Basic Term Life for Retirees
If you enroll in a GBP health plan, you will be automatically enrolled in a $2,500 Basic Term Life Insurance policy through Securian. The policy will be effective when your health coverage begins.
Basic Term Life Policy Claim
If you die while insured, your beneficiary= or a person lawfully authorized to represent you or your estate, must contact ERS to obtain the instructions and forms required to file a claim for benefits.
Accelerated Life Benefit
You can get a lump-sum payment of your Basic Term Life coverage if you are diagnosed with a terminal condition and have a life expectancy of 12 months or less. In being paid this sum before your death, your beneficiary(ies) will NOT get a benefit from the Basic Term Life policy at your death.
Steps to file a claim for Accelerated Life Benefit.
Extended Life Insurance Benefit
If you are younger than 60 and become totally disabled, you may qualify to continue your Group Term Life Insurance without having to pay any premiums. You must apply for this benefit within 6-18 months from the onset of your disability.
Steps to file a claim for Extended Life Insurance Benefit.
Viatical Settlement Option
If you are diagnosed with a terminal condition, you may want to sell your insurance policy to a viatical settlement company for a lump sum cash payment. The company that buys your policy becomes the permanent beneficiary of the life insurance benefits at the time of your death.
You will need to research and select a Viatical Settlement provider. Upon your death, payment will be made to the Viatical Settlement provider if your life insurance is still in force.
Note: If you have received an Accelerated Life Benefit, you will not be eligible to elect a viatical settlement option.
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.