Group Term Life Insurance
A cornerstone of your financial security

Everyone has different needs when it comes to insurance protection. As your personal and financial obligations grow, so does the need for life insurance protection. When you marry, buy a home or have children, you need an affordable, flexible way to protect the lifestyle you've built.

This information is meant as a general guide to life insurance only – it doesn't refer to a particular plan offered by Minnesota Life.

What does term life insurance provide?
Term life insurance provides protection for a specific period of time. It pays a benefit only if you die during the term. There is no cash value buildup in a term life insurance policy. Group Term Life insurance provides a base level of protection that can be enhanced by personal savings, individual life insurance and Social Security benefits. Basic coverage provided as an employee benefit often costs you nothing. As with all life insurance, the death benefit is paid income tax free to your beneficiary.

This benefit could provide your survivors with an emergency fund, allowing them to use individual life insurance and other funds for longer-term needs.

Supplemental term life insurance
As its name implies, this option lets you supplement your basic life protection with insurance you pay for.

Portable term life insurance
Portable term life insurance provides supplemental coverage to employees and dependents who lose eligibility under the group policy. Employees can take this protection with them if they leave the group or retire and continue coverage until page 70.

Payments can be conveniently continued through electronic funds transfer (EFT) or online payment.

Family status changes often allow you to increase coverage
When you experience a family status change, many group plans allow you to increase in your coverage, or your spouse or child coverage. Often, there will be a certain amount you may increase answering questions about your health. Family status changes may include:

• marriage
• divorce
• birth or adoption
• death of dependent or spouse
• a change in employment status of an employee or an employee's spouse, such as the termination or commencement of employment
• going from part- to full-time employment
• retirement
• a significant change in employee benefits
• the entitlement to benefits under Medicare of an employee or an employee's spouse
• buying a home

Sometimes increases in coverage will require evidence of insurability. You may have to answer questions about your health, undergo a paramedical exam or see your doctor, depending on how much insurance you wish to apply for.

» Term Life insurance flyer (pdf, 45k)

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