Minnesota Life Insurance: What you need to know

Employers have no obligation under Minnesota law to offer life insurance to their employees. However, if group life insurance is among the benefits offered to workers, certain minimum requirements must be satisfied (MN Stat. Sec. 60A.02 and Sec. 61A.09).
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Group characteristics. The group policy must cover at least two employees. The policy may also cover the employees' dependents, consisting of husband, wife, children, and actual dependents residing in the household.
Employee participation. If the plan covers more than five employees, the employer is forbidden to require individual employees to participate unless the full cost of the plan is paid by the employer or the plan is mandated by a collective bargaining agreement.
Continuation. Employees who lose coverage because of a layoff, reduction in hours, or termination in employment (voluntarily or involuntarily) must be allowed to continue group coverage, at their own expense. The employer may charge a premium of up to 102 percent of the cost to the plan for the coverage. Continuation is not required if the termination is for gross misconduct. Continuation coverage ends after 18 months or when the employee gets other group coverage, whichever is earlier.
Upon termination or layoff from employment of a covered employee, the employer must inform the employee of:
1. The employee's right to elect to continue the coverage;
2. The amount the employee must pay monthly to the employer to retain the coverage;
3. Where and how the payment to the employer must be made; and
4. The time when payments to the employer must be made to retain coverage.
The employee has 60 days within which to elect coverage. The 60-day period starts on the date coverage would ...

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