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The Texas A&M University System . Group Life insurance. About Minnesota Life. Life insurance partner since September 1, 2009 Group life insurance since 1917 Nation-wide group life insurance Highly rated Fifth largest group life insurer in the US. Group term life insurance Basic Life.
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The Texas A&M University System Group Life insurance
About Minnesota Life • Life insurance partner since September 1, 2009 • Group life insurance since 1917 • Nation-wide group life insurance • Highly rated • Fifth largest group life insurer in the US
What happens to your coverage when you retire? Basic Life/Alternative Basic Life - coverage stays the same, premium is paid in the same way, coverage does not reduce Optional Life and Dependent Life - • Maximum coverage reduces to a maximum at retirement, at employee’s age 70, and at employee’s age 80 • Child coverage remains at $10,000 • Rates are on the same table as actives pay • Retirees may apply for coverage with EOI • You may port (if under 70) or convert any coverage being lost due to retirement reductions. More info on port/conv to come Optional AD&D – • Maximum coverage reduces at retirement, and at age 70 • Retirees may apply for coverage • Rates are higher than active employee rates
EOI – underwriting Elections/increases to employee /spouse coverage will require underwriting • Possible: call to gather additional information • Possible: information or records from your doctor • Possible: paramedical exam Underwritten coverage effective 9-1-2013 or upon approval
Portability / Conversion • No medical review / approval required • Port coverage if qualified • Costs more than active coverage • Convert coverage that is not portable (Basic) • Convert ported coverage at age 70 • Costs more than active and ported coverage • Make election within 31 days
Lifesuite services • Basic services at no additional charge • Offered in conjunction with your basic insurance • Available to your insurance-eligible dependents • Dependents do not have to be insured • Responsibility of the service carrier • Not affiliated with Minnesota Life • May be discontinued at any time
Beneficiary Financial Counseling • Offered through PricewaterhouseCoopers LLP • Invitation included in claim check • Complimentary financial counseling • No sales to your beneficiary
Travel Assistance • Offered through Global Rescue • 24-hour emergency travel service • Travel for business or pleasure • Dependents traveling without employee • 100 miles or more away from home • Locate physician, dentist, western-medicine facilities, etc. • Secure language interpreter, the return of mortal remains, etc.
Legal Services • Offered through Ceridian • Online library of legal resources • Develop simple wills, trusts, power-of-attorney • National network of 22,000 attorneys • 30-minute consultation • 25% discount for charged services
Legacy Planning Services • Visit www.legacyplanningservices.com to find the information and resources you need: • Legacy planning • Final arrangements • Easy access to resources
Questions? What questions can I answer?