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Life Insurance After Retirement

Oct 4, 2024, 11:55 AM by MOSERS
Can you retain your state life insurance when you retire? If so, how?
The answer to your question is yes.

If you retire within 65 days of leaving state employment, the state will continue to provide $5,000 in basic life insurance coverage at no cost to you, provided you had basic coverage while actively employed. You may retain up to $60,000 in optional life insurance, provided you had at least that amount while actively employed. You may retain all your coverage until age 62 if you retire under the “Rule of 80” in the MSEP 2000 or under the “Rule of 90” in the MSEP 2011. At age 62, the coverage amount will automatically reduce to $60,000. You may reduce or terminate your optional life coverage amount after you retire, but you may not increase it.

At retirement, your premium will be deducted from your monthly pension benefit and may be adjusted every January based on your age and the amount of life insurance coverage you elected. You may continue coverage for your lifetime, as long as you pay the premiums and meet the terms of the group policy.

See The Standard – Benefits at a Glance for MOSERS Members brochure for more information about retaining life insurance at retirement.
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