The death benefit is payable to beneficiary/beneficiaries named by the employee. Beneficiary/beneficiaries may be changed at any time. To print the form to change life insurance beneficiaries, employees in KPERS positions click here, and employees in Regents Mandatory Retirement Plan positions, click here.
Taxable Fringe Benefit
Accelerated Death Benefits
If you are diagnosed by a physician as being terminally ill with a life expectancy of 12 months or less, you may request an Accelerated Benefit payment. An Accelerated Benefit is an advance (before death) payment of a part or all of your life insurance benefit. To qualify for an Accelerated Benefit you must 1) be insured for at least $10,000; 2) be terminally ill (life expectancy of 12 months or less) and 3) send proof to Minnesota Life that your life expectancy, because of sickness or accident, is 12 months or less. This must include certification by a physician. Minnesota Life retains the right to have you medically examined at Minnesota Life's expense to verify your medical condition.
See your Certificate of Insurance for more details.
Termination of Coverage
Whole Life - Upon termination of employment or retirement, an employee may convert the life insurance to an individual whole life policy. This conversion must be made within 31 days of termination or retirement, whichever occurs first. This individual policy is sold by Minnesota Life and is not available at group rates. While the cost of this insurance is competitive with other carriers, the primary advantage is that issuance of the policy does not require proof of good health of the former employee. The employee should contact HRS to receive information on converting group life insurance.
Term Life – Upon termination of employment or retirement, if the employee is under age 70, an employee may continue the life insurance to a portable term life policy. The employee is not eligible to continue the term life insurance coverage if not actively at work due to sickness or injury on the day before the termination date. This policy is sold by Minnesota Life. While the cost of this insurance is competitive with other carriers, the primary advantage is that issuance of the policy does not require proof of good health of the former employee. The employee should contact HRS to receive information on portable term life insurance.