It's National Retirement Security Week! Plan Today

Supplemental Life Insurance

Concordia Plan Services offers supplemental group life insurance through Minnesota Life, the administrator of the Concordia Disability and Survivor Plan death benefits. Active workers can obtain additional insurance for low premium rates. Workers may also elect term life insurance for dependent spouses and children. Premiums for supplemental life insurance are paid by the worker directly to Minnesota Life.

Supplemental Term Life rates for workers and dependent spouses are a low cost benefit that varies based on age. The rate is charged per $1,000 of coverage the enrolled individual selects. Rates increase with age and are subject to change.

For group supplemental life enrollment information, contact Minnesota Life at 866-293-6047.

Life Enrollment

Purchasing Supplemental Life

Generally, current assets less income replacement need and additional expenses equal the amount of coverage needed. For income replacement needs, calculate total annual expenses, and estimate the number of years the family will need the replacement income. Calculate any additional expenses such as funeral and child education, and add that with the income replacement need. For current assets, add any personal savings, life insurance or other assets in place with expected Social Security benefits. Subtract the current assets from the total of income replacement and additional expenses to calculate the additional life insurance need.