Plan overview

Basic term life insurance

You are automatically enrolled for Basic Term Life Insurance of $2,500 when you enroll in a Group Benefits Program health plan. Your Basic Term Life Insurance benefit is convertible to an individual policy.

Optional term life insurance

You may be eligible to continue Optional Term Life Insurance in retirement.

• If Election 1 (one times your annual salary) is in effect on the date you retire, you may continue Election 1 after retirement.  Life Evidence of Insurability (EOI) is not required.
• If Election 2 (two times your annual salary), Election 3 (three times your annual salary) or Election 4 (four times your annual salary) is in effect on the date you retire, you may elect to continue Election 1 or Election 2.  Life EOI is not required.

If you turn age 70 after the date of your retirement, Election 1 or Election 2 are subject to age-based benefit reductions.  These benefit reductions are shown in the Summary of Benefits.  Any coverage lost due to age-based benefit reductions is convertible to an individual policy. Premiums may be higher than those paid by active employees.

Medicare-eligible retiree premiums are based on their age as of January 1. All other retiree premiums are based on their age as of September 1. 

Retiree fixed optional life insurance

If any Optional Term Life Insurance Election is in effect on the date you retire, you may elect Retiree Fixed Optional Life Insurance coverage of $10,000.  Life EOI is not required.

If you are not enrolled in any Optional Term Life Insurance Election on the date you retire, you may be eligible to enroll in $10,000 of Retiree Fixed Optional Life Insurance.  Life EOI is required for this election.  We may require a paramedical exam. You may apply:

• At the time of your retirement; or
• During annual enrollment; or
• At the time of a qualifying life event (QLE)

Retiree Fixed Optional Life Insurance is not subject to age-based benefit reductions.

Premiums for this coverage are not based on your age.

Any Optional Term Life Insurance you do not continue as group coverage is convertible to an individual policy. Premiums may be higher than those paid by active employees.

Dependent term life insurance

If you are a retiree and your dependents were enrolled in Dependent Term Life Insurance coverage prior to your retirement, you may elect to continue $2,500 for your spouse and all eligible children*. Life EOI is not required.

If you are a retiree and your dependents were not enrolled for Dependent Term Life Insurance immediately prior to retirement, you may apply for $2,500 of Dependent Term Life Insurance for your spouse and all eligible children*. Life EOI is required. We may require a paramedical exam. You may apply:

• At the time of your retirement; or
• During annual enrollment; or
• At the time of a qualifying life event (QLE)

*Eligible dependent children are from live birth to age 26, unmarried.  Dependent child coverage can be extended for a disabled child.