New Form for Optional Group Life Insurance
Beginning January 1, 2004, employees who have optional insurance
coverage and become disabled can continue their coverage at
the group premium rates. Employees will pay their premiums directly
to Minnesota Life Insurance Company.
Employees who left active employment before January 1, 2004,
due to disability will continue to have their premiums waived.
The waiver of premium on basic life insurance will continue.
What Employees Need to Do
Employees who want to continue their coverage while on disability
need to complete the new "Optional Group Life Insurance
Continuation While on Disability" form (KPERS-79C). See
enclosed sample. The form must be submitted to the Retirement
System within 30 days of the last day an employee is on the
payroll. Once employees have submitted the form, Minnesota Life
will communicate directly with the employee.
Other Important Life Insurance Changes Effective January
1, 2004
-
Start or Increase
Coverage Anytime. Members can enroll at any time
or increase their coverage, up to the plan maximum of $250,000,
with proof of good health.
-
Family Status Change.
A member can enroll for or increase their coverage by up to
$25,000 (subject to the plan maximum of $250,000) without
proof of good health, within 30 days of marriage, change in
marital status, or the birth or adoption of a child.
-
Guaranteed Issue
for New Hires. Newly hired employees can receive
up to $50,000 of optional life insurance coverage without
providing proof of good health.
KPERS Questions?
Minnesota
Life Questions?
Enclosure
(KPERS-79C
form)
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