Life Insurance

	Can I take my life insurance into retirement?
	As an active employee, you have basic life insurance that is provided by the state in the coverage amount of one times annual salary. When you retire, the amount of coverage decreases to $5,000 and the state will continue to pay for this coverage. If you have optional life insurance going into retirement, you may keep up to $60,000 under the MSEP providing you have that amount while an active member. If you retire under the MSEP 2000 and under the Rule of 80, you can keep the entire coverage amount, until age 62. At age 62, the maximum returns to $60,000 and your coverage will be adjusted accordingly. You cannot retain more optional life coverage than you had while actively employed. The monthly premiums for optional life insurance coverage will be deducted from your monthly benefit payment.
	How long does it take for my beneficiary(ies) to receive the proceeds from my life insurance?
	When we receive a certified copy of your death certificate, we will mail it to our life insurance carrier along with other pertinent documents. Normally, it takes 60 days for payment. The life insurance carrier will work directly with your beneficiaries.

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