Optional Term Life Insurance

 

Your medical plan includes a $5,000 Basic Group Term Life Insurance policy with $5,000 of AD&D coverage provided for you at no additional cost.

You can buy more life insurance to protect your family in the event of your death.

Optional Term Life Election 1 or 2 (one or two times your annual salary) is available without Evidence of Insurability if you enroll within the first 31 days of employment.  You can also apply for Optional Term Life election 3 or 4 (three or four times your annual salary) through Evidence of Insurability by applying online at the ERS website.

If you do not sign up as a new employee, you can apply when you have a Qualifying Life Event or during the Annual Enrollment period, bur coverage is not guaranteed.

You pay a monthly premium for this coverage; premiums are based on your age and level of coverage. 


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.


Extended Life Insurance Benefit

Your coverage may be continued without payment of any premiums if you are younger than 60 and become totally disabled for six continuous months or more.


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.


Life Policy Claim

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


Option Term Life AD&D Benefit

Pays an additional AD&D benefit.


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

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)

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