Life Insurance Options
STMA provides a life insurance policy to all eligible staff. Life insurance policies are offered through Madison National Life Insurance. The following options are included:
This policy is offered at no cost to full-time employees. Part-time employees have the option to purchase this policy at the cost of $4.75 per month. Employees should refer to the benefits cost summary for their employee group to access the amount of coverage in their policy.
Supplemental Life Insurance
This is an additional life insurance policy that an employee may select. The full cost of the policy is paid by the employee. Available policy amounts vary depending on the employee's group. Employees should refer to their group's benefits cost summary.
Employees have the opportunity to enroll upon becoming eligible for benefits, and no evidence of insurability is required during this initial window. After the initial eligibility window, employees must complete an Evidence of Insurability form and receive insurance carrier approval before coverage may be added.
Updating Beneficiary Information
Employees are encouraged to review their listed beneficiaries regularly and make updates if any changes are needed. In the event a life insurance claim needs to be filed, the policy amount would be paid to the last listed beneficiary. Updates can be made in Benefitfocus.
Certificate of Coverage
The information listed above provides a brief overview of STMA's life insurance policies. For full details on coverage, please access the appropriate certificate for your employee group from the list below.