Life Insurance

Your survivor benefits provide:

• Your group term life insurance is immediately payable to your spouse or beneficiary, based on your age at the time of your death and your reported compensation.
• Your group term life insurance benefit will include an additional year’s annual pay if you die from accidental causes.
• Your Retirement Plan account is payable to your spouse or named beneficiary when you die.
• Your eligible children will be entitled to a monthly allowance until they reach age 21.
• Your employer paid group medical coverage, for your spouse and dependent children, if any, may be continued for two years after your death at no cost to your spouse.
• You will receive, in retirement, a group term life insurance benefit of $8,000 if you are eligible, based on years of Retirement Plan membership.

Your Group Term Life Insurance Coverage While An Active Member

Your designated beneficiary will receive a lump-sum payment of group term life insurance at the time of your death. The amount payable is based on your annual compensation upon which premiums were last paid as well as your age and length of your plan membership at the time of your death, as presented on the chart below. There is a reduction in benefits, if your death occurs before you have two years of membership. The death benefit is not taxable income to your beneficiaries. An accelerated (advanced) partial payment of your group term life insurance may be available if you have a terminal illness and are expected to die within 2 years.