Life Insurance Perks For State Employees: What's Covered?

Life insurance is a valuable benefit that many employers offer to their employees. In the case of state employees, life insurance benefits can vary depending on the state and the specific position held. Some states, like Colorado, offer basic life insurance and accidental death and dismemberment (AD&D) insurance to their employees at no cost, while others provide access to group term life insurance plans through organizations like WAEPA (Worldwide Assurance for Employees of Public Agencies, Inc.). These plans often come with additional benefits, such as guaranteed issue life insurance and short-term disability insurance. Federal employees are also eligible for Federal Employees Group Life Insurance (FEGLI), which is available to most employees and provides basic life insurance coverage with optional enhancements. While employer-provided life insurance can be a convenient and cost-effective option, it may not always be sufficient to meet an individual's financial needs, especially if they have dependents. As a result, many people choose to supplement their employer-provided coverage with additional policies.

State employees can get free life insurance through the Federal Employees Group Life Insurance (FEGLI) program

Most federal employees are eligible for FEGLI coverage, which provides group term life insurance. This type of insurance does not accumulate cash value or paid-up value. The program consists of Basic life insurance coverage, which is automatic for new federal employees unless waived, and three forms of Optional insurance that employees can choose to add. The Basic insurance cost is shared between the employee (2/3) and the government (1/3), while employees pay the full cost of Optional insurance.

The Basic Life Insurance coverage amount is equal to the employee's annual basic pay rate (rounded to the next $1,000) plus $2,000 or $10,000, whichever is greater. Employees under 45 years old also receive an Extra Benefit: double life insurance benefits until age 36, decreasing by 10% annually until age 45.

Optional insurance coverage includes:

• Option A - Standard: $10,000 coverage, which doubles in the case of accidental death
• Option B - Additional: One to five multiples of pay
• Option C - Family: Covers eligible family members with each multiple equal to $5,000 upon the death of a spouse and $2,500 upon the death of an eligible child

FEGLI also includes Accidental Death and Dismemberment (AD&D) benefits for employees. If an employee loses a limb or eyesight, they may be eligible for AD&D benefits under Basic Insurance and Option A.

Employees of the Department of State can get Group Term Life Insurance plans from WAEPA

Firstly, WAEPA provides lower costs and premiums for members across various age groups compared to the Federal Employees' Group Life Insurance (FEGLI) Program. On average, members who switch from FEGLI to WAEPA save over $300 a year. This means that Department of State employees can benefit from cost-effective life insurance coverage by choosing WAEPA.

Secondly, WAEPA's Group Term Life Insurance provides up to $1.5 million in coverage for eligible members, which is not limited to their employment with the federal government. Even if a member changes jobs or retires, their coverage will not be lost, ensuring continuous protection. Additionally, an eligible member's coverage also extends to their spouse and children, providing comprehensive family protection.

Thirdly, WAEPA offers exclusive benefits and options to enhance insurance coverage. Members can add a Chronic Illness Rider or an Automatic Benefit Increase Rider to their policy. WAEPA also provides exclusive rates and coverage options, scholarships, premium refunds, and free financial planning tools to help members make informed decisions about their insurance choices.

Lastly, WAEPA has a long history of serving federal employees, with over 100,000 federal workers and their dependents insured through the organisation. Their current membership stands at more than 44,000, demonstrating their extensive experience in providing life insurance to Department of State employees and other federal civilian employees.

In conclusion, employees of the Department of State can benefit from Group Term Life Insurance plans offered by WAEPA. These plans provide reliable and flexible coverage, lower costs compared to FEGLI, exclusive benefits, and a strong track record of serving federal employees. By choosing WAEPA, Department of State employees can have peace of mind knowing that they and their families are protected.

State employees in Colorado get free Basic Life and AD&D Insurance

State employees in Colorado receive Basic Life and Accidental Death and Dismemberment (AD&D) insurance at no cost. This insurance provides financial security for state employees and their families in the event of death or serious injury. The Basic Life and AD&D Insurance is provided by the State of Colorado through Securian Financial/Minnesota Life Insurance Company.

Eligible employees receive Basic Life and AD&D insurance equal to their annual earnings, subject to a minimum benefit of $50,000 and a maximum of $250,000. This means that if an employee earns $60,000 per year, their Basic Life and AD&D insurance coverage will be for $60,000. However, if an employee earns $40,000 per year, their coverage will be for the minimum of $50,000. Similarly, if an employee earns $300,000 per year, their coverage will be for the maximum of $250,000.

In addition to the Basic Life and AD&D Insurance provided by the State of Colorado, employees have the option to purchase additional coverage. They can buy Optional Life and AD&D Insurance at discounted rates. This allows employees to increase their coverage and provide even more financial security for themselves and their families.

The State of Colorado's Basic Life and AD&D Insurance is underwritten by Securian Financial/Minnesota Life Insurance Company, with Group ID: 33780-G. Employees can learn more about their life insurance options and coverage by visiting the official websites and resources provided by the State of Colorado and Securian Financial/Minnesota Life Insurance Company.

It is important to note that the information provided is an overview and may not be a complete description of the benefits. State employees should refer to the official plan documents and consult with their agency's Benefits Administrator for detailed information about their specific plans and coverage options.

State employees in North Carolina can get Voya (Reliastar) Term Life Insurance

In North Carolina, state employees can get Voya (ReliaStar) Term Life Insurance through the NCFlex Group Term Life Plan. This is a term life insurance policy, which means there is no accumulated cash value, but the cost is much lower than a whole or universal life plan. The insurance pays a benefit to the beneficiary/beneficiaries in the event of the policyholder's death.

State employees in North Carolina can choose coverage for themselves, their spouse, or their unmarried children under 26. The monthly premium for an employee and spouse is based on the employee's age and the coverage amount, which ranges from $20,000 up to $500,000. The monthly premium for a child is a set cost for either $5,000 or $10,000 of coverage, regardless of the number of children covered.

Medical questions may be required, depending on the amount of coverage chosen. During Open Enrollment, state employees can increase their election by $20,000 each year, up to the Guaranteed issue amount of $200,000 for employees and $50,000 for spouses, without needing to answer any medical questions.

The Voya (ReliaStar) Term Life Insurance plan includes additional features such as a waiver of premium if the policyholder becomes permanently disabled (under age 60) while covered by the plan, bereavement support, and an accelerated death benefit. The plan can also be continued when the policyholder leaves employment, and if the policyholder is 70 or older, they may convert the plan to a whole or universal policy.

In other states, such as Colorado, state employees also have access to life insurance, although the provider may differ. For example, in Colorado, state employees can get Life and Accidental Death and Dismemberment (AD&D) insurance through Securian Financial/Minnesota Life Insurance Company. This insurance provides financial security to the policyholder's family in the event of their death or serious injury. Basic Life and AD&D Insurance is provided by the State of Colorado at no cost to the employee, and optional coverage can be purchased at discounted rates.

At the federal level, most employees are eligible for Federal Employees Group Life Insurance (FEGLI) coverage, which provides group term life insurance. New federal employees are automatically covered by Basic life insurance, and they can also choose from three forms of Optional insurance, although they must have Basic insurance to be eligible for the optional plans.

State employees can get free life insurance through their benefits package

The specific details and availability of free life insurance for state employees can vary depending on the state and the organization within the state. However, it is generally provided as a benefit to support the financial security of employees and their families. This type of insurance provides a death benefit to the insured person's beneficiary or beneficiaries, offering some financial protection in the event of their death.

The amount of coverage provided by employer-provided life insurance is typically calculated using a multiple of the employee's annual salary or linked to their position within the company. Most often, the employer pays the majority or all of the premiums for this type of insurance. This can be a convenient and cost-effective way for employees to obtain life insurance coverage, especially if they are just starting their careers or do not have existing coverage in place.

While employer-provided life insurance can be a valuable benefit, it is important to note that it usually only applies to the employee themselves and not their spouse or children. Additionally, the coverage amount may not always be sufficient to meet the financial needs of the employee's dependents in the event of their death. As such, employees may want to consider purchasing additional coverage through their group plan or obtaining a supplemental policy outside of their employer-provided insurance.

In summary, state employees often have access to free life insurance as part of their benefits package. This can provide a valuable safety net and peace of mind for employees and their loved ones. However, it is important to review the specifics of the insurance offering and consider whether additional coverage is necessary to ensure adequate financial protection.

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