Life Insurance Programs
All eligible faculty and staff may elect additional life insurance coverage for greater protection through Securian. Supplemental life insurance may be purchased in multiples of your annual salary, from 1 to 10 times up to a maximum of $1.5 million. Supplemental life insurance premiums are deducted from your pay on an after-tax basis.
Qualifying event: You may elect a one salary level increase up to a total amount of insurance of $750,000 within 31 days of a family status change without completing an EOI form unless you were previously declined coverage by Securian.
Additional Information – EOI : If you did not elect life insurance when first eligible, you will need to complete an EOI form. If you elect supplemental life insurance coverage of more than one salary level increase or the increase results in more than $750,000 in insurance during open enrollment or within 31 days of a family status change you will need to complete an EOI form.
Special Rules for Reduction in Coverage