Life Insurance

What are the Basic Life Insurance and Supplemental Life Insurance benefits and who is eligible?
HSHS provides basic life insurance with built-in accidental death & dismemberment (AD&D) coverage at no cost to you.
  • You automatically receive 1 ½ times your annual salary up to a maximum of $50,000. No evidence of insurability is required.
  • Basic life insurance is provided to all active colleagues of an HSHS facility who are regularly scheduled/budgeted to work 32 or more hours per biweekly pay period.
  • Temporary or leased colleagues are not eligible for life insurance.

Benefit eligible colleagues may purchase additional supplemental life insurance through Securian for yourself, your spouse, and/or your dependent children who are under age 26.
  • Supplemental life insurance for you is one to eight times your annual salary up to a maximum of $1 million.
  • Supplemental life insurance for your spouse is in $5,000 increments up to a maximum of $50,000.
    • Note: As required by law, you cannot carry more life insurance on your spouse than you carry for yourself (Basic life and supplemental life combined).
  • Supplemental life insurance for your eligible dependent children is in $2,500 increments up to a maximum of $10,000.
    • When you select supplemental life insurance for your eligible dependent children, each child is covered for the same amount.
    • Note: Your first eligible newborn child will automatically be covered for $2,500 for 30 days from live birth, unless or until you enroll for a different amount of dependent child life insurance. If you do not enroll within 30 days, such coverage will automatically terminate.

 
When is an Evidence of Insurability (EOI) form required for supplemental life insurance?
You must complete the EOI form if, as a newly eligible colleague, you elect coverage that exceeds three times your pay or $350,000 or elect coverage for your spouse that exceeds $20,000.
  • Securian will mail the EOI form(s) directly to you.
  • Elected coverage will become effective only if you complete and return the EOI form(s) to Securian who must approve the coverage before it can take effect.
If you are a late entrant (previously waived coverage) and want to elect coverage, increase your current coverage more than one level, or add or increase spouse coverage, you will be required to provide an Evidence of Insurability (EOI) form if you wish to make these changes during annual enrollment.
  • Securian will mail the EOI form(s) directly to you.
  • Elected coverage will become effective only if you complete and return the EOI form(s) to Securian who must approve the coverage increase before it can take effect.

Note:
Occasionally, during annual enrollment there may be an opportunity to choose employee supplemental life insurance coverage that is one level higher than your current coverage (e.g., from five to six times pay), you will not be required to provide Evidence of Insurability (EOI) to Securian. You will be notified of this opportunity when annual enrollment information is sent out.

Evidence of insurability (EOI) is not required to enroll dependent children in supplemental life insurance.
 
How can I change my beneficiary for life insurance?
Beneficiary information for life insurance and accidental death insurance is maintained by Tri-Star Systems. Beneficiary information is not stored in PeopleSoft (Colleague Self Service).

You may review and update your beneficiary information during the annual open enrollment period or click here to review and update your beneficiary information anytime during the year.
  • Once you log in, click the “Beneficiaries” link on the left hand side to modify your beneficiary designation.
  • Follow the on-screen instructions to make any changes.
  • You may designate both primary and contingent beneficiaries.
  • Check your math. Make certain that your primary beneficiary designations total 100%.
How do I file a life insurance claim?
Contact the HSHS Colleague Service Center at 855-FYI-HSHS (855-394-4747) to initiate your claim.  Please have the following information available prior to calling:
  • Colleague name and ID number
  • Name of deceased and relationship to colleague
  • Deceased’s date of birth, date of death, and social security number
The Colleague Service Center will report this information to Securian who will then contact the colleague or beneficiary.
What is life insurance portability and/or conversion? What are the differences between the two?
Portability allows you to continue your Basic Life, Supplemental Group Term Life (SGTL) insurance, and Accidental Death & Dismemberment insurance for yourself and any covered family members when coverage is lost due to retirement, termination of employment, layoff, non-medical leave, or loss of eligibility. You pay the total cost of premiums directly to Securian (formerly known as Minnesota Life). You may continue your total amount of insurance coverage that was in effect on the date your coverage ended, up to a maximum of $500,000. If you are age 65 or older, the amount you may “port” will be 65% of the amount of insurance in force on the date your coverage ended. Portability ends at age 70.

Conversion allows you to continue your Basic and/or Supplemental Group Term Life (SGTL) insurance coverage as an individual insurance policy for yourself only when coverage is lost due to retirement, termination of employment, layoff, leave of absence (including medical leave), or loss of eligibility. You pay the total cost of premiums directly to Securian (formerly known as Minnesota Life). There is no age reduction of coverage at age 65 and there is no age limitation for the conversion option.

The basic differences between portability and conversion of life insurance are:
  • Portability has an age limit of 70. There is no age limit with conversion.
  • Portability has a reduction in coverage at age 65. There is no reduction of coverage based on age with conversion.
  • Portability is coverage under the group term life contract. Conversion is a new individual life insurance policy.
  • Portability is not allowed for a medical leave of absence (disability). Conversion does not have this restriction.
  • Portability allows for continuing life insurance coverage for family members. Conversion is limited to coverage for the colleague only.
  • Coverage cannot be increased with the portability option. Coverage may be increased with evidence of insurability (EOI) with the conversion option.
  • Coverage can be decreased if you choose either portability or conversion.