Basic Term Life insurance coverage is included when you sign up for health coverage in the GBP. Employees receive a $5,000 policy. This coverage is not available to family members. The cost for Basic Term Life insurance is $2.22. The state contribution covers the total cost of the premium for a full-time employee.
Minnesota Life is the underwriter for Basic Term Life insurance.
You do not have to sign up for Basic Term Life insurance. Enrollment is automatic when you sign up for GBP health coverage. The policy will be effective when your health coverage begins.
http://www.LifeBenefits.com/plandesign/ers (877) 494-1716
View and change who you have designated to receive benefits if you die.
Report a death to ERS. Benefits are paid to your designated beneficiary.
If you are diagnosed with a terminal condition, and have a life expectancy of 12 months or less, you may request payment of your coverage before your death.
Pays an additional AD&D benefit to your beneficiary.
Coverage may continue without payment of premiums if you are under age 60 and disabled for more than 6 months.
If you are diagnosed with a terminal condition, you may enter into a Viatical Settlement where you are paid a percentage of your Basic Term Life insurance benefit now.
You may convert your Optional Term Life insurance to an individual policy if:
The individual life insurance policy does not include the:
Note: Life Evidence of Insurability is not required if you apply for the individual life insurance policy and pay the first premium within 31 days after your group policy ends.