Protecting what matters most

The Annual Enrollment period is a good time to consider your life insurance needs as well as your health coverage. It can help you put your family first.

Group term life insurance can protect your family's financial future from the unexpected loss of your life and income during your working years. The proceeds can be an important tool in helping your family maintain its financial wellness.

• If you are a full-time benefits-eligible member of the Johns Hopkins faculty or staff, $10,000 of basic life insurance is provided to you at no cost. You may purchase additional coverage—up to eight times your annual base salary—to a maximum benefit of $3 million (basic and supplemental coverage combined).
• If you are a newly hired faculty or staff member, you can elect up to four times your annual base salary without completing evidence of insurability unless the insurance amount is greater than $500,000.

Annual Enrollment, which this year runs from Oct. 14 to Oct. 30, is an opportunity to change your supplemental life insurance coverage (which you also can do when you experience a qualifying life event). Take the time to consider how your family would be impacted financially from the loss of your income in the event of your death. While no one likes to think about loss of life, having enough life insurance offers peace of mind.

Evaluate your needs

Need some guidance to find the life insurance amount that's right for you? Use Securian Financial's online benefits decision tool, Benefit Scout, to learn more about your life insurance benefits. By answering a few simple questions, you can determine the coverage that meets your needs and budget. Go to lifebenefits.com/jhu for more information. Keep in mind: Evidence of insurability may be required for supplemental life insurance that you elect after your initial enrollment.

When is evidence of insurability (EOI) required?

Current employees enrolled in supplemental life insurance may elect to move up one level of coverage (up to a maximum of four times your annual base salary or $500,000) during Annual Enrollment or at a qualifying life event without completing evidence of insurability (provided you have not previously been declined any insurance amount by Securian Financial under the group policy due to EOI being found unsatisfactory). If you move up more than one level of coverage, you will need to complete evidence of insurability. If you are not a new hire, and you are electing supplemental life insurance coverage for the first time, EOI will be required for any amount of supplemental life insurance that you elect.

If you elect but do not qualify for a life insurance coverage level that requires evidence of insurability, your coverage amount will automatically be reduced to the highest option for which you are eligible that does not require evidence of insurability.

It might surprise you how easy it is to satisfy the evidence of insurability requirement for your life insurance elections through Securian Financial. When your election requires EOI to demonstrate your good health, you'll be asked three health questions along with height and weight.

• You answer the questions online; it's not something you bring to your doctor.
• One question is whether you've seen a health care practitioner in the past three years. Most people will answer yes because they've had wellness visits, or an illness or injury that required medical attention.
• Securian Financial will consider your answers to approve or decline coverage. Occasionally, the company will ask for additional information, which may include an exam or medical records from your doctor. Rarely is an exam required. If it is, a health professional will come to your home when it's convenient for you—day, night, or weekend. There is no cost to you, and the exam takes about 20 minutes.
• If your application is denied, you will not lose any existing coverage you may have.

The process on Securian's website (which is mobile device friendly) ends with a confirmation email informing you that your application is under review. Nearly 60% of applicants will receive immediate notification of approval.

If you're curious whether a specific medical condition would disqualify you, call Securian Financial at 800-872-2214.

How benefits are taxed

Up to $50,000 of JHU-paid life insurance coverage may be provided as a tax-free benefit. However, the cost of any JHU-provided life insurance coverage greater than $50,000 will be reported on your W-2 form as part of your taxable income (this is called "imputed income"). For example, for $60,000 of life insurance, only the IRS imputed cost for $10,000 insurance ($60,000 minus $50,000) would be considered taxable income.

For additional information, visit the Life/Dependent Life page of the Benefits & Worklife website.