Life Insurance Plans

Links

• Qualifying Event Status Change Form
• Group Life Insurance Plan
• Enrollment

Basic Coverage

• No cost to the employee.
• The County provides basic group term life insurance to all permanent full-time employees working 40 hours a week at no cost in an amount equal to your annual salary rounded up to the next $1,000.
  • Example: If you work 40 hours a week and your salary is $43,500, you receive $44,000 in life insurance at no cost.
• The County provides a pro-rated amount of basic group term life insurance to all permanent employees who work 20-39 hours per week (i.e., the amount is adjusted based on your work hours).
  • Example: If your salary is $43,500 and you work 20 hours a week, you receive $22,000 in life insurance at no cost. 

You may purchase supplemental life insurance in addition to the basic coverage.

• The employee pays 100% of the cost.
• Supplemental coverage is available in multiples of $5,000, up to $250,000.
• No evidence of insurability or medical examination is required if the coverage is purchased at the time of initial eligibility (i.e., for a new hire or if you change from temporary to permanent status), provided the optional coverage does not exceed three times the base salary.
• Rates for life insurance coverage are based on your age group (see Supplemental Life Insurance Cost chart).
• Moving to a new age group becomes effective on the first day of the month after your birthday.
• If you apply during a non-enrollment period or request more than $20,000 coverage, you need to submit Securian’s Evidence of Insurability Form.
• You may cancel coverage at any time by submitting a Qualifying Event Status Change Form to Employee Benefits.

Supplemental Life Insurance Cost

Example:
If you are 45 years old, the cost to purchase $20,000 in supplemental life insurance is $2.48 per pay period. 

There is a reduction in coverage provision built into both the basic and supplemental life insurance plans beginning at age 65. See the Life Insurance Coverage Reduction chart.

Example: If Tim has $60,000 in life insurance, when he turns 65, his policy value will be reduced to a value of 65% which is $39,000. When Tim turns 70, his policy value will be reduced to a value of 45% which is $27,000. When he turns 75, the policy value will be reduced to a 30% value which is $18,000 and when he turns 80, the value will be reduced to a 20% value of $12,000.

Life Insurance Coverage Reduction

Dependent Life Insurance

You may purchase supplemental life insurance for your spouse or dependents. You will receive the benefit payment if the person dies while covered under the policy.

• Employee pays 100% of the cost.
• Dependent life insurance does not require a beneficiary designation. The employee is the beneficiary.
• There are two package options offered based on the coverage desired. The cost is the same regardless of the number of people you are covering.
• Coverage for dependent children is from live birth through age 25. Continued coverage may be available for disabled children. Refer to the definition of a child in the Group Life Insurance Policy for more information.
• EMPLOYEE DEPENDENTS: If you and your dependent (spouse or child) both work for the County, you may not cover each other for dependent life insurance. If both parents work for the County, your dependent children can only be covered by one parent, not both.
• You may cancel coverage at any time by submitting a Qualifying Event Status Change Form to Employee Benefits.

Dependent Life Insurance Rates

Examples:
Jane wants $10,000 coverage for her husband but has no children; she selects Option 1. Tom wants $20,000 coverage for his wife and $10,000 coverage for his five children; he selects Option 2.