Group Term Life Insurance
Group term life (GTL) insurance can help ensure financial security for your family and loved ones upon your death. UT System, through the vendor Dearborn National, provides eligible retired employees with basic GTL as part of the basic coverage package. Eligible retired employees also have the opportunity to purchase additional coverage at group rates.
Basic Group Term Life (GTL) Benefits
Basic group term life insurance in the amount of $6,000 is a part of the basic coverage package.
Voluntary Group Term Life Options
|Retired Employee Voluntary GTL
|Dependent Spouse Voluntary GTL*
||$3,000 (Benefit amount for spouse and each eligible dependent child)
*Retired employee must be enrolled in retired employee voluntary GTL benefits in order to elect benefits for a spouse.
When you first move from active employment to a retired employee without a break in service, you are guaranteed coverage up to the amount of voluntary GTL coverage you had in force as an active employee not to exceed a maximum of $50,000.
After your initial eligibility period to elect voluntary GTL coverage as a retired employee, evidence of
insurability is required for any increase in voluntary GTL benefits during annual enrollment or following a qualified change in status event.
Evidence of insurability is required on all spouses of retired employees who elect to enroll for voluntary GTL insurance. However, this requirement will be waived if your spouse was enrolled for voluntary GTL insurance on the last day you were an active employee and there is no break in coverage.