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  • Retiree Basic Term Life Insurance

    Retiree Basic Term Life insurance coverage is included when you sign up for GBP health coverage. Retirees receive a $2,500 policy. This coverage is not available to family members. The cost for Basic Term Life insurance is $2.22. The state contribution covers the total cost of the premium for a full-time retiree.

    Minnesota Life is the insurer for Basic Term Life Insurance starting January 1, 2012.

    You do not have to sign up for Retiree Basic Term Life insurance. Enrollment is automatic when you sign up for GBP health coverage. The policy will be effective when your health coverage begins.

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  • Benefits

    • Accelerated Life Benefit

      If you are diagnosed with a terminal condition, and have a life expectancy of 12 months or less, you may request payment of your coverage before your death.

    • Life Policy Claim

      Report a death to ERS. Benefits are paid to your designated beneficiary.

    • Viatical Settlement Option

      If you are diagnosed with a terminal condition, you may enter into a Viatical Settlement where you are paid a percentage of your Basic Term Life insurance benefit now.

  • Retiree Conversion Privilege

    You may convert your Basic Term Life insurance to an individual policy if your eligibility as a retiree ends.

    The individual life insurance policy does not include the Accelerated Life Benefit.