You may buy additional life insurance on yourself through the Optional Life plan. Optional Life benefits are paid to your beneficiary if you die from any cause. As an active employee, you may buy coverage of ½, 1, 2, 3, 4, 5 or 6 times your annualized pay, up to a maximum coverage amount of $1,000,000. As a retiree, if you are younger than 70, you may have Optional Life coverage of a multiple of $1,000 up to $100,000 or the amount of coverage you had at retirement, whichever is less. The maximum at age 70 is $60,000 and the maximum at age 80 and above is $30,000.
Annualized pay means your annual pay (as of Sept. 1) divided by the number of months you work, multiplied by 12 (your annualized pay is ).
You may not purchase Optional Life coverage if you enroll in Alternate Basic Life.
Accelerated Death Benefit: If you have Basic, Optional or Alternate Basic Life coverage, you are eligible for the Accelerated Death Benefit. If a doctor certifies that you have less than 24 months to live, you may apply for immediate payment of up to 50% of your Basic Life, Optional Life or Alternate Basic Life benefits. When you die, the remaining benefit is paid to the beneficiary.
Naming a Beneficiary: You must name one or more beneficiaries to receive life insurance benefits in case of your death. You can name the same beneficiary(s) for all of your life coverage or different ones for each plan. You may also name one or more alternate beneficiaries to receive your benefit if your beneficiary(s) die at the same time or before you. You may change your beneficiaries at any time.
Waiver of Premium: If you become disabled, your premiums for Optional Life may be paid by the A&M System up to age 65. To qualify, you must be actively employed, younger than 60, and able to submit proof of total and permanent disability.