Life Insurance Coverage Options

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Coverage Options:

  • Basic Term Life:  Provides one times previous year’s WRS earnings, rounded to the next higher $1,000 (if not already a multiple of $1,000).
    • At age 70 (if still actively employed), coverage for employees automatically continues and reduces to 25%*. No further premiums are due from the employee to continue this coverage. 
    • If retired, coverage continues at 100% until age 65. • Coverage reduces to 75% at age 65, 50% at age 66, and 25%* at age 67. •
    • Premiums are deducted from monthly annuity until age 65. Thereafter insurance is free for the lifetime of the retiree. 
  • Supplemental Term Life:  One times previous year’s WRS earnings, rounded to the next higher $1,000 (if not already a multiple of $1,000). At age 70 (if still actively employed), coverage for employees terminates. If retired, coverage continues at 100% until age 65 and then coverage ends.
  • Additional Term Life:  One, two or three times previous year’s WRS earnings, rounded to the next higher $1,000 (if not already a multiple of $1,000). If retired, coverage continues at 100% until age 65 and then coverage ends. * 50 percent for local governments who have opted for the higher post-retirement benefit.
  • Spouse and Dependent Term Life: Coverage options available:
    • Spouse – $10,000 Each dependent child – $5,000  
    • Spouse – $20,000 Each dependent child – $10,000 •
      • An insured employee’s lawful spouse and dependent children are eligible for coverage. • Eligible child is defined as age 14 days to 19 years (or up to age 25 if a full-time student at an accredited post-secondary school). Coverage may continue for handicapped children. Coverage ceases when employee reaches age 70 or retires, whichever occurs first.

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