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Life insurance

PEBA Insurance Benefits’ life insurance program, term life insurance with accidental death and dismemberment coverage, is underwritten by Minnesota Life, a Securian Financial Group Affiliate. The contract for the life insurance program consists of: the policy, which is issued to PEBA; PEBA’s application and your application, if required. The policy is held by PEBA. The Life insurance chapter of the Insurance Benefits Guide is the summary of your coverage.

 

Basic life insurance

The Basic Life Insurance program with Accidental Death and Dismemberment (AD&D) coverage provides $3,000 in term life insurance to all eligible employees younger than age 70 and $1,500 to eligible employees age 70 or older. The AD&D coverage matches the amount of Basic Life Insurance. This benefit is provided at no charge to eligible employees enrolled in the State Health Plan or the TRICARE Supplement Plan. For more details, review the Life insurance chapter in the Insurance Benefits Guide.

 

Optional life insurance

Participation in the Optional Life Insurance Program with Accidental Death and Dismemberment Coverage is on a voluntary, employee-pays-all basis. All premiums are paid by the participants with no contribution by PEBA or the state of South Carolina.

 

Details about optional life insurance and accidental death and dismemberment benefits, including a schedule of accidental losses and benefits, is located in the Life insurance chapter of the Insurance Benefits Guide.

 

Optional Life premiums are determined by your age on the preceding Dec. 31 and the amount of insurance you select. Active employees can pay premiums for coverage up to $50,000 before taxes through MoneyPlus (see the MoneyPlus chapter of the Insurance Benefits Guide). Retired employees are not eligible for the Pretax Group Insurance Premium Feature.

 

Dependent life insurance

Dependent Life-Spouse coverage and Dependent Life-Child coverage are separate programs for which you, the subscriber, pay separate premiums.

 

Dependent Life-Spouse coverage

If you are enrolled in Optional Life for more than $30,000, you may cover your spouse in increments of $10,000 for up to 50 percent of your Optional Life coverage or $100,000, whichever is less. However, an employee who is not enrolled or is enrolled for $10,000, $20,000 or $30,000 of Optional Life coverage can only enroll his spouse for $10,000 or $20,000. Evidence of insurability is required for all amounts of more than $20,000 and for coverage not elected when the dependent first becomes eligible under the plan or due to a special eligibility situation.

 

Premiums for Dependent Life-Spouse coverage are the same as the Optional Life premiums, which are based on the employee’s age. Your spouse’s coverage will be reduced at ages 70, 75 and 80 based on the employee’s age. See the rate charts in the Premiums chapter of the Insurance Benefits Guide.

 

Premiums are paid entirely by you, with no contribution from the state, and are payable through payroll deduction. Spouses enrolled in Dependent Life are covered for Accidental Death and Dismemberment benefits. They are eligible for the Seat Belt benefit, Air Bag benefit, Child Care benefit and Child Education benefit.

 

Much more information about these benefits is in the Life insurance chapter of the Insurance Benefits Guide.

 

Dependent Life-Child coverage

You can cover your eligible dependent children. For details, review the Dependent Life-Child coverage information in the Life insurance chapter of the Insurance Benefits Guide. The benefit is $15,000. The monthly premium for Dependent Life-Child coverage is $1.10 regardless of the number of children covered. Premiums are paid entirely by you, with no contribution from the state, and are payable through payroll deduction.

 

Additional resources

  • Insurance Benefits Guide

 

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