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Group Term Life Insurance
Trust GEBA - To Complement Your Federal Benefits
GEBA’s Group Term Life coverage with New York Life Insurance Company helps make sure your loved ones are financially covered in case something happens to you.
Coverage Highlights: As a federal employee, your life insurance is based on your annual salary. With GEBA, you can apply for coverage up to $600,000 regardless of your salary.
GEBA Group Term Life may provide coverage that can help with:
- Expenses at the time of your death: medical bills and funeral/burial costs
- Ongoing and future family expenses
- Pay mortgage, credit card debt, car or student loans, etc.
- Assist with family education costs
- Help replace lost income
Consider applying for Group Term Life coverage with GEBA and join almost 17,000 satisfied members of the intelligence community and the broader federal workforce. Membership in GEBA is free as long as you maintain coverage.
Our exclusive coverage for federal employees includes*:
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
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
GEBA vs. FEGLI
*Source: https://www.insure.com/life-insurance/life-insurance-underinsured.html
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*Sponsored Family Members are not eligible for the Group Term Life Insurance but can request an appointment with a GEBA Wealth Management financial advisor to discuss Individual Life Insurance.
**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.
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.
Group Term Life Insurance underwritten by New York Life Insurance Company, 51 Madison Avenue, New York, NY 10010 on Policy form GMR.
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 policies it underwrites are available in all jurisdictions. Please check the applicable insurance brochures for current availability.
Bates: 1866327
GEBA is a nonprofit employee benefit association created by NSA employees in 1957. Our goal is to offer high quality insurance products at great prices that has our members’ best interests in mind. GEBA has been serving federal employees for over 60 years, and you can count on us to be there for you and your family.
GEBA membership is available to ALL civilian federal employees and retirees, including the military. Membership in GEBA is free and continues as long as you maintain a plan with GEBA.
