The Texas A&M
University System
You matter. Plan accordingly.
Retirement Coverage
Group Life Insurance
Minnesota Life Insurance Company, a Securian Company
1
Group term life insurance
Basic Life
Coverage Type
Basic Life & Basic AD&D
If you are enrolled in A&M System health
plan, you are automatically covered for Basic
Life
Coverage Options
• Life – $7,500
• AD&D – 5,000
• Dependent Life –
$5,000 for each eligible child
If you have no health coverage through the
A&M system or outside the A&M system you
can enroll and pay for Basic Life
Alternative Basic Life (ABL) & Basic
AD&D
If you have health coverage outside the A&M
system health plan you can enroll in ABL
• $50,000, or 7 times annual
salary if less
• AD&D - $5,000
•$5,000 for each eligible child
Group term life insurance
Basic Life - RETIREES
What happens to Basic Life when you retire?
• Coverage does not reduce
• Premium is paid in the same way
– If A&M system was paying the premium before, they continue to
pay the premium
– If you paid the premium, you continue to pay the premium
– Rates increase with age
Group term life insurance
Optional Life - RETIREES
Coverage Type
Optional Life
Not available to employees enrolled in ABL
Coverage Options
• ½, 1, 2, 3, 4, 5 or 6 times your
annualized salary (salary divided
by the number of months you
work, multiplied by 12, and
rounded to the next lower
$1,000).
• Max coverage = $1,000,000
• Any changes will require EOI
Group term life insurance
Optional Life - RETIREES
What happens to Optional Life when you retire?
• Under 70 – maximum reduces to $100,000
• At 70 – maximum reduces to $60,000
• At 80 – maximum reduces to $30,000
• You may also apply for coverage, with EOI
– Rates are the same as active employees
– You may port (if under 70) or convert any coverage being lost
due to retirement reductions. Premiums may be higher than
those paid by active employees.
– More information on portability and conversion to come
Group term life insurance
Dependent Life
Coverage Options
Option A – Only Current Optional Life Participants
Enrolled Spouse - $25,000, $50,000, $75,000, $100,000, $150,000 or $200,000
Enrolled Children - $10,000
Option B – Any Current Basic Life Participants
Enrolled Spouses and Children - $5,000 Term Life and $5,000 AD&D
Option C – Only Current ABL Participants
Enrolled Spouse – 50% of employee’s ABL coverage
Enrolled Children – 10% of employee’s ABL coverage
Group term life insurance
Dependent Life
Additional Information
Applies to Options A, B and C
Spouse
• Coverage cannot exceed 100% of employee’s Optional Life
• Any annual enrollment changes will required EOI
• Spouse GI - $50,000 if elected at initial eligibility
Children
• Any annual enrollment changes are guaranteed w/o health questions
• A child may only be covered by one parent
• Eligible child is unmarried or married from live birth to 26
• If employee's first eligible child dies within the first 31 days of birth but prior to
employee enrolling for child coverage, a benefit of $5,000 will be paid.
Group term life insurance
Dependent Life - RETIREES
What happens to Dependent Life when you retire?
• Child coverage remains at $10,000
• If employee age under 70 – spouse coverage maximum
reduces to $50,000
• At employee age 70 – maximum reduces to $30,000
• At employee age 80 – maximum reduces to $15,000
• You may apply for coverage with EOI
– Rates are the same as active
– You may port (if under 70) or convert any coverage being lost
due to retirement reductions. Premiums may be higher than
those paid by active employees.
• More information on portability and conversion to come
Group term life insurance
Optional AD&D
Coverage Type
Coverage Options
Optional Accidental Death Employee Plan
& Dismemberment (AD&D) • Employees whose annual salary is less than
$25,000 may elect up to $250,000, in $10,000
increments
• Employees whose annual salary is $25,000 or
greater may elect 1 – 10x annual salary to
maximum of $800,000, in $10,00 increments
Family Plan
• Spouse (w/children) 50% of employee’s election
• Spouse (no children) 60% of employee’s election
• Each child (w/spouse) 10% of employee’s election
• Each child (no spouse) 15% of employee’s
election
Group term life insurance
Optional AD&D - RETIREES
What happens to Voluntary AD&D when you retire?
• If under age 70, maximum coverage is $200,000 (in $10,000
increments)
• At age 70, maximum coverage is $60,000
• Spouse is still covered for 60% (no children) or 50%
(w/children) of the retiree’s reduced amount
• Eligible children are still covered for 15% (no spouse) or 10%
(with spouse) of the retiree’s reduced amount
• Rates are higher than active employees
• You may elect coverage after retirement
EOI – Medical underwriting
Elections/increases to employee /spouse
coverage will require EOI
To assist in the underwriting process, Minnesota Life may:
– call to gather additional information
– information or records from your doctor
– paramedical exam
Portability / Conversion
• No EOI required
• Port coverage if eligible
– Costs more than active coverage
• Convert life coverage that is not portable (Basic) to an
individual life policy.
• Convert ported life coverage at age 70
– Costs more than active and ported coverage
• Make election within 31 days of active coverage termination
LifeSuite Services
To meet YOUR LIFE NEEDS
Life happens. When it does – turn to your LifeSuite services.
These services are designed to help you in times of need
and are only a click or a call away.
Legal, Financial and Grief
Access one or all to meet your needs:
• Unlimited telephonic guidance
and consultation with
professionals in each area
• Comprehensive web and
mobile resources
• Thirty-minute face-to-face
consultation with an attorney
for each unique legal issue
• Medical professional locator
services
• Assistance replacing lost or
stolen luggage, medication, or
other critical items
• Medical or security evacuation
• Medically necessary
repatriation
• Repatriation of mortal remains
Legacy Planning
Access to a variety of information and resources to
work through end-of-life issues:
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End-of-life planning
Final arrangements
Important directives
Express Assignment™ for
expedited funeral home
assignments
Beneficiary Financial Counseling
Helping beneficiaries make sound financial
decisions at a difficult time:
• Beneficiary reference guide
• Access to a financial
counseling
website for 12 months
• Financial Fitness assessment
• Step-by-step assistance in
completing a personalized
financial plan
Questions?
What questions can I answer?
The legal, financial and grief services are provided by Ceridian HCM, Inc. The services are not affiliated with Minnesota Life, Securian Life or its group contracts and may be discontinued
at any time. Certain terms, conditions and restrictions may apply when utilizing the services.
The travel assistance services are provided by RedpointWTP LLC. The services are not affiliated with Minnesota Life, Securian Life or its group contracts and may be discontinued at any
time. Certain terms, conditions and restrictions may apply when utilizing the services.
Services provided by PricewaterhouseCoopers LLP are their sole responsibility. The services are not affiliated with Minnesota Life, Securian Life or its group contracts and may be
discontinued at any time. Certain terms, conditions and restrictions may apply when utilizing the services.
Neither PwC nor its employees are involved in the sale or endorsement of investment or insurance products.
Insurance products are issued by Minnesota Life Insurance Company or Securian Life Insurance Company, a New York authorized insurer. Both companies are headquartered in Saint
Paul, MN. Product availability and features may vary by state. Each insurer is solely responsible for the financial obligations under the policies or contracts it issues.
The Securian Financial Group, Inc. and its affiliates, Minnesota Life and Securian Life, provide a wide range of financial products and services that meet the needs of individuals, families,
business owners, financial institutions and employers.
This is a summary of plan provisions related to the insurance policy issued by Minnesota Life to Texas A&M.. In the event of a conflict between this summary and the policy and/or
certificate, the policy and/or certificate shall dictate the insurance provisions, exclusions, all limitations and terms of coverage.
This product is offered under policy form series MHC-96-13181.42 and 02-30429.42.
Minnesota Life Insurance Company
A Securian Company
Group Insurance
www.LifeBenefits.com
400 Robert Street North, St. Paul, MN 55101-2098
©2013 Securian Financial Group, Inc. All rights reserved.
5-2014
A02630-0514