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Securian Financial

Plan features

Optional Life insurance also includes the following benefits:

  • A double indemnity benefit. An additional benefit equal to the amount of optional coverage in force is paid, if death is a result of a covered accident.
  • A dismemberment benefit. A benefit that pays you an amount equivalent to either one-half or the full amount of the insurance, if you lose sight or suffer a severed limb as a result of a covered accident.
  • A living benefit. The accelerated benefit allows the insured person to receive all or a portion of the death benefit, if diagnosed with a terminal illness with a life expectancy of 12 months or less.

Will I be able to continue my Optional Life insurance when I retire?

You may continue your Optional Life insurance if you are:

  • Retiring
  • Terminating service, but deferring retirement

You must have 60 months of coverage with Optional Life before leaving service. You’ll pay the same premiums to continue your coverage as active employees do.

As a retiree, you may continue at either Option 1 or Option 2, but not more than the amount of insurance you had when you left service, and not more than $275,000. You must elect to continue coverage within 31 days of leaving service. Optional coverage above these amounts may be converted to an Individual policy. Insurance amounts and the corresponding maximums begin to reduce at age 65 and all insurance terminates at age 80.

Spouse coverage may also continue at the corresponding Option 1 and Option 2 levels of insurance selected by the retiree. Insurance on the spouse continues to be one-half of the amount of the retiree’s coverage. Premium is based on the same rates under the VRS group plan. Dependent children may continue to be insured by the retiree at the same levels previously insured prior to retirement.

What happens if I terminate employment?

If you terminate employment and are not eligible to continue Optional Life coverage as a retiree, your Optional Life insurance terminates. However, you may convert to an Individual policy. The conversion privilege may be exercised without proof of insurability if election to convert is made within 31 days of the termination. Premiums may be higher than those paid by active employees.

Spouse and dependent children coverage also ends when your coverage terminates, but you may also convert this insurance to an Individual policy.