Trs: Life Insurance Benefits And What To Expect

The Texas Employees Group Benefits Program (GBP) offers life insurance to its retirees and active employees. Retirees are automatically enrolled in Basic Term Life Insurance, which pays $2,500 to the beneficiary upon death. Active employees enrolled in a GBP health plan also automatically receive Basic Term Life Insurance, but at a higher amount of $5,000, in addition to $5,000 of Accidental Death and Dismemberment (AD&D) insurance, both at no cost.

TRS life insurance options for retirees

The Texas Employees Group Benefits Program (GBP) offers three types of life insurance for retirees: Basic Term Life Insurance, Optional Term Life Insurance, and Retiree Fixed Optional Life Insurance.

Every retiree enrolled in a GBP health plan is automatically enrolled in Basic Term Life Insurance, which pays a lump sum of $2,500 to your beneficiary upon your death. This serves as a foundation of coverage, with the option to build on it with additional coverage.

Optional Term Life Insurance provides additional coverage of up to two times your annual salary when you retired, with a maximum coverage of $400,000. The monthly premium is based on your coverage election, salary, and age, and the coverage begins to decrease when you reach 70 years of age.

If you already have Optional Term Life Insurance and wish to continue it upon retirement, you can choose between Election 1 or 2. If you have Election 3 or 4, your coverage will automatically change to Election 2, but you have the option to choose Election 1 or switch to the $10,000 Fixed Optional Life Insurance plan.

Retiree Fixed Optional Life Insurance pays a fixed amount of $10,000 to your beneficiary upon your death and has a set monthly premium. This plan is also available to those who do not have Optional Term Life Insurance at the time of retirement. To apply, you must submit evidence of insurability (EOI) within the first 31 days of retirement, during your annual enrollment period, or if you experience a qualifying life event.

TRS life insurance for active employees

The Texas Employees Group Benefits Program (GBP) offers three types of life insurance for retirees: Basic Term Life Insurance, Optional Term Life Insurance, and Retiree Fixed Optional Life Insurance. While these plans are for retirees, active employees in the state of Texas can also benefit from life insurance plans offered through the GBP.

Basic Term Life Insurance

This plan is automatically provided to every retiree enrolled in a GBP health plan. It offers a $2,500 benefit to the beneficiary upon the insured's death. This plan provides a basic level of coverage and can serve as a starting point for those who want to ensure their loved ones are financially protected.

Optional Term Life Insurance

This plan provides additional coverage for retirees, allowing them to choose between two coverage options: Election 1 or Election 2. The coverage amount is based on the retiree's annual salary at the time of retirement and can be up to two times their salary, with a maximum coverage limit of $400,000. The monthly premium is determined by the coverage election, salary, and age of the retiree. It's important to note that the coverage begins to decrease once the retiree reaches the age of 70.

Retiree Fixed Optional Life Insurance

The Retiree Fixed Optional Life Insurance plan offers a fixed benefit of $10,000 to the beneficiary upon the insured's death. This plan provides peace of mind at a set monthly premium, ensuring that beneficiaries receive a predetermined amount regardless of the retiree's salary or other factors.

While these plans are specifically designed for retirees, active employees can refer to the GBP's life insurance website to explore their options. The website provides valuable resources, including a plan overview for active employees, information about plan features, and an insurance needs calculator to help determine the appropriate level of coverage. By reviewing these resources, active employees can make informed decisions about their life insurance choices and ensure they have adequate financial protection for their loved ones.

TRS Basic Term Life Insurance

The Texas Employees Group Benefits Program (GBP) offers three types of life insurance for retirees: Basic Term Life Insurance, Optional Term Life Insurance, and Retiree Fixed Optional Life Insurance. This text will focus on the first of these options: Basic Term Life Insurance.

Basic Term Life Insurance is a benefit provided to active employees enrolled in a GBP health plan. This insurance is automatically received at no cost and provides a foundation of coverage for the employee. It is worth $5,000, and an additional $5,000 is provided as Accidental Death and Dismemberment (AD&D) insurance. This serves as a safety net for the employee and their eligible dependents.

Every retiree enrolled in a GBP health plan is automatically enrolled in Basic Term Life Insurance. This serves as a continuation of the benefit they would have received during their active employment. The benefit amount for retirees is $2,500, which is paid to the beneficiary upon the death of the insured. This ensures financial support for the beneficiary during a difficult time.

Basic Term Life Insurance provides peace of mind and financial security for both active employees and retirees. It is a valuable component of the overall benefits package offered by the Texas Employees Group Benefits Program. This type of insurance is essential in providing protection and stability for individuals and their families. It is a fundamental aspect of financial planning and ensures that loved ones are taken care of in the event of an unfortunate incident.

TRS Optional Term Life Insurance

As an eligible employee of the State of Texas, you can participate in Term Life Insurance programs for yourself and your eligible dependents. The Texas Employees Group Benefits Program (GBP) offers three types of life insurance for retirees: Basic Term Life Insurance, Optional Term Life Insurance, and Retiree Fixed Optional Life Insurance. This paragraph will focus on the second type, TRS Optional Term Life Insurance.

Active employees enrolled in a GBP health plan automatically receive $5,000 of Basic Term Life Insurance and $5,000 of Accidental Death and Dismemberment (AD&D) insurance at no extra cost. This serves as a foundation of coverage, which you can build upon with optional additions. One such option is TRS Optional Term Life Insurance.

If you already have Optional Term Life Insurance when you retire, you can choose to continue with the same coverage or select a different option. However, if you don't have Optional Term Life Insurance at retirement, you have the opportunity to apply for it within the first 31 days of retirement, during your annual enrollment period, or if you experience a qualifying life event.

TRS Retiree Fixed Optional Life Insurance

The Texas Employees Group Benefits Program (GBP) offers Retiree Fixed Optional Life Insurance as one of three life insurance options for retirees. The other two are Basic Term Life Insurance and Optional Term Life Insurance.

Eligibility and Enrollment

Every retiree enrolled in a GBP health plan is automatically enrolled in Basic Term Life Insurance and is eligible for only one of the optional life plans. If you have Optional Term Life Insurance when you retire, you are eligible to continue it at Election 1 or 2. If you have Election 3 or 4, your coverage will automatically change to Election 2, but you can choose Election 1 or Retiree Fixed Optional Life Insurance. You do not need to provide evidence of insurability (EOI) to continue coverage when you retire.

If you do not have Optional Term Life Insurance when you retire, you can apply for Retiree Fixed Optional Life Insurance through EOI within the first 31 days of retirement, during your annual enrollment period, or if you have a qualifying life event.

Coverage

Retiree Fixed Optional Life Insurance pays a fixed benefit of $10,000 to your beneficiary upon your death and has a set monthly premium. This is significantly more than the Basic Term Life Insurance, which pays $2,500 to your beneficiary upon death. On the other hand, Optional Term Life Insurance provides additional coverage of up to two times your annual salary when you retired (Election 1 or 2), with a maximum coverage of $400,000. However, its monthly premium is based on your coverage election, salary, and age, and the coverage begins to decrease when you reach age 70.

Additional Benefits

All life insurance participants, including those with Retiree Fixed Optional Life Insurance, have access to the Lifestyle value-added benefits, excluding travel assistance.

Frequently asked questions