Life Insurance

LMCIT partners with Ochs, Inc., and Minnesota Life, to offer multiple coverage options of basic term life insurance to city employees, as well as supplemental life insurance for employees and spouses.

Basic Term Life Insurance

Basic term life insurance is available to cities and their employees. This city-funded benefit must include all employees, and is available to cities with 10 or fewer employees at three different benefit levels. Subject to underwriting guidelines, options include:

  • $5,000—$1.70 per employee per month
  • $10,000—$3.40 per employee per month
  • $15,000—$5.10 per employee per month

Accidental Death and Dismemberment

Accidental death and dismemberment benefits, which double the life insurance benefits in certain circumstances, can be added to the basic term life coverage for all employees. The cost of this coverage is an additional $0.03 per $1,000 of coverage per employee.

Supplemental Term Life Insurance

Optional term life insurance coverage is available to city employees in blocks of $5,000. Subject to underwriting guidelines, additional options include:

  • $300,000 of additional term life coverage for the employee;
  • $150,000 for a spouse; and
  • $10,000 for each dependent child.

Rates for employee and spouse coverage are based upon the age of the employee and his or her spouse. Dependent children are covered at an additional $1.30 per month per family.

Cities with More than 10 Employees

For cities with groups of 10 or more employees, LMCIT offers alternative basic term life and supplemental life insurance benefits. Rates are dependent upon options selected and employee census information.

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