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Life Insurance overview
Basic Group Term Life and Accidental Death Insurance The state provides a basic term life insurance ($20,000) and accidental death and dismemberment insurance ($40,000) at no cost to employees through Minnesota Life. If you are enrolled in health insurance as the head of the contract, your coverage automatically increases with your salary — to a maximum of $50,000 for basic term life insurance and $100,000 for accidental death insurance. The amount of basic term and basic AD&D begins to decrease when the employee reaches age 65. Eligible dependents (spouse and children) of employees enrolled in health coverage are covered for $3,000 of basic dependent term life coverage. Dependents (spouse and children) are eligible for basic accidental insurance, with the amounts of coverage based on salary and family composition. Employees can now designate beneficiaries in Edison for basic term life/AD&D and voluntary AD&D. Voluntary Accidental Death and Dismemberment Insurance Employees can enroll in voluntary accidental death and dismemberment insurance coverage for themselves and their dependents (spouse and children). This is in addition to basic accidental coverage. The employee must enroll as a new hire. The only other opportunity to enroll is during Annual Enrollment each year. Benefits will be paid for dismemberment if the loss occurs within 90 days of the accident provided the employee or dependent was covered on the date of the accident and meets the established criteria. Coverage is available at low group rates — no questions asked. Premiums vary by salary and the maximum benefit for employees is $60,000. Voluntary Term Life Insurance If you qualify, you can purchase voluntary term life insurance coverage from Securian Life for yourself and your dependent spouse and children. You can apply in $5,000 increments, for up to seven times your annual base salary (to a maximum of $500,000) for yourself and up to a maximum of $30,000 for your spouse under 55 ($15,000 for ages 55 and older). You can also apply for coverage for your children equal to $5,000 or $10,000. You and your dependent spouse and children may enroll in this coverage regardless of whether you enroll in health coverage. For employee guaranteed issue coverage, you must enroll during the first 30 calendar days of employment. If voluntary life coverage is not elected at that time, an employee may apply during the annual enrollment period by presenting evidence of insurability through a health questionnaire. An application for spouse coverage may be submitted; however, issuance of coverage will be contingent upon review of health questions by the vendor. A child term rider may be added to the employee or spouse certificate without any health questions. Use the Securian Life website to enroll in voluntary term life insurance.
2024 Basic Group Term Life and Accidental Death and Dismemberment InsuranceEffective Jan. 1, 2024, the state will pay 100% of the premiums for employee basic term life/basic accidental death and dismemberment insurance for central state government and state higher education employees. This change will automatically occur in Edison. While the state will contribute funding toward the premiums for employee basic term life/basic AD&D for central state government and state higher education employees in 2024, this does not apply to employees of state offline agencies. Employees of state offline agencies should consult with their agency benefits coordinator about premiums. Basic term life: In 2024, designated beneficiaries will receive 1X the employee’s base annual salary rounded to the next highest thousand ($50K minimum/$250K maximum, except when reduced at age milestones).
Basic accidental death and dismemberment: Employee coverage will be 1X basic term life insurance coverage. Your basic term life/basic AD&D coverage amounts decrease at ages 65 and over. Important! Dependent basic term life/basic AD&D coverage will end after Dec. 31, 2023. You may be able to enroll your dependents in voluntary term life and/or voluntary AD&D insurance. See voluntary term life and voluntary AD&D sections for more information.
Employees will make important selections and keep beneficiary information current in Edison. LifeSuite Services are provided by Securian Financial for no additional charge. Services and resources include: 1. Travel Assistance Services You can refer to the Securian (Minnesota Life) Handbook found on the Publications page under Life Insurance and/or the Securian Financial website for additional information.
Voluntary Accidental Death and Dismemberment InsuranceEmployees: You can buy voluntary accidental death and dismemberment insurance to give additional protection if you or your covered dependent’s death or dismemberment is due to an accident. This is in addition to the employee basic AD&D coverage. The employee will pay the full monthly premium. Enroll and keep the beneficiary information current in Edison.
Additional benefits include:
Find more information on the Publications page under Life Insurance.
Voluntary Term Life InsuranceApply for or increase coverage and update beneficiaries on the Securian website. If qualified, employees can buy additional voluntary term life insurance for themselves, their spouse and their children. Enrollment is not automatic. An employee must apply for this coverage, and this insurance is in addition to the employee basic term life and basic accidental death and dismemberment insurance. The employee’s spouse may 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. 2024 Voluntary Employee Term Life Insurance2024 Annual Enrollment Enhanced enrollment opportunity! Employees can enroll in or increase voluntary term life coverage in $5,000 increments up to an additional $50,000, not to exceed a new total of $500,000 or five times base annual salary, whichever is less, effective January 1, 2024, without answering medical questions. Employees may apply for additional coverage above the $50,000 offered above and the overall guaranteed issue maximum¹ by completing an Evidence of Insurability application. ¹Employee Voluntary Term Life Plan Maximums Guaranteed issue (no medical questions) - Lesser of five times base annual salary or $500,000 Overall maximum - Seven times base annual salary or $500,000 with evidence of insurability required for coverage above guaranteed issue. 2024 Voluntary Spouse Term Life InsuranceAn employee’s spouse currently enrolled in basic dependent term life and not enrolled in voluntary spouse term life insurance can enroll in $5,000 of coverage to replace the loss of the basic dependent term life coverage without answering medical questions, during 2024 Annual Enrollment.
Spouse currently enrolled in basic dependent term life and currently enrolled in voluntary spouse term life insurance can increase existing coverage by $5,000 without answering medical questions, during 2024 Annual Enrollment.
Spouse not currently enrolled in basic dependent term life, but who is enrolled in voluntary spouse term life coverage can increase existing coverage by $5,000 without answering medical questions; not to exceed the plan maximums*. Spouse not currently enrolled in basic dependent term life or voluntary spouse term life coverage* may apply for voluntary term life coverage by completing an Evidence of Insurability application. *Spouse Voluntary Term Life Plan Maximums $30,000 if under age 55 $15,000 if age 55 or older Your voluntary term life monthly premium and/or your spouse’s monthly premium could go up if you and/or your spouse increase the life insurance amount or move into a higher age bracket as of Jan. 1.
2024 Voluntary Child Term Life InsuranceAn employee or spouse who is already enrolled or who will enroll may add or increase a child term rider in the amount of $5,000 or $10,000. Only the employee or spouse may have a child term rider attached to his/her certificate. An employee with a child losing basic term life coverage may convert the lost coverage to an individual, whole life policy instead of adding a child term rider or if the child term rider attached to the employee or spouse’s voluntary term life certificate is already at the maximum coverage of $10,000. Find the full list of 2024 life insurance premiums by clicking on Premiums and going to Life Insurance Premiums – State Plan Only. Find life insurance information by clicking on Life or securian.com/tn-insurance
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Life Insurance Overview
