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Life Insurance
Group Term Life Insurance
Group term life insurance protects your family from financial
hardship in case of death. The insurance provided in the MOSERS
plan is “term” insurance. This means your insurance has no
cash or loan value.
Retaining Life Insurance at Retirement
Life insurance coverage available at retirement is based on
the laws in effect on the date you left state employment.
Depending on when you retired, you may have been eligible
to retain a certain amount of basic and optional life insurance.
In order to retain optional life insurance at retirement,
you must have:
- Retired within 60 days of leaving state employment, and;
- Have had optional life insurance coverage while actively employed. The amount of coverage you retain cannot exceed the coverage amount you carried. (The maximum coverage amount you may retain at retirement is $60,000, unless you retire under the "Rule of 80" in the MSEP 2000 plan. Under this rule, you may retain all of your optional life coverage until age 62, when the amount wll reduce to a maximum of $60,000.)
To check the amount of life insurance coverage you have through
MOSERS, please login.
Life Insurance Beneficiary Designations
It is important to keep your beneficiary designations updated.
You may name one or more beneficiaries to receive the proceeds
from your life insurance. If you need to update your beneficiary
designation, please either
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