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The following coverages are available to Retired Employees for Plan Year 2008, effective September 1, 2007*.
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Basic Group Term Life Insurance with Accelerated Life Benefit:
The following coverage is available to you at no cost when you enroll in a Group Benefits Program health plan at retirement:
- $2,500 Basic Group Term Life
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Optional Group Term Life Insurance with Accelerated Life Benefit:
If when you retired you did not have optional term life insurance or had less than $10,000 of coverage, you may apply during next year's Summer Enrollment to enroll in or increase your optional term life insurance to $10,000 of coverage.
If Election I is in effect on the date you retired, you may continue Election I after retirement. If Election II, III or IV is in effect on the date you retired, you may elect Election I or continue Election II.
- Election I and II are subject to age-based benefit reduction factors if you turn 70 after the date of retirement
- Premiums are based on your age on September 1 of each year
- Any reduction in the amount of coverage may be converted to an individual whole life policy with Fort Dearborn Life
Minimum Optional Group Term Life. If you were not enrolled in Optional Group Term Life on the date you retired, you may be eligible to enroll in Minimum Optional Life:
The amount of life insurance is $10,000 and Evidence of Insurability is required.
Accelerated Life Benefit¹:
Accelerated Life Benefit is included with Basic and Optional Group Term Life. For those enrolled in Basic Group Term Life only, the Accelerated Life Benefit provides a lump sum payment to you, if you have a diagnosed Terminal Condition. The amount of the payment will reduce your Basic Group Term LIfe amount to zero and there will be no benefits payable at your death.
For those enrolled in Basic and Optional Group Term life, a lump sum payment will be provided to you at your request, of up to 80% of your Group Term Life coverage if you have a diagnosed Terminal Condition. The amount of your Group Term Life coverage will be reduced by the amount of any Accelerated Life Benefit payment that is made. The remaining coverage amount will be the amount payable to your designated beneficiary upon your death.
See your Current Benefits Book for complete details.
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Dependents' Group Term Life Insurance with Accelerated Life Benefit:
As a Retiree who had Dependent Life coverage prior to retirement, you may select coverage for your eligible spouse and all eligible dependent children as follows:
- $2,500 Dependents' Group Term Life
If you were not enrolled for Dependent Life coverage immediately prior to your retirement, you may apply through the Evidence of Insurability process to enroll in or add dependents to Dependent Term Life at any time after their first 31 days as an eligible dependent.
Accelerated Life Benefit¹:
Accelerated Life Benefit is included with Dependents' Group Term Life coverage and provides a lump sum payment to you, at your request on behalf of a dependent, of that dependent's Group Term Life Insurance if your covered dependent has a diagnosed Terminal Condition.
The amount of the payment will reduce that Dependent's Group Term Life Insurance amount to zero and no benefit will be payable at your dependent's death. See your Current Benefits Book for complete details.
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