Retiree Life Insurance
Life insurance provides a measure of financial security for your family in the event of your death. Coverage available to you depends upon when your employment ended. Consult the Retiree Benefits Handbook for complete details.
If you are an eligible retiree, you can elect to continue your life insurance if you enroll within 30 days after your employee coverage ends. After this 30-day period, you are no longer eligible for retiree life insurance. You can elect the same amount or less of the Basic, Supplemental and/or Executive Basic life in effect on the date when your employee coverage ended.
You pay the entire cost of your life insurance. The cost of life coverage is based on your age and coverage amount. If a birthday moves you to a different coverage age-group rate, the new rate is effective the month following your birthday (or on your birthday if it is on the first of the month). You may decrease your coverage at any time. However, if you decrease or drop your coverage, you cannot increase or re-enroll at a later date. Group Life coverage ends the last day of the month in which you reach age 65.
To decrease or cancel your coverage, go to My Benefits or call the Benefits Center at 800-622-5501. Your coverage change becomes effective the first day of the month following the date you submit your request.