Employee
The State of Illinois' basic term life insurance is automatically provided to employees eligible to receive benefits. Full-time and part-time status employees working at 50% time or above receive term life insurance in an amount equal to their annual salary, at no cost. Up to $50,000 of this life insurance is tax-exempt. Any insurance over $50,000 will be taxed as imputed income.
Additionally, benefits-eligible employees may choose to apply for and purchase optional life insurance for themselves and/or their eligible dependents by visiting Securian Financial. The cost of optional plans is paid through payroll deduction.
Child Life Insurance
With a Term or Whole Life policy purchased from Securian Financial dependent children are covered on life insurance up to and including age 25. Life insurance coverage is $10,000.