Life Insurance
The State of Indiana offers five types of coverage: basic, supplemental, voluntary AD&D, spouse dependent life, and child dependent life insurance. Take the time to review your finances and consider which option and coverage amount is best for you and your family.
During Open Enrollment, the state is offering a one-time opportunity for employees who are currently enrolled in Supplemental Life insurance to increase their coverage up to four (4) increments of $10,000, not to exceed $200,000, without being approved through evidence of Insurability (EOI). To be eligible, you must be actively working. This is a great opportunity for you to increase coverage without the possibility of being denied coverage. Don’t miss it!
Some life insurance changes require Evidence of Insurability (EOI). EOI is required to enroll or increase your coverage level of basic and spouse dependent life policies. If you wish to enroll or increase your supplemental life insurance more than four (4) increments of $10,000 or over the $200,000 limit you will also need to complete EOI.
The EOI application can be completed online at any time. On average the application takes 10 to 30 minutes to complete. Instructions on how to submit EOI through Securian can be found at www.in.gov/spd/openenrollment/files/EOI-Instructions.pdf. Once submitted, Securian reviews your application and informs both you and SPD Benefits of its decision. If approved, SPD Benefits makes the appropriate changes to your life insurance plans and starts the premium deductions.
Reminder: Supplemental life insurance is offered to most employees in increments of $10,000 up to and including $500,000, regardless of salary level. Employees reaching age 65 or older on or before December 31, 2023, are limited to $200,000 of supplemental life insurance coverage. Employees reaching age 65 during the plan year are automatically reduced to $200,000 of supplemental life insurance coverage and their payroll deductions are adjusted accordingly.
Beneficiary Changes
You may change your beneficiary information at any point during the year. For instructions on how to update your beneficiary information yourself, view the Self-Service Beneficiary Change - Quick-Step Guide. You may also contact the Benefits Hotline at 317-232-1167 or 877-248-0007 for assistance.
If you make a beneficiary change within your Open Enrollment those changes will go into effect on January 1, 2024.