Life Insurance:
Life insurance is a fundamental part of having a sound financial plan. In the event of your death, life insurance helps your family replace your income. The money can be used to cover daily living needs, as well as debts like your mortgage, credit cards, car loans, etc. While it may feel like another bill right now, it’s important to think of life insurance as an investment in the future and your loved ones who count on you. Yet, most people don’t have enough life insurance. Purdue gets you started with employer-provided term life insurance. As a benefit-eligible employee, you automatically receive term life insurance equal to one-and-a-half times your annual budgeted salary, rounded up to the nearest $1,000. The amount of coverage available varies, depending on your age and the option you select. Benefits are paid to your beneficiary in the event of your death. You should determine if the Purdue coverage is enough to care for your family in the event of your death. If not, then you can add to the Purdue-provided plan with additional life coverage. While research shows that most people should add more life insurance, nearly 60 percent of our employees DO NOT have additional life coverage. Consider this data from Securian:
Annual benefits enrollment is a good time to add voluntary life insurance—especially this year. Securian is offering a one-time opportunity to increase term life coverage for both employee and spouse. Employee Employees who are currently participating in the plan and new entrants to the plan may elect an increase of one times your salary without Evidence of Insurability (EOI), up to a maximum of the lesser of $500,000 or three times your salary. Spouse Spouses currently participating and new entrants may increase coverage by one ($10,000) increment without EOI. Increase cannot exceed the lesser of 100 percent of the employees combined basic and voluntary life amount or $200,000. Need help deciding how much life insurance to get? If you need help reviewing the amount of life insurance that would be recommended for you, visit Securian’s Benefit Scout tool. This tool is new and is designed to guide you through a few questions and provide you with information that can help you determine if you want to adjust the amount of coverage you have for 2021.
Life Insurance Options Basic employee term life
Additional employee term life, not to exceed $2,000,000
Spouse term life
Child term life
FAQ Can I increase my coverage by more than one level? You can request to increase your life insurance at any time. However, outside of this one-time opportunity, you (or your spouse) would need to go through a medical review process, called Evidence of Insurability (EOI) What is Evidence of Insurability (EOI)? EOI is the medical review process used to determine an applicant's insurability under this plan, for coverage that is not guaranteed issue. You must answer questions regarding your health history. Most of the applications Securian receives are completed without asking for further information. However, additional information is sometimes required.
Questions Contact the HR Service Center at 765-494-2222 or hr@purdue.edu. hr@purdue.edu |