Optional Group Life Insurance Benefit
If you are enrolled in the Optional Group Life Insurance Program, you may continue a portion of your coverage into retirement. You as well as your spouse and dependent children, if enrolled, must have been continuously covered during the 60 months preceding your retirement date.
Accidental death and dismemberment coverage ends upon retirement. Optional life insurance amounts will reduce by 25 percent based on your age, beginning with your normal retirement age under your plan; coverage ends at age 80. The maximum amount of optional group life insurance coverage in retirement is $275,000. You must elect to continue your coverage within 31 days of your retirement date. This option is not available after 31 days.
You as well as your spouse and dependent children, if enrolled, can convert your coverage to an individual policy within 31 days of the last day of the month in which you leave your position. Proof of good health will not be required. You will be billed for the premiums. Submit a Conversion of Group Life Insurance Enrollment (VRS-35E) to Minnesota Life. This option is not available after 31 days.