The state offers several life insurance options to MUSC Employees:
An employee who is a member of SCRS, ORP, or PORS with at least one year of service will be covered by a death benefit equal to one year of budgeted salary or as outlined by IRS guidelines. Exceptions may apply, or if job related injury results in death. Benefits are subject to federal and state taxes; or may be eligible to be tax-deferred to another qualified retirement plan.
If enrolled in one of the health insurance plans, you qualify for a $3,000 life insurance policy at no cost to you. Benefits are paid by Minnesota Life.
Benefits-eligible employees can enroll in term life insurance within 31 days of their hire date without having to provide medical evidence of good health. You can elect guaranteed coverage in $10,000 increments, up to three times your basic annual earnings rounded down to the nearest $10,000. You may go beyond the guaranteed coverage up to $500,000 with the approval of medical evidence within 31 days of hire. Premiums are based on age and coverage. Benefits are paid by Minnesota Life.
Employees may enroll in or increase their optional life insurance without medical evidence in $10,000 increments, up to a maximum of $50,000, due to a qualifying event such as marriage, birth, adoption, or divorce.
If an employee is enrolled in the pre-tax premium feature, they may only add/drop/increase/decrease coverage during Annual Enrollment held every October. Medical evidence may be required.
Employees not enrolled in the pre-tax premium feature may add/drop/ increase/decrease their coverage throughout the year. Medical evidence may be required.
Optional life coverage includes:
You may also purchase dependent life insurance coverage for your spouse and/or child(ren).