Upon retirement, are you allowed to convert the state maintained life insurance and/or optional life?Yes, as long as you had basic life insurance coverage as an active employee and did not terminate coverage at retirement. If you retire within 60 days of leaving state employment, the state will continue to pay for $5,000 of basic life insurance* coverage for your lifetime. You have 60 days from the date of retirement to make an election to port or convert the remaining basic life insurance to an individual policy through Standard Insurance Company if you meet eligibility requirements.
Additionally, at retirement, you may elect to continue purchasing any amount of MOSERS optional life insurance coverage from $1,000 up to a maximum of $60,000 (in increments of $500). However, the amount of coverage you carry into retirement cannot exceed the amount you carried while actively employed. You have 60 days from the end of the month in which you leave state employment to make an election to convert the remaining optional life insurance to an individual policy through Standard Insurance Company if you meet eligibility requirements.
Also, if you retire under the “Rule of 80” (MSEP 2000), or “Rule of 90” (MSEP 2011), you may retain all of your optional life insurance coverage until age 62. At age 62, your coverage will automatically reduce to a maximum of $60,000.
If you terminated optional life insurance coverage through MOSERS at retirement (or did not have any), it cannot be reinstated or added after retirement. Please see the Life Insurance Handbook for more information.
*MOSERS' life insurance is not available to employees of the Department of Conservation or state regional colleges/universities except for Lincoln University and State Technical College of Missouri.
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