Basic, Optional and Dependent Life Coverage 

Basic Life Plan

Flat Plan Option
$10,000; $25,000; $50,000; $100,000

Employer Choice - Employer may choose a multiple of $5,000 or $10,000 increments up to a maximum of $500,000.

Amounts may vary based on position
Annual Earnings Plan Option 
1x; 2x; 3x; 4x; Amounts may vary based on position
Guarantee Issue Limit for timely enrollees
Lesser of 4x annual earnings or $150,000
Maximum with insurance carrier approval
Lesser of 4x annual earnings elected or $500,000
Required Contribution 
50%-Employer
Minimum Participation Requirement 
100% if employer paid. 75% with employee contributions. Minimum of three employees.

Optional Life Plan

Optional Life Plan  Employee elects $10,000 increments
Guarantee Issue Limit for timely enrollees
$150,000
Maximum with insurance carrier approval
Lesser of 5x annual earnings or $500,000 
Required Contributions
100%-Employee
Minimum Participation Requirement   Minimum of three employees 

Dependent Life Plan

Employer Paid Dependent Life
(includes grandfathered employee-paid plans)
Option 1 - $5,000 spouse/$2,500 children
Option 2 - $10,000 spouse/$5,000 children
Option 3 - $20,000 spouse/$5,000 children
Employee Paid Dependent Life
Guaranteed Amount for timely enrollees 
Spouse: Employee elects coverage in $5,000 amounts. Guaranteed amount is $50,000, not to exceed 50% of employee’s optional life. Child amounts of $1,000, $5,000 or $10,000, not to exceed 50% of employee’s optional amount.
Spouse maximum with insurance carrier approval
Up to lesser of 50% of employee optional amount or $250,000
Required Contribution
May be offered as Basic 100% employer paid or as Optional 100% employee paid. If Optional, employees Optional Life participation is required.
Minimum Participation Requirement
100% of eligible dependents if employer paid. If employee pays premium there is no minimum participation required.
  • Eligibility: Employees must work a minimum of 20 hours per week or a higher hourly requirement as adopted by the participating MBA member bank. The completion and submission of enrollments within 31 days of the employee’s eligibility is important to avoid any requirement for medical evidence of insurability. 
  • Basic and Optional Employee Life include Accidental Death and Dismemberment coverage.
  • All amounts terminate at retirement. However, life coverage is subject to the Minnesota 18-month continuation law.
  • Coverage for both the Employee and Spouse if covered under Plan Options 1, 2 & 3 is reduced to 65% at employee's attainment of age 65; 50% at age 70; and 35% at age 75.  If participating in age rated Dependent Life option, the spouse/child amounts cannot exceed 50% of the employee amount.