Retirees who had Basic Life or Voluntary Life plan 14190 as an active employee may continue with these insurances as a retiree. The following are things to keep in mind with your life insurance plan:
- The Basic Life Insurance benefit decreases to $2,000 and the monthly premium decreases to 1.08 per month with the Town contributing .86 per month towards the premium.
- The Voluntary Life Insurance benefit decreases to $5,000 and the monthly premium will be $3.90 per month - 100% paid by the retiree. The dependent coverage (if applicable) premium and amount is determined on an individual basis. This plan cancels at age 75. Please contact the Treasurer’s Office for more details.
- The Voluntary Life Insurance plan 26440 can be converted after retirement to be paid directly to Boston Mutual Life Insurance. Please contact the Treasurer’s office for the application form.