Life and Accidental Death and Dismemberment (AD&D) Insurance
Life and Accidental Death and Dismemberment (AD&D) insurance benefits protect yourself and your family from the unexpected loss of life and income during working years and are administered by Minnesota Life Insurance Company.
Life Insurance: provides a financial benefit to your beneficiary upon your death.
Accidental Death & Dismemberment (AD&D): provides additional financial protection if your death or dismemberment is due to a covered accident, whether it occurs at work or elsewhere.
Provided to you by the City:
- Life Insurance: valued at 1x your annual salary, rounded up to the next $1,000 increment, not to exceed $100,000. As required by the IRS imputed income rule, if your annual salary is greater than $50,000, you will be taxed for any amount greater than $50,000.
- Accidental Death and Dismemberment (AD&D) insurance: valued at 1x your annual salary, rounded up to the next $1,000 increment, not to exceed $100,00
Both benefits reduce by 65% at age 65 and by 50% at age 70
Voluntary Life Insurance: as a voluntary benefit, you and your dependents may enroll with voluntary life insurance
- Employee: elect in $10,000 increments up to the lesser of 5x your annual salary or $500,000 maximum. New employee guarantee issue amount is $250,000.
- Spouse: elect in $5,000 increments up to the lesser of 5x employee’s annual salary or $500,000 maximum (may not exceed 100% of employee’s voluntary life insurance enrollment) New employee guarantee issue amount for spouse is $50,000.
- Child(ren): $15,000 benefit for each enrolled child (may not exceed 100% of employee’s voluntary life insurance enrollment)
- Evidence of Insurability: if you and/or your spouse are required to complete, HR will email this to you.
- Voluntary Life Insurance rates
Voluntary AD&D Insurance: as a voluntary benefit, you and your dependents may enroll with voluntary AD&D
- Employee: elect in $10,000 increments up to the lesser of 5x your annual salary or $500,000 maximum. Election is guarantee issue. If you enroll with voluntary employee AD&D, you may not enroll with voluntary family AD&D.
- Family: elect in $10,000 increments up to the lesser of 5x your annual salary or $500,000 maximum. Election is guarantee issue. If you enroll with voluntary family AD&D, you may not enroll with voluntary employee AD&D.
- Spouse (with children): 40% of policy
- Spouse (no children): 50% of policy
- Each child (with spouse): 10% of policy
- Each child (no spouse): 15% of policy
- Maximum benefit for spouse is $250,000
- Maximum benefit for each child is $75,000
- Voluntary AD&D Insurance rates
Age reductions do not apply to either voluntary life insurance or voluntary AD&D insurance