Securian - Life Insurance

 

Kent State University welcomes Securian Financial (Minnesota Life) as our provider for group life insurance effective April 1, 2020. 

Kent State University is committed to providing employees with valuable benefits programs and has chosen Securian Financial (Minnesota Life) as the new carrier for our group term life and accidental death and dismemberment (AD&D) insurance.  This change is effective on April 1, 2020.  Securian not only provides life insurance benefits but also free legal, financial, and grief resources just to name a few.  Feel free to review Securian's Lifestyle Benefits for more free resources.

What is changing?

Rates are decreasing and optional maximum coverage amounts are increasing.  During the fall 2020 open enrollment, you can make changes to your life insurance elections, if you wish.  You will receive more information closer to the annual open enrollment period.

Do I need to do anything?

Don't worry, your current group term life and AD&D insurance benefits will automatically transition to Securian Financial.  Your beneficiaries currently on file will remain active, so you do not need to take any action at this time.

What is the cost for the Group Term Life and Accidental Death and Dismemberment Insurance?

The premiums are employer-paid; however, any amount of employer-paid insurance over the amount of $50,000 is subject to taxation as IMPUTED INCOME under Section 79 of the Internal Revenue Code.  To calculate the imputed income, please review the imputed income example for a better understanding of the imputed income cost versus the overall benefit.   

What is a beneficiary?  Do I need to designate a beneficiary?

A beneficiary is a person, trust, or organization that receives the monetary benefit of a life insurance policy should something happen to you.   Designating a beneficiary(s) provides a smoother transaction when settling an estate among your survivors. The payment of any benefit shall be made to the beneficiary on record.  This beneficiary designation may be changed at any time.  If you would like to make changes to your beneficiaries, please contact University Benefits at 330-672-3107 or BENEFITS@KENT.EDU.

Beneficiary changes are not effective until the completed form is received in the Benefits Department located in Heer Hall, Kent Campus.

Is there an age reduction benefit for the Group Term Life insurance like other insurances?

Yes, once an employee reaches the age of 65, reductions of the original value will begin.  At age 65, the reduction is 65 percent of the original value, age 70, the reduction is 50% of the original value and at age 75+ the reduction is 35% of the original value.

Can I purchase additional life insurance and AD&D Insurance for myself?

Full-time employees who are covered by the Group Term Life and AD&D insurance program may also elect to purchase additional life insurance protection for themselves or a legally married spouse or registered domestic partner (same or opposite gender) and/or dependent children.  The premiums for this additional life insurance are paid through payroll deduction with after-tax dollars.

Employees may elect additional life for themselves in units of one to five times their annual base pay, up to a maximum of $1 million.  If an employee elects coverage when first eligible, the guarantee amount up to $200,000 is available.  Any amounts elected in excess of $200,000 will be subject to medical evidence of insurability (EOI).   

To assist in premium calculations of additional life insurance, please use the Securian Calculation Worksheet for your convenience.

What is an EOI - Evidence of Insurability?  Where do I complete the EOI?

Evidence of insurability is an application process in which you provide information regarding your health or your dependent's health.   To complete the EOI for Securian, you will need to gather the information that is needed first.  Review the EOI Instructional flyer for step by step instructions along with the group policy number and access key.

How much life insurance do I need?

Securian Financial offers an online "Life Insurance Needs" calculator.  To access the calculator, visit www.LifeBenefits.com/insuranceneeds to calculate what coverage amount is right for you and your family.

Can I purchase Life Insurance for my eligible dependents?

Employees may elect supplemental dependent life insurance for their legally married spouse or eligible domestic partner in increments of $10,000, up to a maximum of $500,000, but not to exceed 100 percent of the amount of additional life the employee could elect.  If an employee elects Dependent Life insurance for their spouse/domestic partner when first eligible, there is a guarantee of an amount up to $20,000.  Any amounts elected in excess of $20,000 will be subject to medical evidence of insurability (EOI)  Dependent Child Life is coverage in the amount of $50,000 for each eligible dependent child and is available for only $1 per month--no matter how many children you have.

If I leave Kent State, whether it is voluntary or involuntary, can I continue my coverage with Securian?

Yes.  If you are no longer an active employee, you can contact Securian for individual rates.  Some options that are available for conversion are listed on Securian's Plan for the Future flyer or on their website at https://web1.lifebenefits.com/content/lifebenefits/home/en.html.

When can I expect more information about my life insurance options with Securian?

Watch for announcements from University Benefits via mailings and emails.

Securian Term Life Insurance Certificate

Securian Term Life Insurance Policy

Securian Volunteer Accidental Death & Dismemberment Certificate

Securian Volunteer Accidental Death & Dismemberment Policy