Life Insurance
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 four types of coverage: basic, supplemental, voluntary AD&D and dependent life insurance. During this Open Enrollment, take the time to review your finances and consider which option and coverage amount is best for you and your family.
Some life insurance changes 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 voluntary AD&D and child dependent life insurance, as long as you are currently enrolled in basic life insurance with AD&D. Additionally, you may update your beneficiary information and/or allocation amounts. All changes are effective in January 2021.
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 the basic, supplemental and dependent life policies.
Review and update your life insurance beneficiary information
Open Enrollment is a great time to review your current life insurance beneficiary information. It only takes a couple of minutes to verify your beneficiary designations and update their contact information in your Open Enrollment event. By routinely checking this information you are assuring you have allocated your life insurance benefits as desired, since certain life events such as marriage, divorce, birth or death may change how you want your benefits paid out.
In addition to confirming your beneficiary allocation, you should also update their contact information. It is extremely important PeopleSoft has the correct addresses and phone numbers for all of your beneficiaries. This information is used to identify and locate your designated beneficiaries if a claim is processed. Without updated contact information it may take a significantly longer period of time to pay out a claim.
Notify your Beneficiaries
Once you have designated your beneficiaries, it is a good idea for you to notify them of your policy and your decision to list them as a beneficiary. Under Indiana State Personnel’s policy, we will not share coverage amounts or beneficiary information to anyone besides you as the policy holder. Providing policy information to your beneficiaries prior to a claim occurring makes a difficult situation easier to cope with, especially when dealing with the financial aspect of the loss.
Note: All beneficiary changes made within your Open Enrollment event take effect on January 10, 2021 unless you are employed with a direct bill agency, in which case your changes will be effective January 1, 2021.