The Group Insurance Board recently approved life insurance premium rates for state and local government employees who participate in the State of Wisconsin Group Life Insurance program.
Local government employees: There are no premium rate changes for the Local Plan in 2023. The premium rates for spouse and dependent coverage will also remain the same as the current rate of $1.60 per unit.
State employees: Employee premium rates will increase 5%, effective April 1, 2023. In 2019 the Board adopted a plan that authorized a 5% annual premium increase to the state plan, effective April 2020 through 2028. This action was taken with the goal of maintaining and managing the program to a 100% funding level. The 2023 premium rates for spouse and dependent coverage will remain the same as the current rate of $2.26 per unit.
It’s a good idea to periodically to review your options for changing, canceling, or continuing life insurance coverage. Visit ETF’s Life Insurance page for information on eligibility, costs, when and how to cancel, changes to coverage (e.g., continuing coverage in retirement), and much more.
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