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.