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:

  1. 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.
  2. 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