County employees to have new life insurance option

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MADISON — Madison County employees will have another option in the next fiscal year for life insurance.

Following a presentation last week, the Madison County Board of Commissioners authorized opening up an option so that employees can take part in a special group insurance rate with National Insurance Services, with the policy underwritten by Madison National Life.

Megan Ware, a market development representative with National Insurance Services (NIS), said her firm handles about 95% of the life insurance with Nebraska counties.

NIS partners with NACO and is the preferred vendor for life, disability and vision insurance for the statewide county association.

“We’ve had a lot of feedback from counties asking, ‘How can we get our employees more life insurance? We as a county cannot pay for it, but we at least want to add that offering as a benefit to our employees,’ ” Ware said.

The offering is a pooled, supplemental offering to all the groups offered under NACO, which stands for the Nebraska Association of County Officials.

Ware, who is a market development representative, said there is a group participation rate that is required for the life insurance to be offered.

The first effective date of the plan is Friday, July 1, which coincides with the next fiscal year and lines up with other insurance benefits. There are now eight counties that have added it.

There must be at least a 15% participation rate from all the counties taking part, Ware said.

The plan can include employees, spouses and dependent children. It is offered in $10,000 increments up to $500,000 and is for term life insurance only.

The open enrollment period will be in June, and no medical questions are asked. If someone knowingly has a terminal illness and signs up, the claim would not be paid off. After age 70, medical questions are asked, she said.

Commissioners authorized the option to be offered, with a payroll deduction — provided enough employees sign up for it.

There will not be a cost for the county to sign up for the offering.