The Texas A&M University System offers several life insurance plans to protect you and your family financially in case of your death or the death of a dependent, we offer Basic Life/Alternate Basic Life and Optional Life coverage for you and Dependent Life coverage for your family. Minnesota Life is the carrier for the life insurance at (800) 778-2281.
Basic Life/Alternate Basic Life pays a benefit to your beneficiary if you die while covered by the plan. The plan includes accidental death and dismemberment benefits. You are automatically covered by Basic Life while you are enrolled in any System health plan. You may choose to enroll and pay the premium if you do not have A&M System health coverage. The plan provides $7,500 in life coverage and $5,000 in accidental death and dismemberment (AD&D) coverage. If you do not enroll in A&M System health coverage but certify that you have other health coverage, you may purchase Alternate Basic Life coverage. Alternate Basic Life provides life coverage of $50,000 or seven times salary, whichever is less, and $5,000 in AD&D coverage. These protections are provided as term insurance. Term insurance doesn’t build up a value as does whole life insurance. You cannot enroll in Alternate Basic Life coverage if you enroll in Optional Life. Term insurance covers you for a specific term – in this case, your employment and retirement with the A&M System.
- Children’s Basic Life will automatically be cover $5,000 for eligible dependent children if you have Basic Alternate Basic Life coverage. You do not have to enroll your children. Your spouse is not eligible for Basic Life Insurance.
- Living Access Benefit: If you have Basic Life coverage, you are eligible for a Living Access Benefit if a doctor certifies that you have less than 24 months to live. You may apply for immediate payment of up to 50% of any Basic, Alternate Basic or Optional Life benefits. When you die, the remaining benefit is paid to the beneficiary.
|+ Optional Life|
You may buy additional life insurance on yourself through the Optional Life plan. Optional Life benefits are paid to your beneficiary if you die from any cause. As an active employee, you may buy coverage of ½, 1, 2, 3, 4, 5 or 6 times your annualized pay, up to a maximum coverage amount of $1,000,000. As a retiree, if you are younger than 70, you may have Optional Life coverage of a multiple of $1,000 up to $100,000 or the amount of coverage you had at retirement, whichever is less. The maximum at age 70 is $60,000 and the maximum at age 80 and above is $30,000.
Annualized pay means your annual pay (as of Sept. 1) divided by the number of months you work, multiplied by 12 (your annualized pay is).
You may not purchase Optional Life coverage if you enroll in Alternate Basic Life.
Living Access Benefit: If you have Basic, Optional or Alternate Basic Life coverage, you are eligible for the Living Access Benefit. If a doctor certifies that you have less than 24 months to live, you may apply for immediate payment of up to 50% of your Basic Life, Optional Life or Alternate Basic Life benefits. When you die, the remaining benefit is paid to the beneficiary.
Naming a Beneficiary: You must name one or more beneficiaries to receive life insurance benefits in case of your death. You can name the same beneficiary(s) for all of your life coverage or different ones for each plan. You may also name one or more alternate beneficiaries to receive your benefit if your beneficiary(s) die at the same time or before you. You may change your beneficiaries at any time.
Waiver of Premium: If you become disabled, your premiums for Optional Life may be paid by the A&M System up to age 65. To qualify, you must be actively employed, younger than 60, and able to submit proof of total and permanent disability.
|+ Dependent Life|
Dependent Life pays a benefit to you if a covered dependent dies from any cause. Only dependents you enroll are covered. You may choose one of three plans:
Living Access Benefit:If you have Dependent Life coverage, you are eligible for the Living Access Benefit.If a doctor certifies that your dependent has less than 24 months to live, you may apply for immediate payment of up to 50% of your Dependent Life benefits. When your dependent dies, the remaining benefit is paid to you.
Naming a Beneficiary: You are the beneficiary for any dependent life coverage.
Waiver of Premium: If you become disabled, your premiums for Basic, Optional and Dependent Life may be paid by the A&M System up to age 65. To qualify, you must be actively employed, younger than 60, and able to submit proof of total and permanent disability.