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Optional Term Life

Q. 
Can I have Optional Term Life Insurance for my spouse and child(ren)?
A. 
You may elect OTL coverage for your Spouse (dependent verification is required) and for your child (ren) from live birth up to age 26 or disabled (verify plan requirements).
Q. 
If both my spouse and I work at Shaw, can we both have coverage under the Optional Term Life benefit?
A. 
No, if you and your spouse work for Shaw, you cannot have double coverage under the Optional Term Life Insurance.
  • If your spouse is also a Shaw associate, you and your spouse cannot have double coverage on yourselves or child (ren) under the Optional Term Life, it can only be listed under yourself or your spouse.
  • If you or your spouse leave the company and have Optional Term Life on yourself, as a spouse you can only move over up to $50,000 to the spouse who is still employed with Shaw. Any amount elected over that will be subject to approval through the Insurance Carrier with Medical Evidence of Insurability being required.
If, as a new hire, you decline Optional Term Life Insurance coverage on yourself and/or eligible dependents, the next opportunity to enroll would be during the next open enrollment period. You and/or your dependents would not be eligible for any guaranteed issue amounts; any amount elected would be subject to approval through the Insurance Carrier and Medical Evidence of Insurability would also be required.
Q. 
How do I pay for Optional Term Life Insurance?
A. 
Rates are based on the amount of coverage chosen and age bracket. Click here for the Minnesota Life OTL Rate Sheet. Premiums are paid through payroll deduction (after tax) per pay period. Rates are subject to increase based on age bracket as age increases.

If you are placed on an unpaid Leave of Absence, you will be billed for your Optional Term Life Insurance through the Direct Billing process. Premiums remain the same as an active associate. If the Benefits Billing payment is not received by the final due date, coverage will be cancelled retroactively to the last paid through date, due to lack of payment. You will not be eligible to re-enroll until you return to active employment and any amount elected whether on yourself and/or dependents will be subject to approval through the Insurance Carrier with medical evidence of insurability being required.

Optional Term Life Insurance is an insured plan and all premiums must be paid before a claim can be submitted. If death occurs prior to your return to work, all premiums must be paid prior to the final due date in order for a claim to be filed. If coverage has already been cancelled due to non-payment of premiums, a claim cannot be filed due to ineligibility.

Note: Optional Term Life Insurance can be cancelled at any time.
Q. 
How is a claim filed on myself or a covered dependent?
A. 
If you or your covered dependent (spouse/child) passes away, you or your beneficiary would need to contact your Human Resources office as they would file the claim through the Insurance Carrier.
Q. 
How do I add or change beneficiaries in ShawAndMe?
A. 
In ShawandMe:
Click My Personal Information, and then under Benefits, click Insurance Summary.  Next, click on the benefit (Group Life, AD&D, or OTL) you want to add or change the beneficiaries and then click the Edit button.  If you are adding a new beneficiary, click the Add a New Beneficiary button.
 
Once beneficiary information is added, click Save and OK then, click on Return to Change Current Beneficiaries and Allocations.
 
Remember the Updated Total must equal 100% (whole numbers can only be entered).
If there is only one beneficiary – put "100" under "New Primary Allocation" by the beneficiary’s name. If there is more than one beneficiary, put the amount being allocated to each person.  Lastly, click Update Totals and click Save, then OK.

Click on Return to Life Insurance Main and then click on Return to Insurance Summary.  Finally, click on Insurance Beneficiary Summary.  Beneficiary changes will show on this page, if correct.

*Note – Associate is automatically the primary beneficiary for dependents – Primary Beneficiary cannot be changed.
Q. 
What is not covered under the Optional Term Life benefit?
A. 
The Life Insurance Plan will not pay benefits if loss of life is the result of suicide that occurs within the first two years of coverage.
Q. 
Who will be the beneficiary for my Optional Term Life Insurance?
A. 
Please make sure that you have a primary beneficiary listed for your Optional Term Life. You can add a primary beneficiary or make changes to your primary beneficiary information by going through ShawAndMe.

** Please note: Benefits cannot be made payable directly to minor children (legal age based on individual state law). If a minor child is listed as a beneficiary, the benefit may be paid directly to the child’s legal guardian. To make sure your minor child receives entitled benefits, you should seek legal counsel for setting up a trust for the child and have the information included in your will.

Secondary beneficiary – For a copy of the Secondary Beneficiary form, click here.

Default beneficiary – If you do not name a beneficiary, benefits are paid in the following order; spouse (if living), child (ren) (if living), parents (if living), estate.
Q. 
What happens to my Optional Term Life insurance if I leave the company?
A. 
If you leave the company, you have the option to continue a portion or all of your Optional Term Life Insurance (if applicable) coverage.  For details regarding this benefit, you must contact Minnesota Life at (1-866-293-6047) within thirty-one (31) days from your date of termination. The Group Policy number is 33498.
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