A quick guide to making the most of your employer’s benefits
Open enrollment is the annual period when employees can enroll in, change, or cancel their workplace benefits without a qualifying life event.
Open enrollment is the time of year when you can enroll in or change your employee benefits, such as health insurance, life insurance, and other voluntary benefits. It can be overwhelming to decide which benefits to choose, but this guide will help you understand some of the options your employer may offer and why they are worth considering.
Key benefits to review during open enrollment:
Insurance benefits are designed to protect you and your family from unexpected events that can affect your health, income, or quality of life. Some of the most common types of insurance benefits are medical and dental insurance, but there are also other types of coverage that can provide valuable protection. Here are some of the insurance benefits you may want to look into during open enrollment.
| Insurance type | What it covers | When it pays | Typical use of funds |
|---|---|---|---|
| Group life insurance | Death of the insured | Lump sum to beneficiaries upon death | Replacing lost income, paying debts, maintaining family's standard of living |
| AD&D insurance | Fatal or serious accidental injuries | Lump sum for covered accidents causing death or dismemberment | Medical bills, funeral costs, living expenses |
| Critical illness insurance | Diagnosis of covered critical illnesses (cancer, heart attack, stroke) | Lump sum upon diagnosis | Deductibles, co-pays, extra care, travel, household needs |
| Accident insurance | Injuries from covered accidents (fractures, burns, concussions) | Lump sum for covered injuries | Deductibles, co-pays, out-of-pocket expenses |
| Hospital indemnity insurance | Hospital stays due to covered injury or illness | Cash payment per day hospitalized | Deductibles, co-pays, childcare, home maintenance |
What is group life insurance? Group life insurance is employer-sponsored coverage that pays a lump sum to your designated beneficiaries if you die while covered by the policy.
Life insurance is a benefit that pays a lump sum to the people you choose as beneficiaries if you die while covered by the policy. The main purpose of life insurance is to help your loved ones maintain their standard of living if they lose your income due to your death.
Group life insurance is a type of life insurance that is offered by your employer as part of your benefits package. It is usually based on the average health and age of a group of employees, rather than your individual situation. That means you may pay lower premiums than if you bought a similar policy on your own.
Many employers provide a basic level of life insurance coverage to employees for free—typically 1 to 2 times your annual salary, or a flat amount such as $50,000—without requiring you to contribute anything. This is called employer-provided life insurance. You do not need to take a medical exam or answer health questions to get this coverage.
The amount of life insurance that your employer provides may not be enough to cover your family's needs, especially if you have dependents, debts, or other financial obligations. Most employers also offer you the option to buy additional life insurance coverage and pay the extra premium through payroll deduction. This is called voluntary life insurance, and it may require you to complete a medical exam or health questionnaire.
To estimate how much life insurance you need, you can use this calculator. You can also learn more about the pros and cons of buying life insurance through your employer.
Key takeaway: Group life insurance through work offers cost-effective coverage, but employer-provided amounts may not fully protect your family—consider supplementing with voluntary coverage.
What is AD&D insurance? Accidental death and dismemberment insurance pays a lump sum benefit if you die or suffer a serious injury, such as loss of a limb or eyesight, due to a covered accident.
Accidental death and dismemberment insurance is a benefit that pays a lump sum to you or your beneficiaries if you suffer a fatal or serious injury from an accident covered by the policy. For example, you may receive a benefit if you lose a limb, your sight, your hearing, or other vital functions due to an accident.1
AD&D insurance covers accidents that happen anywhere, not just at work. It can be a useful benefit to have, considering that more than 197,000 people die from unintentional injuries every year in the United States, making it the third-leading cause of death.2 These types of accidents may be covered by AD&D insurance.
An AD&D insurance benefit can help you and your family cope with the financial impact of a severe or fatal accident, such as paying for medical bills, funeral costs, or living expenses.
Key takeaway: AD&D insurance provides an extra layer of financial protection specifically for accidents, complementing your life insurance coverage.
Learn more about AD&D insurance
What is critical illness insurance? Critical illness insurance pays a lump sum directly to you if you are diagnosed with a covered serious illness, such as cancer, heart attack, or stroke.
Critical illness insurance is a benefit that pays a lump sum to you if you are diagnosed with a critical illness or condition covered by the policy, such as cancer, heart attack, stroke, or organ failure.3
Critical illness insurance benefits are paid on top of any other insurance benefits you may receive, and you can use the money for any purpose you want. For example, you can use it to cover deductibles, co-pays, or other out-of-pocket expenses, or to pay for extra care, travel, or household needs.
Critical illness insurance can help you avoid financial stress if you face a serious health issue, as critical illnesses can be costly and disruptive to your life.
Key takeaway: Critical illness insurance provides a financial cushion when you need it most, giving you flexibility to cover expenses your health insurance may not.
Learn more about critical illness insurance
What is accident insurance? Accident insurance pays a lump sum benefit if you suffer a covered injury, such as a fracture, burn, or concussion, from an accident.
Accident insurance benefits are paid on top of any other insurance benefits you may receive, and you can use the money for any purpose you want. For example, you can use it to cover deductibles, co-pays, or other out-of-pocket expenses, or to pay for extra care, travel, or household needs.
Accident insurance can help you cope with the unexpected costs of an accident, as accidents can happen to anyone, anytime, and anywhere. Accident insurance can provide some extra cash when you may need it most.
Key takeaway: Accident insurance helps cover out-of-pocket costs from unexpected injuries that your health insurance may not fully pay for.
Learn more about accident insurance
What is hospital indemnity insurance? Hospital indemnity insurance pays a set cash amount for each day you are hospitalized due to a covered injury or illness.
Hospital indemnity insurance is a benefit that pays a cash amount for each day you spend in the hospital, as long as it is due to an injury or illness covered by the policy.
The cash payment can be used for any purpose you want, giving you the flexibility to use the money on things such as deductibles, co-pays, or unforeseen expenses like childcare or help with home maintenance.
Hospital indemnity insurance can help you cover the extra costs that your health insurance plan may not cover, as hospital stays can be expensive and lengthy.
Key takeaway: Hospital indemnity insurance provides cash to help with expenses during a hospital stay, filling gaps your health insurance may leave.
Learn more about hospital indemnity insurance
Besides choosing your benefits, open enrollment is also a good time to check on your existing benefits and make sure they are up to date.
Most benefits offered by your employer, such as life insurance, retirement accounts, and more, allow you to name beneficiaries who will receive the benefits if you die.
Open enrollment is a good time to make sure you have completed this important step, and if you have beneficiaries already on file, to make sure they are still accurate.
A lot can happen in one year, such as the birth or adoption of a child, marriage, divorce, or loss of a spouse, so reviewing your beneficiaries annually is a good idea.
Learn more about naming beneficiaries
When was the last time you reviewed how much you are contributing to your 401(k), 403(b), 457 or other employer-sponsored retirement plan? If it wasn't in the past year, open enrollment is a good time to do that.
Many experts recommend saving between 10-15 percent of your salary for retirement. Are you meeting that goal, or can you increase your contribution rate by even one percent this year? Take the time to think about it and make a change if you can.
Read more about how much to save for retirement
How much life insurance should I get through work?
A common guideline is to have life insurance coverage equal to 10 to 12 times your annual income. Since employer-provided coverage is often only 1 to 2 times your salary, you may want to purchase additional voluntary coverage to adequately protect your family.
What's the difference between AD&D and life insurance?
Life insurance pays a benefit when you die from any covered cause. Accidental death and dismemberment insurance is a benefit that pays a lump sum to you or your beneficiaries if you suffer a fatal or serious injury from an accident covered by the policy. AD&D is designed to supplement, not replace, life insurance.
Can I use critical illness insurance benefits for anything I want?
Yes. Critical illness insurance pays a lump sum directly to you upon diagnosis of a covered illness, and you can use the money for any purpose — medical expenses, household bills, travel or anything else you need.
Do I need accident insurance if I already have health insurance?
Accident insurance can be a helpful supplement because it pays cash benefits directly to you, which you can use to cover deductibles, co-pays and other out-of-pocket costs that health insurance may not fully cover.
Insurance Products are issued by Securian Life Insurance Company
For questions about the benefits your employer offers, talk to your HR or Employee Benefits staff.
1. Coverage varies, so before you enroll be sure to check the policy to verify the types of injuries that are covered and those that are excluded.
2. Accidents or Unintentional Injuries. CDC/National Center for Health Statistics. Last Reviewed: February 18, 2026.
3. Coverage varies, so be sure to check the policy prior before you enroll to verify illnesses that are covered and those that are excluded.
In certain circumstances the coverage you elect may require us to approve Evidence of Insurability (EOI) before coverage takes effect; If EOI is required, you should receive correspondence from us indicating we have approved your EOI before your employer deducts or submits premiums for the portion of coverage requiring EOI; and If you have questions about whether EOI is required for coverage or has been approved, contact us at 866-889-6221.
This material provides general information to the recipient. Securian Financial cannot provide legal or tax advice, including but not limited to questions regarding Health Savings Accounts. Any questions regarding these topics should be directed to your legal and tax advisors.
Accident insurance, critical illness insurance and hospital indemnity insurance are limited-benefit products and have exclusions, limitations, reduction of benefits and terms under which the policy may be continued in force or discontinued. Product availability and features may vary by state. For costs and complete details of the coverage, contact your organization's human resources or employee benefits staff.
DOFU 6-2026
5537868
