Posted 2:12 p.m. Wednesday, Nov. 24, 2021
State Group Life Insurance Premium Rates Effective April 1, 2022
The Group Insurance Board (Board) moved forward with the 5% increase to the employee premium rates effective April 1, 2022. On August 19, 2019, the Board adopted a plan that authorized a 5% annual premium increase to the state plan effective April 2020 through 2028. This action was taken with the goal of maintaining and managing the program to a 100% funding level for each plan.
The premium rates for spouse and dependent coverage will remain the same as the current rate of $2.26 per unit.
For rates effective April 1, 2022 - March 31, 2023, please see Group Life Insurance Plan Monthly Rates (ET-2164).
Spouse and Dependent Coverage
Plan premiums will remain at $2.26 per unit of coverage.
Employer Contribution
The state employer contribution for basic coverage is an amount equal to 65.25% of the employee-paid premium. The contribution for supplemental coverage is 37.25% of the employee premium. This employer rate is unchanged from 2021.
Lifestyle Benefits for State Employees
Since 2011, Securian Financial has offered Lifestyle Benefits services, a group of additional services to state employees enrolled in the life insurance plan and their immediate family members at no additional cost. The services include legacy planning resources, legal, financial and grief resources, travel assistance, and beneficiary financial counseling.
Securian contracts with providers to offer these services at no additional cost to employees. There are no administrative responsibilities for ETF or employers. The services are optional. The service providers do not receive any personal employee information, and the providers will not initiate contact with employees.
