As a retiree, you may take your basic life insurance into retirement. As a retiree you must pay for the basic life insurance. The cost associated with the benefit is currently $1.54/per thousand. At age 70, note that basic life will reduce by 75% of the volume to no less than $10,000.
Example: If you have $30,000 worth of basic life Insurance at 70 this will reduce to $10,000 in basic life Insurance.
Retiree Supplemental Life
If you currently have supplemental life insurance as an active Employee, you may carry up to 2x times of your supplemental life insurance into retirement. At age 70, note that supplemental life insurance will reduce by a true 75% of the volume.
Example: If you have $30,000 worth of Supplemental Life this will reduce to $7,500.
Life Insurance Claim
The City of Savannah’s Benefits Team is here to help you make this process as easy as possible. When you lose a loved one that has City of Savannah life insurance, contact Barbara Veiock by email or 912.525.2407.
As Part of the Group Life Insurance Plan, You Also Receive Life Services Toolkit
The Life Services Toolkit Provides
Life Services Toolkit Phone Assistance Line: 800.378.5742