Life insurance
Life insurance provides your family with financial protection in the event of your death. Proceeds from a life insurance policy are generally paid income tax free to your beneficiary, and the money can be used for any purpose. USC provides you with a comprehensive group life insurance benefit through Minnesota Life Insurance Company. Accidental death and dismemberment (AD&D) insurance pays a pre-determined amount to your beneficiaries in the event of your death in an accident (for example, an automobile accident). The insurance pays lesser amounts to you or your beneficiaries for various types of accidental injuries that result in the loss of limbs, speech or hearing. The chart at right outlines your coverage options at a glance.
| Coverage type | Coverage options | Additional information | |
|---|---|---|---|
| Basic Term Life |
• One times base compensation • $50,000 maximum coverage |
• University-paid (no enrollment required) • Coverage reduces to 65 percent at age 65 and 50 percent at age 70 |
|
| Basic Accidental Death and Dismemberment (AD&D) | • $10,000 | • University-paid (no enrollment required) | |
| Group Universal Life (GUL) or Variable Group Universal Life (VGUL) | One, two, three, four or five times base compensation |
• Maximum coverage is $2,500,000 • Eligibility for GUL or VGUL is determined by your base compensation |
|
| Dependent Term Life | Spouse/RDP | Child |
• A spouse/registered domestic partner (RDP) is not eligible for coverage if he or she is a benefits eligible USC faculty or staff member • Children are eligible from live birth to age 26 |
| Option 1: | $5,000 | $5,000 | |
| Option 2: | $10,000 | $10,000 | |
| Option 3: | $20,000 | $20,000 | |
| Option 4: | $50,000 | $25,000 | |
| Voluntary AD&D | Faculty/Staff Member Plan • $25,000 increments up to $500,000 Family Plan • Spouse/RDP (with children): 50 percent • Spouse/RDP (no children): 60 percent • Each child (with spouse/RDP): 20 percent • Each child (no spouse/RDP): 25 percent |
• Family plan provides dependent AD&D coverage as a percentage of the amount you elect • $25,000 Age reductions begin at age 70 |
|
Everyone's life insurance needs are unique, and they depend on your financial situation and specific circumstances at this point in your life. Visit Minnesota Life's interactive online insurance needs calculator to estimate how much insurance you may need. You may enroll or make changes at any time, but you must be actively at work, and Evidence of Insurability (EOI) may be required for coverage elected after your initial eligibility period. Enroll within 60 days of hire to avoid EOI; coverage begins the first of the month after enrollment.
Manage your life insurance benefit online
Minnesota Life provides a secure website, www.LifeBenefits.com, which you may access to enroll in and manage your life insurance benefit. Use the LifeBenefits website to:
- View additional information about your life insurance plan, including coverage amounts and premiums
- Enroll for coverage and submit Evidence of Insurability (EOI) requirements
- Designate your beneficiary
- Make changes to your coverage and account information
- Manage your cash accumulation account
- Use a variety of online resources to help with life insurance decisions
Use the following user ID and initial password to access the LifeBenefits website:
- User ID: Enter USC followed by your 7-digit employee ID number (can be found on your paycheck stub or eTrac)
- Password: Enter your eight-digit date of birth followed by the last four digits of your Social Security number (for example, if your date of birth was August 2, 1960 and the last four digits of your Social Security number were 1234, you would enter 080219601234 as your password)
LifeSuite Services
As an insured under the university-paid basic plan, you and your dependents have access to the following tools and resources.
- Legal Services—Ceridian provides faculty, staff and their dependents telephone access to a national network of 22,000+ accredited attorneys for consultation on simple wills, estate planning documents and other legal issues. Discounts are available for participating attorneys. Contact Ceridian at 1(866) 538-1810 or visit www.LifeWorks.com (user name: will password: preparation).
- Travel Assistance Services—Global Rescue provides 24-hour travel assistance, emergency medical and security transport services, and pre-travel resources to faculty and staff covered under the group life insurance plan. Dependents covered under the group life plan may also access the services. Global Rescue's services are available when traveling for business or pleasure 100 or more miles away from home. Contact Global Rescue at 1(855) 516-5433 (toll free U.S. and Canada), +1(617) 426-6603 (international), or visit www.LifeBenefits.com/travel.
- Legacy Planning Services—Active and retired faculty, staff and their dependents can access resources designed to help individuals and families work through end-of-life issues when dealing with the loss of a loved one or planning for their own passing. These resources are available at www.LegacyPlanningServices.com.
- Beneficiary Financial Counseling—Beneficiaries who receive at least $25,000 in policy benefits may choose to use independent beneficiary counseling services from PricewaterhouseCoopers LLP (PwC).
Questions?
Contact Minnesota Life Customer Service at 1(800) 843-8358 or e-mail LifeBenefits@securian.com.