Life Insurance – Are you prepared?
Life insurance is something no one wants to think about but is important to have. The State of Indiana makes having coverage easier by offering three types of coverage; basic, supplemental and dependent life insurance. Each year during Open Enrollment, take the time to review your finances and consider which option and coverage amount would be best for you and your family.
Some life insurance changes that can be completed within your Open Enrollment event. These changes include decreasing your coverage level or dropping any of your life insurance plans. You may also elect child dependent life insurance in increments of $5,000 up to and including $20,000 for your children as long as you are currently enrolled in basic life insurance. Additionally you may update your beneficiary information and/or allocation amounts. All changes will be effective in January.
Outside of Open Enrollment you may acquire or make changes to your life insurance plans by completing the Evidence of Insurability (EOI) process at any time throughout the year. Allowable changes include increasing your coverage level and/or adding an eligible spouse to your dependent life insurance plan. This process applies to all three life insurance plans sponsored by the State of Indiana (basic, supplemental and dependent life).
Securian Life Insurance Company is our current provider for our Group Term Life and Accidental Death and Dismemberment (AD&D) program. You have the option to elect Basic Life, Supplemental Life and Dependent Life Insurance.
Basic Life Insurance
The amount of Basic Life and AD&D Insurance coverage is equal to 1.5 times your annual salary. The amount of coverage will change automatically according to changes in your salary. Basic Life Insurance coverage is guaranteed if elected within the initial eligibility period. For Basic Life Insurance, the bi-weekly premium is $0.113 per $1,000 of coverage. A portion of this coverage is paid for by the State of Indiana.
Supplemental Life Insurance
You must be enrolled in Basic Life Insurance in order to elect Supplemental coverage. Supplemental Life Insurance can be elected in $10,000 increments subject to a minimum of $10,000 and a maximum of $500,000. Under the policy, you can elect up to a guaranteed issue amount of $200,000 during your initial eligibility period.
Supplemental Life premium is calculated based on your age and coverage amount. The premium will automatically change when you move to the next age bracket. Upon reaching age 65, any amount of coverage in excess of $200,000 will automatically reduce to $200,000.
Dependent Life Insurance
To elect Dependent Life Insurance you must be insured for Basic Life Insurance. Under Dependent Life Insurance you can elect Spouse and Child coverage separately or as a package. The package election requires the Spouse and Child to have the same elected amounts. Coverage can be elected in $5,000 increments subject to a minimum of $5,000 and a maximum of $20,000. The premium for the coverage is based on the coverage amount.
All Child Only Dependent Life Insurance is guaranteed issue, regardless of when the application is made. You may call the Benefits Hotline or email SPDBenefits@spd.in.gov to add this coverage at any point in the year. For Spouse Dependent Life Insurance, $20,000 is guaranteed within the initial eligibility period.
Note: You are no longer required to individually enroll each eligible dependent in dependent life insurance. Your election of dependent life insurance will be considered an election to enroll all eligible dependents within the selected category.
- View Life Insurance Plan Summary
- View 2016 Life Insurance Plan Certificate
- Instructions for Changing Life Insurance Beneficiary Information
Securian Life Insurance Company
400 Robert Street North
St. Paul, MN 55101-2098
Evidence of Insurability
Evidence of insurability (EOI) is required for approval of any insurance coverage greater than the guaranteed issue amount. The application process can be done online at any time at www.LifeBenefits.com/SubmitEOI. On average the EOI application takes 10 to 30 minutes to complete. If approved, SPD Benefits will process the change in PeopleSoft and ensure premiums are deducted as appropriate.
- Instructions for Submitting Evidence of Insurability through Securian
- Submit Evidence of Insurability - www.LifeBenefits.com/SubmitEOI
Filing a Claim
All claims must be reported to the SPD Benefits Hotline to initiate the claims process. Once a claim is reported, a Benefit Specialist will request the death certificate and submit the claim to Minnesota Life Insurance Company on behalf of the beneficiary. Even if you are not sure whether or not there was life insurance coverage you should contact the Benefits Hotline to ensure life insurance claims are submitted timely, if applicable.
Leaving State Employment
Contact the SPD Benefits Hotline
phone: 317-232-1167 or 877-248-0007