|
|
|
|
Optional Retiree Life Insurance
|
|
|
|
|
|
Article Content
 |
| Summary Information Only |
|
This Web page presents summary information only. Any error or omission here is unintentional and will be resolved in favor of plan documents or applicable federal or state law or rule.
|
|
|
| Plan Description and Rates |
|
You may enroll in continuation coverage within 60 days after your retirement date. You may enroll in conversion coverage within 60 days of the date your coverage ends. Generally, you may enroll for up to 50 percent of the amount of life insurance coverage you had on the day before your retirement date. NOTE: Special conditions apply to Standard Life insurance coverage if you converted or ported coverage you had as an employee. Contact Standard and your payroll office to ensure your life insurance information is correct.
The benefit amount will decrease by percentages as you age, beginning at age 65, with coverage decreasing by 35% at age 65, by 50% at age 75 and by 65% at age 75.
If you are retiring and your spouse or domestic partner is also a state employee, you can roll over your current optional life insurance coverage premium to the other employee's payroll deduction. Click here to download the Transfer Premium Payment form.
To enroll in conversion or continuation coverage, you must complete the Retiree Life Insurance Application and submit it directly to The Standard. Call The Standard for more information at: 1-800-242-1888.
|
Retiree Life Insurance Monthly Premium Rates
|
|
Age >
|
Under 50
|
50 – 54
|
55 – 59
|
60 – 64
|
65 – 69
|
70 – 74
|
75 - 79
|
80-84
|
85+
|
|
AMOUNT
|
|
|
|
$10,000
| $2.70
| $4.05
| $4.95
| $6.75
| $13.50
| $22.50
| $33.75
| $51.30
| $73.80
|
20,000
| 5.4
| 8.1
| 9.9
| 13.5
| 27
| 45
| 67.5
| 102.6
| 147.6
|
30,000
| 8.1
| 12.15
| 14.85
| 20.25
| 40.5
| 67.5
| 101.25
| 153.9
| 221.4
|
40,000
| 10.8
| 16.2
| 19.8
| 27
| 54
| 90
| 135
| 205.2
| 295.2
|
50,000
| 13.5
| 20.25
| 24.75
| 33.75
| 67.5
| 112.5
| 168.75
| 256.5
| 369
|
60,000
| 16.2
| 24.3
| 29.7
| 40.5
| 81
| 135
| 202.5
|
| 442.8
|
70,000
| 18.9
| 28.35
| 34.65
| 47.25
| 94.5
| 157.5
| 236.25
| 359.1
| 516.6
|
80,000
| 21.6
| 32.4
| 39.6
| 54
| 108
| 180
| 270
| 410.4
| 590.4
|
90,000
| 24.3
| 36.45
| 44.55
| 60.75
| 121.5
| 202.5
| 303.75
| 461.7
| 664.2
|
100,000
| 27
| 40.5
| 49.5
| 67.5
| 135
| 225
| 337.5
| 513
| 738
|
110,000
| 29.7
| 44.55
| 54.45
| 74.25
| 148.5
| 247.5
| 371.25
| 564.3
| 811.8
|
120,000
| 32.4
| 48.6
| 59.4
| 81
| 162
| 270
| 405
| 615.6
| 885.6
|
130,000
| 35.1
| 52.65
| 64.35
| 87.75
| 175.5
| 292.5
| 438.75
| 666.9
| 959.4
|
140,000
| 37.8
| 56.7
| 69.3
| 94.5
| 189
| 315
| 472.5
| 718.2
| 1033.2
|
150,000
| 40.5
| 60.75
| 74.25
| 101.25
| 202.5
| 337.5
| 506.25
| 769.5
| 1107
|
160,000
| 43.2
| 64.8
| 79.2
| 108
| 216
| 360
| 540
| 820.8
| 1180.8
|
170,000
| 45.9
| 68.85
| 84.15
| 114.75
| 229.5
| 382.5
| 573.75
| 872.1
| 1254.6
|
180,000
| 48.6
| 72.9
| 89.1
| 121.5
| 243
| 405
| 607.5
| 923.4
| 1328.4
|
190,000
| 51.3
| 76.95
| 94.05
| 128.25
| 256.5
| 427.5
| 641.25
| 974.7
| 1402.2
|
|
|
|
| More Information |
|
|
|
|
|
|
|
|
|
|
|
|