Best Cheapest Life Insurance Companies in Cooperstown,New York

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536 Retirement
An employee who retires with an immediate annuity retains Basic Life Insurance (not accidental death and dismemberment) if all of the following requirements are met:
An employee who meets the requirements for continuation of Basic Life Insurance coverage during retirement and desires to continue such coverage must complete SF 2818. On this form, the employee elects 75 percent, 50 percent, or no reduction in the amount of basic insurance coverage after attaining age 65.
Employees who retire retain optional life insurance (not accidental death and dismemberment) if they are eligible to continue basic insurance and have had optional insurance in force for no less than:
Effective with retirements beginning January 1, 1990, or later, payment of premiums by retirees is required to retain Basic Life Insurance coverage. Rates are based on the reduction option selected on SF 2818 at time of retirement. Rates are shown below and reduction options are detailed in 536.3 .
Monthly Cost of Basic Insurance
Election
Up to Age 65
After Age 65
75% Reduction
$0.3358 per $1,000
No Cost
50% Reduction
$0.9258 per $1,000
$0.59 per $1,000
No Reduction
$2.3758 per $1,000
$2.04 per $1,000
The withholdings will begin at retirement and continue for the life of the annuity, or until the election is cancelled, or coverage is otherwise discontinued. The 50 percent or no reduction may be cancelled at any time. The amount of basic coverage is then computed as if the 75 percent reduction had been made. The retiree is not entitled to a refund of the premiums already paid.
Refer to 533.22 for cost of optional insurance coverage. Withholdings will be made from the annuity on a monthly basis and will continue through the month the retiree reaches age 65. No further withholdings are required after age 65 or retirement, whichever occurs later.
Note: For annuitants under the FERS, if the annuity is too low to cover the cost of life insurance, premiums may be paid by direct mail to OPM. OPM advises annuitants of insufficient annuity and allows them to make direct payments or decrease or cancel FEGLI coverage.
Effective at the beginning of the second calendar month following the date of retirement or age 65, whichever is later, the insurance is reduced by 2 percent each month, with a maximum reduction of 75 percent of the amount of coverage in force at retirement.
Effective at the beginning of the second calendar month following the date of retirement or age 65, whichever is later, the insurance is reduced by 1 percent each month with a maximum reduction of 50 percent of the amount of coverage in force at retirement.
The entire amount of coverage in force at retirement will continue after reaching age 65 without any reduction.
Effective at the beginning of the second calendar month following the date of retirement or age 65, whichever is later, the insurance is reduced by 2 percent each month, with a maximum reduction of 75 percent or $7,500. The full 75 percent reduction will be reached in 37 months.
Employees who retire on or after April 24, 1999, may choose to continue their Option B and/or Option C coverage without reduction into retirement. Employees may also elect how many of the Option B and C multiples they wish to continue into retirement. The monthly rates for Optional B and C Insurance in Retirement are shown as below:
Your Age Group
Option B Per $1,000 Insurance
Option C Per Multiple
Full Reduction
No Reduction
Full Reduction
No Reduction
Under age 35
$0.065
$0.065
$0.59
$0.59
35 through 39
$0.087
$0.087
$0.74
$0.74
40 through 44
$0.130
$0.130
$1.00
$1.00
45 through 49
$0.217
$0.217
$1.30
$1.30
50 through 54
$0.325
$0.325
$1.95
$1.95
55 through 59
$0.672
$0.672
$3.14
$3.14
60 through 64
$1.517
$1.517
$5.63
$5.63
65 through 69
Free
$1.517
Free
$6.50
70 and over
Free
$1.517
Free
$7.37
If an employee chooses full reduction, effective at the beginning of the second calendar month following the date of retirement or age 65, whichever is later, the insurance is reduced by 2 percent each month for 50 months. At 12:00 p.m. on the day preceding the 50th reduction, the insurance will cease with no extension of coverage or right to convert.
Annuitants with written documentation of a medical prognosis of terminal illness, indicating life expectancy that does not exceed 9 months, are eligible to elect a lump sum payment of life insurance equal to their Basic Life Insurance that would be in effect 9 months after the date OFEGLI receives a completed claim form. Premiums are discontinued from the monthly annuity. This option is not available for additional optional insurance elections.
Elections must be submitted to the OFEGLI on Form FE–8. This form is not available in local personnel services offices nor from OPM, and must be requested directly from OFEGLI by calling 800–633–4542.
Assignment means the annuitant gives up ownership of all life insurance elected under OFEGLI (except Option C — Family) with no option to rescind the decision. The annuitant no longer has the right to change beneficiaries or reduce the amount of coverage. The assignee becomes the beneficiary and the annuitant continues to pay premiums as appropriate.
Assignments are usually made for one of the following reasons:
Form RI 76–10 is required and may be obtained from the personnel services office.
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