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Full-time
employees, working 30 or more hours per
week, receive a $20,000 term life
insurance policy (paid by the District),
which becomes effective the first of the
month after a 45-day waiting period.
The life insurance is offered through
Minnesota Mutual.
Additional
amounts of life insurance are
available. However, approval for the
coverages are subject to medical
underwriting. The premiums for the
additional coverages are paid by the
employee through payroll deduction.
The amounts offered are:
|
Face Amount |
24 - Pay Periods |
20- Pay Periods |
|
$ 40,000 |
$ 2.74 |
$ 3.29 |
|
$ 60,000 |
$ 5.48 |
$ 6.58 |
|
$ 80,000 |
$ 8.22 |
$ 9.86 |
|
$100,000 |
$10.96 |
$13.15 |
|
$150,000 |
$17.81 |
$21.37 |
|
$200,000 |
$24.66 |
$29.59 |
These amounts include
the $20,000 basic life insurance, which
is paid by the District. The cost listed is just for the amount
over the basic $20,000.
You may also purchase
coverage on your spouse, which is
subject to underwriting
(your spouse could be refused
coverage). The premiums for spouse
insurance is paid by the employee through payroll
deduction. The amounts offered are:
|
Face Amount |
24 - Pay Periods |
20 - Pay Periods |
|
$20,000 |
$ 2.82 |
$ 3.38 |
|
$40,000 |
$ 5.64 |
$ 6.77 |
You
may also purchase coverage on your child(ren). The amounts
offered are:
|
Face Amount |
24- Pay Periods |
20-Pay Periods |
|
$ 5,000 |
$ 0.73 |
$ 0.88 |
|
$10,000 |
$ 1.46 |
$ 1.75 |
This a flat amount –
covers all eligible children –doesn’t matter if you have one child or
five children, the
deduction remains the same.
All
of the premiums listed above are paid by
the employee, if coverage is elected. The premiums are per paycheck, -twice a
month - 15th and the last day.
*=
20 Pay is for Bus Operators /
Attendants;
**= 24 Pay
is for All Others
How do I change my
beneficiary on my life insurance?
If you would like to change the
beneficiary on your life insurance
policy through Minnesota, you may do so
by completing the beneficiary change
form.
Click here
for form.
If
you have any questions regarding the
life insurance, you may contact
Insurance & Benefits at (239) 337-8321.
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