Why is Life Insurance so important?
Because you’d want your loved ones to be able to meet financial obligations if something should happen to you prematurely.
If you have a spouse/domestic partner and/or children, they may rely on you to help keep the household running. One third of surviving spouses surveyed do not feel at all financially secure in the year following their spouse’s death, and many used life insurance proceeds to meet basic needs.1 It is important to take steps to make sure your family would be financially prepared if you were no longer there to handle expenses like:
- Mortgage or rent payments
- Insurance premiums
- Child care/education fees
Covering everyday living expenses and household bills is just one part of the life insurance equation. Without enough life insurance coverage, a premature death is more likely to exert a major or devastating impact on financial security, lifestyle and savings.1 Many families would probably have trouble keeping up with longer term expenses like:
- College tuitionto consider life events that could cause you to need more
- Wedding expenses
- Child or aging parent care
It’s also important to consider life events that could cause you to need more protection as your financial commitments and lifestyle change. Getting married, having children, buying a home — these are all events that could call for adding more life insurance protection to your portfolio.
State of Alaska employees and eligible employees of participating Political Subdivisions are automatically enrolled in Basic Life, Basic Dependent Life, and Accidental Death & Dismemberment (AD&D). This group life plan is offered at no cost to the employee. The amount of your benefit is determined by your bargaining unit.
Additional Supplemental Life Insurance Options: Supplemental Life Insurance, Supplemental AD&D, and Select Life Insurance with AD&D
As a Regular active full-time employee of the State of Alaska and Participating Political Subdivisions, you may choose to enroll for additional Life Insurance for yourself and Supplemental AD&D for you and your family. The cost of these supplemental benefits is paid for by you. You can choose to enroll in Supplemental Life, Supplemental AD&D and/or Select Life with AD&D Insurance.
You must enroll for Optional coverages within 30 days of hire or becoming eligible, or during Open Enrollment.
Select Life and AD&D offers employee-only additional coverage
- Benefit of 1x your earnings to a maximum benefit determined by your bargaining unit. AD&D amount is equal to your Select Life amount.
Supplemental Life and AD&D
- Supplemental employee Life Insurance – choose a flat benefit amount from $10,000 to $300,000
- Supplemental AD&D Insurance – up to $100,000 for employees, additional benefit for spouse and child(ren), consult certificate for coverage details.