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  • Optional Term Life Insurance

    Provides additional life insurance coverage up to four times your annual salary (maximum of $400,000). You pay a monthly premium for this coverage; premiums are based on your age and level of coverage. Optional Term Life Insurance is in addition to the Basic Term Life insurance coverage provided with enrollment in health coverage. This coverage is not available to family members.

    Minnesota Life is the insurer for Optional Term Life Insurance starting January 1, 2012.

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  • Eligibility

    You are eligible to sign up for Optional Term Life Insurance at Election 1, 2, 3 or 4 while you are employed. Family members are not eligible.

    During your first 31 days on the job, you can sign up for Optional Term Life Insurance coverage worth one times your annual salary (Election 1) or two times your annual salary (Election 2) without proof of good health, called evidence of insurability (EOI). After this initial period, Life EOI is required to enroll.

    Coverage worth three (Election 3) or four (Election 4) times your annual salary always requires Life EOI approval.

  • How to Enroll

    Sign into your account and select Post Hire Change to make changes within 31 days of your hire or rehire. During Annual Enrollment, log in to your account and select Benefits Enrollment to make changes. Otherwise, you may sign up within 31 days of a qualifying life event (QLE), if the election of coverage is consistent with the event or during Annual Enrollment. Life EOI approval is required to enroll. 

    If you need assistance, contact your benefits coordinator, accessHR, or ERS.

  • Using Benefits

    • Accelerated Life benefit

      If you are diagnosed with a terminal condition, and have a life expectancy of 12 months or less, you may request payment of your Optional Term Life coverage amount before your death.

    • Extended Life Insurance benefit

      Your coverage may be continued without payment of any premiums if you are younger than 60 and become totally disabled for six continuous months or more.

    • Viatical Settlement Option

      If you are diagnosed with a terminal condition, you may enter into a Viatical Settlement where you are paid a percentage of your Optional Term Life benefit now.

    • Life Policy Claim

      Report a death to ERS. Beneficiary receives benefits paid equal to the amount of coverage.

    • Optional Term Life AD&D Benefit

      Pays an additional AD&D benefit.

    • Conversion Privilege

      You may convert to an individual policy if your employment ends for any reason, or you are no longer eligible for Optional Term Life Insurance.

  • Reduction of benefits starting at age 70

    Beginning at age 70, Optional Term Life coverage is reduced to a percentage of your annual salary.

    Age 70-74

    65%

    Example: Tom has an annual salary of $40,000.
    He has Optional Term Life Insurance coverage at one times
    his annual salary, which gives him a benefit of $40,000. At age 70,
    Tom’s coverage is reduced to 65% of his annual salary,
    which gives him a benefit of $26,000. ($40,000 x 65% = $26,000)

    Age 75-79

    40%

    Age 80-84

    25%

    Age 85-89

    15%

    Age 90+

    10%