

Minnesota Continuation

If coverage is lost due to resignation, termination of employment, layoff, or loss of eligibility due to reduction in hours, you may continue your coverage at group rates for up to 18 months. You need to make the election within 31 days of the date your active coverage terminates. Rates may be higher than those paid by active employees.

Portability and Conversion

If you are no longer eligible for coverage, and you want to continue your life insurance, you have two options:

  • you may “port” or continue your group term life insurance coverage (portable coverage ends at age 70), or
  • you may convert your life coverage to an individual life insurance policy.

You need to make the election within 31 days of the date your active coverage terminates.

Premiums may be higher than those paid by active employees. Please call Securian at 1-866-293-6047 to discuss your options and costs.

Waiver of Premium

If you become totally disabled according to the terms of your certificate, life insurance premiums may be waived.