life Insurance and accidental Death & Dismemberment (AD&D)
Life and Accidental Death &
Dismemberment (AD&D) Insurance
Life and AD&D insurance help provide for your beneficiary’s
well-being in the event of a serious accident or death.
Insured by The Hartford Life and Accident Insurance Company, life and AD&D insurance helps provide for your beneficiary’s well-being in the event of a serious accident or death. This benefit is paid to your designated beneficiary(ies). Survivors, Elderly Governmental Retirees (EGRs), COBRA enrollees, and retirees in the GIC municipal health-only program are not eligible for GIC basic or optional life insurance.
basic life insurance
If you wish to keep your GIC health insurance coverage, you must keep $5,000 in basic life insurance.
optional life insurance after retirement
If you make no change to your optional life coverage at retirement, you will be responsible for the retiree optional life insurance premium, which can be substantial.
Optional life insurance rates significantly increase when you retire, and continue to increase based on your age. You may decrease, but cannot increase, your amount of life insurance after you retire. If you decrease your coverage and then later wish to increase it, the increased amount will be subject to proof of good health.
This coverage is called “term” insurance; this means there is no cash value associated with it.
Optional life insurance premiums increase as you age. You can check the amount of your optional life insurance on your annual benefit statement.
Optional Life Insurance Non-Smoker Benefit
Retired state employees who have been tobacco-free are eligible for reduced non-smoker optional life insurance rates effective July 1, 2020. Tobacco-free means you have not smoked cigarettes, cigars or a pipe, used snuff or chewing tobacco or any nicotine delivery system for the previous 12 months. This benefit is only available for enrollment during the Annual Enrollment period. If this applies to you, the enrollment form is available on GIC’s website, bit.ly/gicforms. You will be required to periodically recertify your non-smoking status in order to qualify for the lower rates.