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Group Term Life Insurance
As your family grows, GEBA has the coverage to help provide for your family’s future.
GEBA’s Group Term Life Insurance Plan, with coverage issued by New York Life Insurance Company, was designed to help your family realize their hopes and dreams for the future in the event of an unexpected death. Your Term Life Insurance Plan will help provide money for the mortgage, for the college education you want for your children or to help ensure your partner can retire in comfort, even when you’re not there.
GEBA vs. FEGLI
Did you know that about half of Americans with insurance are underinsured? People with only group term life insurance have an average coverage gap of $225,000.* FEGLI alone may not be enough. GEBA offers Group Term Life Coverage you can keep, even if you leave the federal workforce or retire. Interested in how they stack up? See the difference with our GEBA vs. FEGLI comparison calculator.
GEBA's Group Term Life Insurance** Includes
Apply anytime – no “open season”
Coverage up to $600,000 for members. Up to $300,000 for spouse/domestic partner coverage or 100% of the member’s coverage amount, whichever is less
$20,000 in coverage for dependent children (up to age 26)
Coverage for Acts of War and Terrorism
Coverage you can keep when you retire or leave your job
$50k guaranteed coverage for those 50 and younger
Accelerated Death Benefit – access coverage funds to pay for anything you want if diagnosed with a terminal illness*
Coverage for Accidental Death & Dismemberment, at no additional charge, equal to 50% of the member’s life insurance amount
*Please note that receipt of Accelerated Death Benefits may affect your eligibility for public assistance programs and may be taxable. Prior to applying to receive such benefits, you should consult with the appropriate social services agency and seek the advice of a qualified tax advisor.
The “Accelerated Death Benefit” option is available to help terminally ill insureds during a difficult, and often financially challenging time. Under this provision you may request one advance payment equal to 75%, but not more than $250,000, of a qualified terminally ill person’s in force life insurance to be paid while that person is still alive.
The request must be made at least 12 months prior to the insured person’s scheduled coverage termination age and the amount of insurance payable after the insured’s death will be reduced by this payment. (Premium contributions will not be reduced.) If a scheduled reduction in coverage will occur within one year of the date the Accelerated Death Benefit will be paid, the benefit payable will be 75% of the reduced coverage amount.
For additional details and limitations, please see the Certificate of Insurance.
**Sponsored Family Members are not eligible for the Group Term Life Insurance Plan but can request an appointment with a GEBA Wealth Management financial advisor to discuss Individual Life Insurance.
Are You a New Employee?
If you are age 55 or younger and within 60 days of hire date, GEBA offers $100K Guaranteed Individual Coverage and $50K Guaranteed Spouse/ Domestic Partner Coverage.
The Strength of New York Life
GEBA is proud to partner with New York Life Insurance Company, a recognized leader in the group insurance field, and one of the largest and most respected life insurance companies in the nation. Since 1845, New York Life has kept the promises made to protect policy owners and their beneficiaries. And each promise is backed by stability and proven financial strength. Learn more about New York Life and additional policy information here.
The NEW YORK LIFE Box Logo is a registered trademark of New York Life Insurance Company and is registered in the United States and in other countries around the world.
*Source: https://www.insure.com/life-insurance/life-insurance-underinsured.html
New York Life’s state of domicile is New York, and NAIC ID # is 66915.
New York Life is licensed/authorized to transact business in all 50 United States, the District of Columbia, Puerto Rico, and Canada. However, not all group plans it underwrites are available in all jurisdictions. Please check the applicable insurance brochures for current availability.
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