All employees that had dependents on Basic Life Insurance are receiving a letter from Securian Financial letting you know that this year the dependents have been removed from coverage for the Basic Life Insurance only.
This change in policy does not affect the Voluntary Term Life Insurance for dependents. There are no changes with this policy.
If interested Minnesota Life is allowing employees to continue the Basic Life/AD&D for dependents(maybe a spouse or children) but the employee would need to reach out to Minnesota Life for assistance. The rate will depend on age and amount of elected coverage.
The rate may also increase since employees will no longer receive the State of Tennessee group pricing. The deadline is March 4th.
Employees can contact Minnesota Life for questions – 866-881-0631
If employees do not want to keep the coverage then no action is required. The plan will end on it own.