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Life Insurances Minnesota Life

Life Insurances Minnesota Life. Questions to Consider. How many people depend on you for support? Do you have a mortgage to pay off? Do you have other debts to pay ( e.g. car payment, bank loan, or credit cards )? How much will you pay for your children’s education?

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Life Insurances Minnesota Life

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  1. Life InsurancesMinnesota Life

  2. Questions to Consider • How many people depend on you for support? • Do you have a mortgage to pay off? • Do you have other debts to pay (e.g. car payment, bank loan, or credit cards)? • How much will you pay for your children’s education? • Are your current assets adequate to cover these expenses?

  3. Employee Group Term Life Coverage Available • 1x, Benefit Salary (capped at $300,000) • 2x,3x,4x,5x,6x,7x, 8x, or 9x Benefit Salary- max $500,000 • Enhanced Accelerated Death Benefit – lump sum up to 100% of life insurance if given 12 months or less to live • Total Disability - Waiver of Premium • Total Disability - OneYear Continuance Premiums - Pre-tax • Based on Selected Coverage, Benefit Salary & Benefit Age • Imputed Income - Coverage over $50,000

  4. Employee Group Term Life • Coverage will be based on Benefit Salary • Amount is rounded up to the next higher $1,000 • Age 65 or older, the value of the coverage is reduced

  5. Spouse Life Option • Coverage Amounts • - $ 6,000 - $60,000 - $200,000 • - $12,000 - $100,000 - $250,000 • - $30,000 - $150,000 • Coverage cannot exceed value of Employee Life Coverage • Subject to Age Discrimination in Employee Act/Age Reduction (ADEA) • Rate Structure Based on Employee’s Age • Must have Employee Life in order to select Spouse Life

  6. Child Life Option Coverage Amounts - $ 3,000 - $15,000 - $ 6,000 - $20,000 • - $10,000 • Coverage cannot exceed value of Employee Life Coverage • Coverage can begin at live birth. There shall be automatic coverage of $3,000 for a newborn child if the child dies within 30 days of birth, but prior to you enrolling in child life coverage.

  7. Medical Underwriting

  8. Medical Underwriting Current Employees • Current employees may change coverage levels due to a Qualifying Event • Increases in coverage levels will require Medical Underwriting • Employees selecting coverage, requiring Medical Underwriting, will receive the “Guaranteed” level of coverage initially • Employees, whose “Requested” level of coverage is approved: • Coverage and Premium will change the first of the month after the date of vendor’s approval • Reduces the need for refund of premiums

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