Life and AD&D coverage protects your loved ones should the unthinkable happen to you.
During Open Enrollment or if you experience a Qualifying Life Event, you may also increase your coverage by an amount equal to your annual earnings provided the resulting amount of insurance does not exceed the guaranteed issue amount of the lesser of 5x your annual earnings or $1 million. You may apply for additional coverage increases up to 10x your annual earnings subject to Evidence of Insurability limits.
By enrolling in the plan, you understand that you must be actively at work on the effective date of coverage.
Age reductions in team member coverage begin at age 65.
Coverage options are also available for your spouse/domestic partner and children.
As a Banner team member, you are provided Basic Life and AD&D insurance equal to your annual benefit annual compensation (up to plan limits).
| Spouse, domestic partner and child Life and AD&D coverage | OPTIONS | ||
|---|---|---|---|
| Spouse/domestic partner* | $5,000 | $20,000 | |
| Spouse/domestic partner* | $10,000 | $25,000 | |
| Spouse/domestic partner* | $15,000 | $50,000 | |
| Child/children* | $2,500 | $10,000 | |
| Child/children* | $5,000 | $15,000 | |
*Cannot be more than your annual compensation
Beneficiary information
If your covered spouse, domestic partner or child(ren) die, their Life and AD&D benefit payments are made to you. In the event of your death, benefit payments are made in the order listed below unless you choose a
different beneficiary:
- Your spouse (does not include a domestic partner)
- Your children (including legally adopted children, but excluding
stepchildren) - Your parents
- Your brothers and sisters
- Your estate
If you are changing or adding a beneficiary during Open Enrollment,
you must include the names and phone numbers of your beneficiaries in
order to complete enrollment.
Benefit Scout
We understand there’s a lot to consider when choosing your life insurance coverages. That’s why we’re excited about Securian Financial’s tool Benefit Scout—an online decision support experience to help you decide what life
insurance options make sense for you and your family. Click here to learn your options, get cost estimates based upon recommendations and enroll with confidence.
