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Life Insurance

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#PayBenefits #FinancialPlanning #Family

Last updated date: 8/23/2023

Protect your family’s financial security in the event of your death or serious injury in an accident.

Overview

To help protect the financial well-being of your loved ones, the Company provides basic life insurance and accidental death and dismemberment (AD&D) insurance for associates — at no cost to you. You may also purchase supplemental coverage. For full plan details and eligibility, please contact Securian Life at 1-866-293-6047 or visit Securian Life.

2024 Life and AD&D Insurance Plans

Basic life and AD&D insurance

The Company provides company-paid life insurance coverage of a specific amount that lasts throughout your employment.

Details

Supplemental life and AD&D insurance

If you want additional coverage, you can buy supplemental life and AD&D insurance for yourself and your family.

Details

Company Couples

If both you and your spouse work for the Company, special provisions apply:

  • You are each eligible for Basic Life with your spouse as your dependent and Basic AD&D Insurance coverage
  • You are each eligible to purchase Supplemental Associate Life Insurance and Supplemental AD&D Insurance coverage with your spouse as your dependent
  • Only one of you may purchase Supplemental Dependent Life Insurance coverage for your eligible dependent child(ren)

Basic Life and AD&D Insurance

Company pays for the cost of Basic Term Life and Accidental Death and Dismemberment (AD&D) insurance. This coverage provides benefits to your beneficiaries if you die or become seriously injured in an accident. You are covered at one times base pay (rounded to the next $1,000), with a minimum benefit of $40,000* and a maximum benefit of $1,350,000. 

*When you turn age 70, Basic Term Life is reduced by 50% and can cause your benefit to go below $40,000.

What is AD&D Insurance?

If you lose your life, sight, hearing, speech, or use of your limb(s) in an accident, AD&D insurance provides additional benefits to help keep your family financially secure. AD&D benefits are paid as a percentage of your coverage amount — from 25% to 100% — depending on the type of loss.

Imputed Income

According to Federal law, only the first $50,000 of your basic life insurance benefit is not taxable. The “Imputed Income” value for coverage amounts over $50,000 will be added to your W-2 statement. In addition to your life insurance benefit, there may be an “Imputed Income” value, based on the age of each covered dependent that may be added to your W-2 statement if you select spouse life insurance coverage for your eligible dependents. All “Imputed Income” values are determined from government tables and in most cases have a minimal effect on your taxes. This rule only applies to your basic life insurance benefit, and the total amount of any supplemental coverage will be taxed.

Supplemental Life and AD&D Insurance

You also have the option to purchase additional coverage for yourself and/or your dependents.

Do I Need Evidence of Insurability (EOI)?

EOI is medical information (which may include medical records and a physical exam) that requires review and approval before coverage becomes effective.

Elections up to the Guaranteed Limit do not require EOI if you enroll for coverage when first eligible. EOI is required to enroll for more than five times supplemental life and more than $25,000 in spouse life, but not required to enroll your children. EOI is also required if you enroll for the first time after your initial eligibility date or if you want to increase your supplemental insurance amount.

Once you’ve completed your enrollment on Benefits Center, you will be prompted to submit EOI as needed. Click on the link and answer the series of questions. If you are not instantly approved, you will be advised on any additional steps to take. The Benefits Center will inform you of your deadline to submit EOI, and will let you know if EOI was approved or denied.

Supplemental Life and AD&D Insurance

You may choose to elect and pay for additional coverage up to seven times* your base pay (rounded to the next $1,000, if not already a multiple of $1,000). The maximum combined benefit for basic and supplemental life insurance is $1,350,000. You pay for this benefit with after-tax dollars.

When you purchase supplemental life insurance, your AD&D benefit will be the same as your total covered life insurance amount. You cannot purchase supplemental life insurance without AD&D insurance and vice versa.

*EOI is required if electing coverage more than the Guarantee Issue amount of five times your base pay.

Dependent Life Insurance

You may purchase dependent life insurance on an after-tax basis. If both parents are Company associates and eligible to purchase dependent life insurance, each may be covered as a dependent spouse, but only one may purchase coverage for their eligible children. You may purchase dependent life insurance for your spouse and/or dependent child(ren) even if you have not elected supplemental coverage for yourself.

Spouse Life Insurance

You may purchase coverage in the following increments: $10,000, $25,000, $50,000, $75,000, $100,000 or $150,000*

Child(ren) Life Insurance

You may purchase coverage in the following increments: $5,000 or $10,000

*EOI is required if electing coverage more than the Guarantee Issue amount of $25,000.

Name a Beneficiary

Your life insurance policy is a key aspect of supporting your family’s financial security in the event of your death. Be sure to designate a beneficiary (and keep it up to date) to receive the benefit paid by a life insurance policy. Visit the Benefits Center website to add or change a beneficiary.