Lee Health System, Inc.'s group insurance program is offered through Securian Financial. Insurance coverage is underwritten by Minnesota Life Insurance Company, a Securian Financial affiliate.

Everyone needs life insurance.

Contrary to popular belief, life insurance isn't just for parents. You need life insurance if anyone is financially dependent on you.

 

You've recently graduated from college.

You may have significant student loan obligations. If something were to happen to you, your loved ones would most likely be forced to shoulder that debt.

 

You're the parent of young children.

You want to make sure they'll be able to keep the same lifestyle and attend college—even if you're not there to see it happen.

 

Your grown children are on their own.

Your adult children may rely on you for support and help around the house. If you weren't there for them, your children would need extra money to pay someone to take care of things you've been managing for them.

 

Your spouse may be depending on your income for retirement.

But you're not sure your retirement savings is enough to keep up with a rising cost of living if your paycheck stopped. Life insurance can be a smart way to fill the gap.

 

Like many families, you rely on two incomes to make ends meet.

You'll need life insurance on both you and your spouse. Even if your spouse stays at home, you should consider life insurance on your spouse to cover the cost of hiring someone to take care of the things your spouse generally handles.

 

You want to be sure your children can protect their futures, too.

Most children's life insurance coverage contains an innovative feature that allows them to convert their term life protection to a permanent life insurance plan at a higher premium when they become adults. This ensures that your children can protect their own families—no matter what health problems they may develop.

You can enroll if:

• You are actively at work on the date your Enrollment Form is signed and coverage begins.
• You are scheduled to work at least 20 hours per week.
• You meet the eligibility requirements on the Enrollment Form.
• Are a U.S. citizen or U.S. permanent resident on U.S. payroll.

 

You can also enroll these family members:

• Your spouse/domestic partner.
• Your eligible dependent children or those of your spouse/domestic partner.

 

You or your spouse/domestic partner must participate in the program to elect child coverage.

Your cost is based on several factors, including your age, any special features you select, and the amount of coverage you want. 

Good news! If you leave or retire from your current employer, you can continue your coverage without interruption (subject to applicable law and the plan’s terms and conditions). Although payroll deduction will no longer be available, you can opt for other payment methods such as direct bank account deduction, credit card billing or home billing. Higher rates may apply. 

Automatic coverage increase.

• Each year on January 1, your employee coverage may go up based on an increase in your annual pay as of the prior September 1.
• Coverage increases automatically just once per program year. You must be actively at work on the effective date of your increase to qualify.

 

Accelerated benefit rider.

• An advance payment of your life insurance benefits is available if you are diagnosed with a terminal illness with a life expectancy of 12 months or less (may vary by state).
• You can request payment up to 80% of your coverage amount, up to a maximum of $500,000.
• Advance payment permanently reduces the death benefit.
• This benefit is available to you and your covered spouse/domestic partner.

 

Children's portability privilege.

• Children who reach the limiting age can convert their coverage to an individual policy with MetLife. 
• This option is not available for a disabled child. Children's coverage may be continued for a disabled child as a rider to an existing adult Supplemental Life Insurance Plan certificate. The dependent rider may remain in effect as long as the employee or spouse/domestic partner maintains coverage.
• Please contact Mercer Voluntary Benefits for additional information and to request continued coverage for a disabled child.

Yes. The money that grows in your plan’s cash fund is “tax-deferred,” which means it’s not subject to tax while it’s growing, only at the time you take any money out.³ Additionally, your family doesn’t pay federal income tax on any life insurance benefit check they receive.

 

Always check with your financial advisor about anything related to tax status.

Yes. The benefit your beneficiary receives is paid in addition to any other coverage you may have.

If evidence of good health is required, coverage is effective on the first of the month after coverage is approved by Securian Financial.

 

If evidence of good health is not required, coverage is effective the first day of the month in which your first payroll deduction begins.