Additional Life Insurance

You can choose additional employee life insurance in multiples of $1,000, up to certain limits.

It if is within your first 30 days of employment, you are eligible for what is known as “guaranteed issue,” meaning you do not need evidence of insurability. During this period, you can select whichever is lower of:

• $500,000, or
• Three times your annual covered compensation (rounded to the next $1,000)

After your first 30 days, or for more coverage beyond that amount, your application requires evidence of insurability. That means you must provide information on your health condition. You can apply for the larger of either:

• $500,000, or
• Five times your annual covered compensation rounded to the next $1,000, but not more than $1 million.

For life insurance purposes, annual covered compensation includes base salary, augmentation, increment, commutation, Regents’ Professor Stipend and Duluth additional instruction. All other earnings are excluded.

You can choose spouse life insurance in multiples of $1,000, subject to the following limits:

• Up to $25,000 without evidence of insurability, either within your first 30 days of employment or within 30 days of marriage.
• A maximum amount of $500,000 with evidence of insurability.
• Evidence of insurability for any amount elected outside of your first 30 days of employment or after 30 days of marriage.

Your first eligible newborn child is automatically covered for child life insurance for 30 days from the child's birth. To continue coverage on the first child, you must elect coverage within those 30 days; otherwise the coverage will end after the 30 day period.

You can choose life insurance that covers each eligible child, from birth to age 26, for $10,000 of coverage without evidence of insurability, either within your first 30 days of employment or within 30 days of the birth or adoption of your child.

If you elect child life insurance during open enrollment, you do not need evidence of insurability.

This coverage is included with both basic and additional life insurance for an employee or spouse. It 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.

Sometimes referred to as EOI or “proof of good health,” evidence of insurability refers to the process of providing proof or documentation to an insurance company to show your eligibility for insurance coverage. This is used to determine the risk associated with insuring someone and the premium amount.

If you are required to submit evidence of insurability with Securian, it starts with three questions about your health history, along with height and weight. Based on your answers, it will be determined whether anything further is needed to make a decision to approve or decline the application. Learn more about this process by selecting “Do I need to answer health questions?” on the Securian U of M portal.

If coverage is lost due to resignation, termination of employment, layoff, or loss of eligibility due to reduction in hours, you may continue your coverage at group rates for up to 18 months.

If you are no longer eligible for coverage, and you want to continue your life insurance, you have two options:

• you may “port” or continue your group term life insurance coverage (portable coverage ends at age 80), or
• you may convert your life coverage to an individual life insurance policy.

You need to make the election within 31 days of the date your active coverage terminates.

Premiums may be higher than those paid by active employees. Please call Securian at 1-866-293-6047 to discuss your options and costs.

If you become totally disabled according to the terms of your certificate, life insurance premiums may be waived.