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Additional Employee Benefits Flyer
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Optional Life Insurance Information & Enrollment -
Optional life insurance is a voluntary benefit that allows the purchase of a greater level of life insurance than the $20,000 basic life coverage provided by the District. It also allows insurance coverage for eligible dependents including children and spouses/domestic partners. This insurance is paid for through monthly automatic payroll deductions.
Optional life insurance also features an accidental death and dismemberment (AD&D) benefit for eligible employees and their spouse/domestic partner. There are no AD&D benefits for dependent children.
The AD&D benefit doubles the death benefit payable if the covered individual dies as a result of a covered accident. It also pays benefits for serious injuries as a result of a covered accident.
Optional Life Insurance Coverage Options
Employee ½ to 5 times basic annual earnings* to a maximum of $500,000 Employee’s Spouse/Domestic Partner $5,000, $10,000, or multiples of $25,000 to the lesser of $200,000 or 100% of the employee’s total life insurance, including basic life Employee’s Dependent Children $5,000 or $10,000 *Annual earnings refer to annual earnings on record for the previous calendar year. If there were no earnings the previous year, the District will use projected annual earnings.
Costs depend on the coverage and payouts selected by the employee. Contact Securian Financial for details.
To enroll, complete a paper Optional Life Insurance Enrollment Form or online form at www.lifebenefits.com. Eligible employees have 60 days from the hire date to complete the enrollment process for optional life insurance without health questions. After 60 days, a medical disclosure will be required for provider approval. Forms can be found on the Forms/Publications page.
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Accelerated Death Benefits -
Accelerated death benefit allows terminally ill insureds with a life expectancy of 12 months or less to accelerate up to 100% of the face amount. For more information, contact Securian Financial.
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Beneficiary and Coverage Changes -
To add or change beneficiaries, complete a paper Beneficiary Designation Form or online form at www.lifebenefits.com. Forms can be found in the Forms/Publications page.
To cancel, reduce, or increase coverage amounts for optional life insurance, complete a paper Service Request Form or online form at www.lifebenefits.com. Forms can be found in the Forms/Publications page.
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Separation from the District -
Basic life insurance is automatically canceled once employment with the District ends, whether by voluntary or involuntary separation.
Should you leave the District for any reason, and your optional life insurance under this plan terminates, you will have an opportunity to continue group term coverage (“portability”) under a different policy, subject to plan design and state availability. Rates will be based on the experience of the ported group and Securian Financial will bill you directly. Rates may be higher than your current rates.
Generally, there is no minimum time for you to be covered by the plan before you can take advantage of the portability feature. Please see your certificate for specific details. Please note that if you experience an event that makes you eligible for portable coverage, please contact Securian Financial at (866) 293-6047. -
Information for Retirees -
If enrolled in optional life insurance, plan will be automatically switched to a special "decreasing term" policy. Coverage will equal 50% of active employee coverage and will decrease by 10% (of initial coverage) every year until minimum coverage amount is no less than $5,000.
Premium payments must be remitted directly to Securian Financial.
For more information, contact Securian Financial.
