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State-sponsored group term life insurance is available to you through
Minnesota Life Insurance Company and is an option chosen by the majority of
MSU employees. If you chose to purchase this coverage, you
are insured for twice your annual wage, with a minimum coverage of $30,000
and a maximum of $100,000.
Evidence of insurability is not
required if coverage is elected upon initial employment.
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The cost of the
coverage is 24 cents per month for $1,000 of
coverage, and the cost is shared equally between the employee and the
university. Rates are subject to change. |
Please note that state
sponsored group term life insurance over $50,000 is subject to imputed tax
under the Internal Revenue Service Code Section 79.
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Application for coverage must be made within 31 days of employment. If you do not enroll in the plan during your initial
eligibility period, which is within 31 days of your date of hire,
you will be required to provide medical evidence of insurability if
you want to enroll at a later date.
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 If
you are interested in participating in State-Sponsored Group Term
Life Insurance, open and print the application form.
The completed
forms should be sent to Human Resources Management, mail stop 9603,
150 McArthur Hall, within 31 days of your date of hire.
Pre-tax? Yes. The premiums for
this coverage may be tax-sheltered under the MSU Pre-tax Benefit
Plan. |
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