What Is Optional Life Insurance?
Optional Group Life Insurance is a program that allows you to purchase additional coverage for yourself, your spouse, and dependent children. The coverage provides benefits for natural and accidental death or dismemberment. The premium payments are made through payroll deduction. Here is what you need to know:
| Coverage Option | Maximum Coverage |
|---|---|
| Option 1 | $10,000 |
| Option 2 | $20,000 |
| Option 3 | $30,000 |
| Option 4 | $40,000 |
| Option 5 | $50,000 |
| Option 6 | $60,000 |
| Option 7 | $70,000 |
| Option 8 | $80,000 |
You can select one of the eight coverage options shown in the chart to cover yourself, up to a maximum of $800,000. You can cover your spouse for up to twice your creditable compensation, not to exceed $400,000. Coverage for your spouse ends when your coverage ends or if you and your spouse divorce. If both you and your spouse are eligible to participate in the Optional Group Life Insurance Program, neither of you can buy additional coverage for the other.
You can cover each dependent child who is at least 15 days old for $10,000, $20,000 or $30,000, depending on the coverage option you select for yourself. Coverage for dependent children ends when your coverage ends or your child marries, becomes self-supporting, reaches age 21 or reaches age 25 as a dependent attending college full time. Coverage continues for dependent unmarried children who are disabled.
Evidence of insurability (proof of good health) is not required if you enroll in the Optional Group Life Insurance Program within 31 days of your employment date. If you participate in the optional plan, you may add dependents within 31 days of a qualifying event, such as marriage or the birth or adoption of a child, without evidence of insurability. Evidence of insurability is required if:
- You are a new employee who applies for optional coverage more than 31 days after your employment date.
- You apply for optional coverage after you have declined optional coverage or reduced your optional coverage.
- You apply to increase your optional coverage.
If you are enrolled in the Optional Group Life Insurance Program and meet the qualifications for retirement, you may continue a portion of your coverage upon leaving employment. You, as well as your spouse and dependent children, must have been continuously covered during the 60 months before you leave employment. You can maintain your benefit online through the Securian Financial website.
If you are currently enrolled in the optional plan but not eligible to continue coverage when you retire or defer retirement, you can convert your coverage to an individual policy within 31 days of the last day of the month in which you leave your position. Proof of good health will not be required. You will be billed for the premiums.
It’s important to consider your options regarding life insurance coverage for you and your family. If you have any questions regarding the Optional Group Life Insurance Program, contact Securian Financial.
