Visit Our YouTube Channel Email icon Visit Us on Facebook 
Home > Retirees > Insurance

  • Retiree Optional Life Insurance

    Provides additional life insurance coverage. As a retiree, you may continue Election 1 or Election 2 coverage you had as an employee or sign up for a $10,000 policy. Optional Term Life Insurance is in addition to the Basic Term Life insurance coverage provided with enrollment in GBP health coverage, and requires you to pay an additional monthly premium. This coverage is not available to family members.

    Minnesota Life button icon is the insurer for Optional Life Insurance starting January 1, 2012.

  • Texas image 

  • Eligibility in Retirement

    If you have Optional Term Life coverage at the time you retire, you are eligible to continue your Optional Term Life insurance. 

    • If you have Optional Term Life insurance Election 1 or 2 at the time you retire, you can continue either Election 1 or 2 when you retire.
    • f you have Optional Term Life insurance Election 3 or 4 at the time you retire, you can continue coverage up to Election 2 when you retire.
    • If you have any Optional Term Life insurance when you retire, you can sign up for the Retiree Fixed Optional Life insurance, a $10,000 benefit, without evidence of insurability (EOI) when you retire.

    If you do not have Optional Term Life coverage at the time you retire, you can apply through evidence of insurability (EOI) within the first 31 days of retirement. You can also apply through Life EOI during Annual Enrollment or if you have a qualifying life event.

  • Claims

    • 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 Optional Term Life coverage amount before your death.

    • 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 Optional Term Life benefit now.

    • Life Policy Claim

      Report a death to ERS. Beneficiary receives benefits paid equal to the amount of coverage.

    • Conversion Privilege

      You may convert to an individual policy if your employment ends for any reason, or you are no longer eligible for Optional Term Life Insurance.

  • Reduction of benefits starting at age 70

    Beginning at age 70, Optional Term Life coverage is reduced to a percentage of your annual salary.

    Age 70-74

    65%

    Example: Tom has an annual salary of $40,000.
    He has Optional Term Life Insurance coverage at one times
    his annual salary, which gives him a benefit of $40,000. At age 70,
    Tom’s coverage is reduced to 65% of his annual salary,
    which gives him a benefit of $26,000. ($40,000 x 65% = $26,000)

    Age 75-79

    40%

    Age 80-84

    25%

    Age 85-89

    15%

    Age 90+

    10%