Village of Hoffman Estates
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Securian Group/Supplemental Life Insurance Summary
HOW MUCH LIFE INSURANCE DO I NEED?
Continuation - If you are no longer eligible for group life insurance as an active employee due to the
voluntary or involuntary termination of employment (including retirement), you may be eligible
to continue your in-force life insurance coverage without providing proof of good health.
If you are applying for supplemental life insurance after your initial enrollment for benefits during new employee onboarding with the Village, the application process usually consists of the following steps:
- You complete an application
- Securian will contact you to complete a health questionnaire
- You may be asked to complete a physical exam
- The insurance company informs you if your application for coverage is accepted or declined
The length of the process can range from two weeks to three months, depending on how much coverage you’ve chosen, your health history and how you applied for coverage.
The underwriting for supplemental coverage you enroll in at work is typically faster and less rigorous than if you are buying coverage individually from another source.
Since no two people are the same, underwriters analyze the risk factors unique to each applicant, which may include age, gender, current health, medical history, occupation, lifestyle habits and more.
Securian may reduce the amount of coverage or may decline coverage entirely.
GENERAL PROVISIONS FOR MEMBER INSURANCE -
AGE REDUCTIONS: The amount of basic (Village paid) insurance on a member age 65
or older shall be a percentage of the amount otherwise provided by the plan of insurance
applicable to such member in accordance with the following table:
Age of Member Amount of Insurance
65 – 69 65%
70 – 74 45%
75 – 79 30%
80 and over 20%
Age reductions will apply the first day of the month following an insured member's 65th, 70th, 75th and 80th birthdays.
Supplemental life insurance does not reduce.