Life Insurance – Special Enrollment Opportunity for Supplemental Life Insurance
State Personnel is excited to announce that employees who are currently enrolled in supplemental life insurance have a one-time opportunity during Open Enrollment to increase their coverage amount without going through the evidence of insurability process (EOI). Increases in coverage can be made in $10,000 increments up to $40,000, not to exceed $200,000. To be eligible for the increase, you must be enrolled in supplemental life, actively working, and have never been denied life insurance coverage through the Securian EOI process. If you wish to increase your coverage amount you must actively select the new coverage level within your Open Enrollment event in PeopleSoft.
In addition to the above opportunity, you may also make other changes to your life insurance during Open Enrollment without going through the EOI process. For example, if you are currently enrolled in Basic Life and AD&D you may elect or increase your Voluntary AD&D and/or Child Only Dependent Life insurance. Voluntary AD&D can be elected in increments of $10,000 to a maximum of $500,000 while Child Only Dependent life can be elected in in increments of $5,000 up to $20,000. You may also elect to decrease or waive any of your currently elected life insurance plans.
If you wish to elect or increase your Basic Life and AD&D, Supplemental Life (over the one-time allowable increase) or Spouse Dependent Life coverage, the process could not be easier. All you need to do is complete the online Evidence of Insurability (EOI) process at www.lifeBenefits.com/SubmitEOI. On average the application only takes 10 to 30 minutes to complete. Once you submit your application Securian will review your information through underwriting and if approved, State Personnel Benefits will automatically enroll you in the requested coverage.
Last but not least, 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 that you have allocated your life insurance benefits as desired since certain life events such as marriage, divorce, birth, or death may change how you would like your benefits paid out. All beneficiary changes made during Open Enrollment will be effective in January.
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 2019.
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 13, 2019 unless you are employed with a direct bill agency, in which case your changes will be effective January 1, 2019.