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Securian Financial

Plan Features

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Accidental death & dismemberment (AD&D)

AD&D coverage is available to active employees.  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. Dismemberment benefits are paid according to the schedule in the policy.

Guaranteed issue

All of your Basic insurance is available to you on a guaranteed basis. This means you will not have to provide evidence of insurability (EOI).

Other instances of guaranteed issue coverage include:

  • Optional group term life coverage is also available on a guaranteed basis, up to the lesser of five times annual salary or $500,000, if elected within 60 days of initial eligibility.
  • In addition, you may increase your existing optional group term life coverage by one level of annual earnings during open enrollment or following a qualified status change up to the lesser of five times annual salary or $500,000, without providing EOI.
  • During the initial eligibility period, you may also elect $15,000 or $20,000 of Dependent Spouse Life coverage on a guaranteed basis.
  • Finally, all dependent child life coverage is guaranteed; EOI is never required. 

Any coverage elected outside of the guaranteed options will require you to provide EOI.  If you apply for coverage above the guaranteed amount and are declined due to health reasons, you will still receive the guaranteed coverage. Consider the following examples: 

  1. New hires have the opportunity to elect the lesser of 5X their annual earnings or $500,000 in optional group term life insurance on a guaranteed basis. The maximum amount electable is the lesser of 7X annual earnings or $1,000,000. If you are a new hire and you elected 6X your annual earnings, but are declined for the full amount due to medical underwriting, you will receive the maximum guaranteed amount of 5X your annual earnings or $500,000, whichever is less.  
  2. Employees have the opportunity to increase their existing optional group term life coverage by one level of annual earnings during open enrollment or following a qualified status change, up to the lesser of 5X annual earnings or $500,000, on a guaranteed basis.  If you are a current participant with 1X your annual earnings in optional group term life coverage and you elect to increase your coverage to 3X your annual earnings during open enrollment, but are declined for the full amount due to medical underwriting, you will receive the guaranteed amount of an additional 1X your annual earnings, increasing your coverage amount to 2X your annual earnings. 
  3. Employees have the opportunity to increase their existing optional group term life coverage by one level of annual earnings during open enrollment or following a qualified status change, up to the lesser of 5X annual earnings or $500,000, on a guaranteed basis.  If you are a current participant with 5X your annual earnings in optional group term life coverage and you elect to increase your coverage to the maximum of 7X your annual earnings during open enrollment, but are declined for the full amount due to medical underwriting, your coverage will remain at 5X your annual earnings.

Accelerated death benefit

If you become terminally ill with a life expectancy of 12 months or less, you may request early payment of up to 100 percent of your life insurance amount.

Waiver of premium

Premiums for all coverage may be waived if you, the employee, become disabled as defined in your certificate. 

Portability

If you leave State employment, other than by retiring, you may be eligible to take your basic and optional life coverage with you and pay premiums directly to the insurance company. Portable coverage must be applied for within 31 days of termination. Premiums may be higher than those paid by active employees.

Conversion

You have the option to convert your group life coverage to an individual life policy within 31 days of termination or retirement. Premiums may be higher than those paid by active employees.

Repatriation benefit

If you die 75 miles or more from your home, your life insurance will pay for the cost of transportation to return your remains to your home, up to $5,000.