Life Insurance

State Basic Life

If you are an eligible employee and elect to participate in the State Health Plan, you will be covered at no cost for life insurance coverage in the sum of $3,000 and $3,000 for accidental death and dismemberment if you are under the age of 70. For eligible employees age 70 or older, the Basic Life Insurance program provides $1,500 in life insurance. Enrollment in the program is automatic with enrollment in the state health insurance program for active employees.

When your health coverage as an active employee is terminated, you will no longer be eligible for Basic Life coverage. However, you will be allowed to convert your coverage. To do so, you must complete and submit a conversion form to MetLife within 31 days after your Basic Life coverage ends.

Dependent Life

If you are currently enrolled in Optional Life, you may elect to cover your spouse in increments of $10,000 for up to 50 percent of your Optional Life coverage or $100,000, whichever is less. A statement of health is required for coverage amounts greater than $20,000. If you do not elect to enroll in Optional Life, you may cover your spouse for $10,000 or $20,000. Premiums are based on the spouse’s age and are entirely paid by the employee. If your spouse is also a state employee, you cannot cover him/her as a dependent.

You can cover your eligible dependent children over age 14 days but less than age 19, or age 25, if enrolled as a full-time student for $15,000. The monthly premium for Dependent Life child coverage is $1.26, regardless of the number of children covered. Premiums are paid by the employee. When both parents are state employees, only one can carry dependent coverage for eligible dependent children.

If your dependent’s coverage terminates, he may convert his coverage to a personal life insurance policy. The dependent must apply to MetLife in writing within 31 days of the date his insurance under this plan is terminated and pay the required premiums for personal life insurance for his age and class of risk.

Active Incidental Death Benefit

For participants of the South Carolina Retirement System, a benefit equal to the member’s annual budgeted base salary is paid to the beneficiary at the death of the employee. The employee must have one full year of employment at the time of death. The beneficiary is entitled to a refund of the member’s contributions plus four percent interest.

Optional Life

If you are an eligible employee, you can enroll in the Optional Life Plan within 31 days of the date you are hired. You can elect coverage in $10,000 increments up to the lesser of three times basic annual earnings to a maximum of $500,000 without providing a statement of health form. Additional coverage above three times your basic annual salary up to $500,000 may be obtained with a statement of health form. Premiums for coverage up to $50,000 will be exempt from tax. Premiums are based on the face value of the policy and the age of the employee. The plan includes accidental death and dismemberment benefits equal to the face amount of the policy. There is also a living benefit for terminally ill members under age 60.

Your coverage begins on the first day of the calendar month coinciding with or the first of the month following your date of employment if you are actively at work on that day as an eligible employee. If you enroll for an amount of coverage that requires a statement of health, your coverage effective date will be the first of the month following approval.

If you participate in the MoneyPlu$ Pretax Premium Feature, you can increase, decrease or drop your coverage only during the October annual enrollment period or within 31 days of a special eligibility situation. To increase your coverage during the annual enrollment period you must provide a statement of health and be approved by MetLife. If approved, coverage will be effective on the first day of January following the annual enrollment period as long as you are actively at work on that day as a full-time employee.

If you do not participate in the MoneyPlu$ Pretax Premium Feature, you can increase your amount of coverage at any time during the year by providing a statement of health and being approved by MetLife. Your coverage at the new level will be effective on the first day of the calendar month following the date of approval as long as you are actively at work on that day. You can decrease or cancel your coverage at any time.

If you die while insured by this plan, MetLife will pay the amount of life insurance for which you are enrolled. Benefits will be paid to the beneficiary you have designated on your Notice of Election. If you do not choose a beneficiary or if no beneficiary survives you, benefits will be paid to your estate. You may select more than one beneficiary. Benefits will be paid equally among surviving beneficiaries unless you have requested otherwise in writing. MetLife Optional Life plan also includes other features:

  • Waiver of premium for up to 12 months due to total disability.
  • Continue insurance coverage after retirement at group rates until age 75.
  • Seat Belt Rider-If you die in an automobile accident while wearing your seat belt, your accidental death benefit will increase by 25 percent.
  • Day Care Benefit-A benefit of 5 percent of the face value of $10,000 per year will be paid as a day care benefit to each dependent that is less than age seven (at the time of the insured’s death) and is enrolled in a day care program.
  • An education benefit is paid for each dependent who qualifies as a student, with one payment issued per 12-month period to a maximum of four consecutive periods. A qualified dependent must be either a post-high school student who attends a school of higher learning on a full-time basis at the time of the insured’s death or in the 12th grade and will become a full-time post-high school student in a school for higher learning within 365 days after the insured’s death. The benefit is 5 percent of the face value or $5,000 per year (whichever is less).
  • A felonious assault benefit is paid if the insured is injured in a felonious assault and the injury results in a loss for which benefits are payable under the AD&D and Loss of Sight benefit. The benefit is one times the annual earnings, $25,000 or the AD&D maximum (whichever is less). The benefit is payable only if the loss is policyholder-related.

You can change your beneficiary at any time throughout the year. When processed, the change will be effective on the date the request is signed. In no event may a beneficiary be changed by a Power of Attorney.

No Optional Life benefit will be payable if death results from suicide, whether sane or insane, within two years of the effective date. If death occurs within two years of a coverage increase, the death benefit payable is limited to the amount of coverage in force prior to the increase.

If you die accidentally, MetLife will pay an additional benefit equal to your amount of life insurance. To receive the additional benefit, death must not be due to a sickness or any other cause that is not considered accidental. Benefits are payable as soon as MetLife receives acceptable proof of loss.

If you become totally disabled, your life insurance will be continued for up to 12 months from your last day worked provided your total disability began while you were covered by this group Optional Life Insurance Plan, your total disability began before you reached age 69; and, the group Optional Life Insurance policy does not end. For more information on the extension of benefits, please contact the Office of Human Resources Benefits Office.

If you are retired, you may continue your coverage in $10,000 increments up to your active coverage level until age 75. To continue your coverage, you must complete the required enrollment forms within 31 days of your date of retirement.

If your life insurance ends because your employment or eligibility for coverage ends, you may apply for an individual policy of life insurance without providing a statement of health. This type of policy is called a conversion policy. To apply for an individual conversion policy, contact MetLife and they will send you an application to convert your coverage. You must complete and submit this application and your first conversion premium to MetLife within 31 days after your group Optional Life Insurance coverage ends.