Basic Life Insurance

Life insurance protects your family from a loss of income in the event of your death. If you die, the person you designate as the receiver of the benefits (known as a beneficiary) will get a sum of money. The actual amount varies based on how much you earn at the University. This group term life insurance is offered through the University to help protect your family’s financial wellbeing in case you die unexpectedly.

You can also purchase additional life insurance coverage for yourself, your spouse, and children. You must already have basic life insurance in order to buy additional life insurance.

All full-time, benefits-eligible employees are automatically signed up for employer-paid basic life insurance, regardless of health history.

If you are a part-time employee (50% to 74% time), you are eligible for basic life insurance but need to enroll within 30 days of your first day of work. You will pay $0.055 per $1,000 of coverage per biweekly pay period, based on your part-time covered compensation and rounded to the next $1,000.

If you are a full-time employee (75% to 100% time) and you die, the amount paid to your beneficiary is 115% of your annual covered compensation, rounded up to the next $1,000. The maximum is $200,000.

If you’re a part-time employee (50% to 74% time), your beneficiary will receive an amount based on your part-time annual covered compensation.

The amount of basic life insurance automatically doubles in the event of a covered accidental death. In addition, there are dismemberment benefits.

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

Money from your life insurance policy can be passed on to the people or causes you care about, known as a “beneficiary.” If you do not name a beneficiary, your beneficiary will be set to the plan default. That means Securian Financial will pay the death benefit in the following order:

1. Your lawful spouse, if living; otherwise,
2. Your natural or legally adopted children in equal shares, if living; otherwise,
3. Your parents in equal shares, if living; otherwise,
4. Your estate.

Even if this default list works for you, it’s still recommended that you name your beneficiary and include their contact information online to make the claims payment happen more quickly. Relying on the benefit to be paid going down the default list takes longer to process at a very difficult time for your loved ones.

If it’s your first time logging in, visit LifeBenefits:

• Your user ID is the letters “UM” followed by your seven-digit employee ID number
• Your initial password is your eight-digit date of birth, followed by the last four digits of your Social Security number. If you experience problems, call Securian at 866-293-6047.
• After your first log in, you’ll be prompted to change your password.

Once logged in, you can confirm or update your beneficiary at any time in the “Beneficiary details” section of your profile.

When you update your beneficiary, you’ll receive immediate confirmation. Securian will also mail a beneficiary change confirmation to your home address—whether you make selections online or via paper.

Learn more about selecting your beneficiary and what to consider if naming children or someone with special needs as your beneficiary with resources from Securian Financial.

Browse additional resources at securian.com/umn-lifeinsurance, including those listed below and more.