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GROUP TERM
LIFE INSURANCE

 

HART offers a fully insured group term life insurance program through the Minnesota Life Insurance Company. Once an agency makes the decision to participate in the group term life insurance program, all employees that are participants in the retirement plan must participate in the life insurance program. The agency determines whether or not participation is based on 9 times the employee's base rate of pay, or 12, 18 or 24 times the base rate of pay.

The current premium is $0.244 per $1,000. Any contributions that are set aside for group term life insurance and that are not utilized to pay the premium, are automatically deposited into the participant's retirement fund account.

HART began offering Group Term Life Insurance to "retirees" who terminated their employment on or after July 1, 2006 and who had attained the age of 55 or older with a minimum of 10 years of uninterrupted service. This is not limited to those who have officially "retired." Retirees may continue the lesser of their current coverage of one times their annual earnings to a maximum of $25,000 without Evidence of Insurability or to a total maximum of $50,000 with Evidence of Insurability.

For more information regarding the Minnesota Life Insurance Company, please contact the company at 1-800-606-5433.

 
 
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