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Life Insurance and Long-term Disability

Basic Life Insurance / Accidental Death & Dismemberment

  • If you are not currently enrolled or want to increase your optional life insurance election, evidence of insurability forms must be completed and sent to Minnesota Life (life insurance) or UNUM (LTD). You can elect the level of life insurance and elect LTD in Workday, but it will not be approved until HRSTM receives approval from Minnesota Life or UNUM. Additional information can be found on the Open Enrollment website.
  • The basic life insurance and long-term disability rates for 2018 will remain the same.
Life Insurance Summary

Minnesota Life EOI Form


Life Insurance/Accidental Death & Dismemberment Rates per $1,000 of coverage

Life Ins/AD&D 12 Month Employees 10 Month Employees
  $ 0.0241 $ 0.0314

Optional Life Insurance Plan

  • If you are not currently enrolled or want to increase your optional life insurance election, evidence of insurability forms must be completed and sent to Minnesota Life (life insurance) or UNUM (LTD). You can elect the level of life insurance and elect LTD in Workday, but it will not be approved until HRSTM receives approval from Minnesota Life or UNUM. Additional information can be found on the Open Enrollment website.Optional Life Insurance Summary

Optional Life Insurance Rate Chart

Cost per Pay Period per $1000 of Coverage

 Age

12 Month Employees

10 Month Employees

Under 30

0.0125

0.0162

30-34

0.0125

0.0162

35-39

0.0148

0.0192

40-44

0.0212

0.0276

45-49

0.0328

0.0426

50-54

0.0563

0.0732

55-59

0.0980

0.1248

60-64

0.1555

0.2022

65-69

0.2442

0.3174

70-74

0.3771

0.4902

75+

0.5326

.6924

Child life flat rate per pay:

0.2200

0.2880

 

To calculate your pay period cost for optional life, take your annual salary and round up to the next $500, then multiply that amount by the appropriate pay period rate and divide by 1,000.

Optional Life Insurance Example:
Employee, age 36, earning $35,253 (on a 26 pay period schedule)
         ($35,500 * .0148)/1,000 = $0.52 per pay period = 1 * salary Benefit
         ($71,000 * .0148)/1,000 = $1.05 per pay period = 2 * salary Benefit
         ($106,000 * .0148)/1,000 = $1.56 per pay period = 3 * salary Benefit


Dependent/Spousal Life Insurance Plan

  • If are not currently enrolled, evidence of insurability forms must be completed and sent to Minnesota Life. You can elect elect spousal or dependent life insurance in the Workday system, but it will not be approved until HRSTM receives approval from Minnesota Life or UNUM. Additional information can be found on the Open Enrollment website.
  • You must be enrolled in Basic Life Insurance/AD&D and at least 1x Optional Life in order to be eligible for the Spousal or Dependent Life Insurance benefits.

Dependent/ Spousal Life Insurance Summary 


Spousal Life Insurance Rate Chart

Cost per Pay Period per $1000 of Coverage

 Age

12 Month Employees

10 Month Employees

Under 30

0.0125

0.0162

30-34

0.0125

0.0162

35-39

0.0148

0.0192

40-44

0.0212

0.0276

45-49

0.0328

0.0426

50-54

0.0563

0.0732

55-59

0.0980

0.1248

60-64

0.1555

0.2022

65-69

0.2442

0.3174

70-74

0.3771

0.4902

75+

0.5326

.6924

 

The cost of the insurance on the spouse is calculated based on the age of the employee, times the volume of life benefit. The rates for dependent insurance are now the same as the optional life insurance (please reference the chart above). The child rate is $.0222 (staff), $.0288 (faculty), no matter how many children are insured. 

Dependent/Spousal Life Insurance Example:
Employee, age 36, $35,000 Life Insurance Benefits, ($25,000/spouse, $5,000/dependent 1, $5,000/dependent 2= $35,000)
         ($25,000 * .0148)/1,000 = $0.37 per pay period
         ($10,000 * .0222)/1,000 = $0.22
                                              Total $0.59 per pay period


Long-Term Disability

  12 month Employees 10 Month Employees
 Employee $2.40 $3.13

UNUM EOI Form



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