We are pleased to announce two enhancements to our existing life insurance program with Minnesota Life.
Dependent Children’s Coverage
Eligible children not previously declined coverage can be added to your policy during annual enrollment without providing Evidence of Insurability. While not an easy topic to think about – child life insurance is an important piece of financial protection. You may wish to consider this valuable benefit during our next annual enrollment period in October 2013.
Conversion or Portability
The University provides a $25,000 base group term life insurance policy through Minnesota Life to full-time faculty and staff at no cost. When you are no longer eligible for coverage, you have the opportunity to convert your term life insurance coverage through the University to an individual policy. Effective July 1, 2013, you now have a second option for continuing coverage. You may port your group life insurance to age 70. If you elect the portability option, you remain insured under a term life policy. If you elect the conversion option, you are insured under a whole life policy. Premiums for ported term life coverage increase with age while conversion rates are based on age at the time of conversion. Neither the conversion nor the portability option requires evidence of insurability. Either election must be made within 31 days of coverage termination.
For more information, please contact askHR at (574) 631-5900.