Benjamin Franklin famously made this observation. If he were here right now—and worked for the State of Texas—he might change his statement to say:
Summer Enrollment is the one time of year when you can make benefits changes without having a qualifying life event
. Get ready for Plan Year 2020, which starts September 1, 2019, by reviewing your benefits.
Some of the benefits available to you in the event of death or injury are Optional Term Life, Dependent Term Life and Voluntary Accidental Death & Dismemberment (AD&D) insurance. You can sign up for the insurance, as well as drop or add dependents to your policies, during Summer Enrollment.
About Optional Life, Dependent Life and Voluntary AD&D insurance
If you’re an active employee with health insurance through the Texas Employees Group Benefits Program (GBP), you automatically get $5,000 of Basic Term Life and Basic Accidental Death & Dismemberment (AD&D) insurance. During Summer Enrollment or with a QLE, you can also apply for additional coverage for yourself, and your spouse and children, at negotiated group rates.
Optional Term Life Insurance
pays a benefit of up to four times your annual salary (up to $400,000). The monthly premium depends on the amount of coverage, your salary and your age.
Dependent Term Life Insurance
pays you $5,000 if a covered dependent dies. Check the ERS website after May 22 or your Summer Enrollment packet for the PY20 premium. The monthly premium covers all of your eligible dependents, but you must make sure each dependent is named on the policy.
If you didn’t enroll in them when you were first hired, Optional and Dependent Term Life Insurance both require evidence of insurability (EOI), and coverage is not guaranteed. If you want to increase your Optional Term Life Insurance coverage during Summer Enrollment or with a QLE, you’ll have to apply through EOI.
Voluntary AD&D Insurance
provides additional financial protection if a covered person dies, or suffers certain disabling injuries in a covered accident, whether it occurs at work or elsewhere.
Voluntary AD&D Insurance is available for you only, or for you and your eligible spouse and children, with a benefit of up to $200,000. The monthly premium depends on the amount of coverage and whether you choose to insure only yourself or also your family. EOI is not required.