Securian Financial
(formerly Minnesota Life)
Eligible employees may sign up for the Optional Group Life Insurance plan through Securian Financial. The optional group life Insurance plan is one of two optional life insurance plans that eligible employees may participate in. The other plan is a whole life insurance plan administered by New York Life.
Eligibility Requirements
Employees do not need to provide evidence of insurability if they apply for optional life insurance within 45 days of their hire date, unless the requested coverage exceeds $400,000. Evidence of insurability is required after the 45-day period for any coverage over $400,000, for coverage exceeding four times their annual salary, or to increase existing coverage.
Enrollment
- Securian Enrollment Application (PDF)
- Securian Evidence of Insurability (PDF)
- Securian Change Form (PDF)
*Note: Links above will take user to the Securian site.
Available Coverage and Rates
Monthly Cost of Coverage
Employee/retiree/spouse optional life and AD&D insurance (rates/$1,000/month)
| Age | Rate |
| 34 and under | $0.05 |
| 35-39 | $0.06 |
| 40-44 | $0.08 |
| 45-49 | $0.12 |
| 50-54 | $0.20 |
| 55-59 | $0.31 |
| 60-64 | $0.54 |
| 65-69 | $1.02 |
| 70 and over | $2.06 |
Optional Child Life and AD&D Insurance (rate/unit/month)
One premium provides coverage for all eligible children
| Option | Coverage Amount | Rate |
| 1 and 2 | $10,000 | $0.80 |
| 3 | $20,000 | $1.60 |
| 4-8 | $30,000 | $2.40 |
**Note: Employee, retiree, and spouse rates increase with age and all rates are subject to change.
Resources
- Securian forms and documents
- Securian Certificate of Insurance (PDF) (This link will take user to the Securian site.)
- VRS life insurance benefits