As we head into Summer Enrollment 2020, it’s a good time to review your life insurance needs.
Term life insurance benefits allow you to bulk up your family’s financial security during your working years, when an unexpected death would likely have the biggest financial impact.
Ask yourself: Does your family rely mainly on your paycheck to cover day-to-day expenses? If so, are your savings and any other life insurance enough to manage end-of-life expenses and beyond? Your answer will help you decide if more coverage is right for you.
You can ask the same questions about insuring your spouse. And when it comes to children, any money you receive from this insurance upon their death can help with unexpected medical bills, funeral expenses and the need to take time off from work to grieve.
What you automatically have
As a State of Texas agency or higher education institution employee enrolled in health insurance through the Texas Employees Group Benefits Program (GBP), you are automatically insured for $5,000 Basic Term Life and $5,000 Accidental Death and Dismemberment (AD&D) coverage administered by Securian.
What you may want
During Summer Enrollment, you may apply for Optional Term Life and/or Dependent Term Life by providing evidence of insurability (EOI).
EOI is a simple process of confirming for the insurance company that you are in good health. After applying for coverage online, you will be sent a form to complete.
Your life insurance elections come with a matching amount of AD&D coverage. And if you are under age 70, you may elect even more AD&D protection for yourself and your dependents. EOI is not required for Voluntary AD&D elections.
For further information about the life insurance program as well as tools like a video and calculator, visit LifeBenefits.com/plandesign/ers.
This is a summary of plan provisions related to the insurance policy issued by Minnesota Life Insurance Company (an affiliate of Securian) to ERS. In the event of a conflict between this summary and the policy and/or certificate, the policy and/or certificate shall dictate the insurance provisions, exclusions, all limitations, and terms of coverage. All elections or increases are subject to the actively at work requirement of the policy
Source: ERS Employee News (June 2020)