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Life Insurance in Retirement
How much money would $60,000 life insurance cost after you retire?
The cost of life insurance coverage through MOSERS depends on your age. Please use the Optional Life Insurance Calculator to determine what your monthly premium will be in retirement. Please keep in mind the following regarding life insurance in retirement:
- You may retain up to $60,000 in coverage if you are a member of MSEP.
- You may retain all of your optional coverage until age 62 if you are a general state employee who retired under the “Rule of 80” (MSEP 2000) or the “Rule of 90” (MSEP 2011). At age 62, your coverage will automatically reduce to a maximum of $60,000.
- To keep your optional coverage, you must submit the Retain/Change Optional Life Insurance form (available in myMOSERS). Use the same form to reduce or terminate your coverage at any time.
- Please note that you have 60 days from your retirement date to port or convert (continue) any remaining optional life insurance through The Standard.
- You cannot increase your coverage after retirement.
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We strive to provide the most accurate information possible in our answers to Rumor Central questions. However, occasionally, laws, policies or provisions change and individual circumstances may vary. Please contact a MOSERS benefit counselor or see the handbooks in our website Library for more detailed information. If there is any difference between the information provided in this blog or on the MOSERS website and the law or policies that govern MOSERS, the law and policies will prevail. See our Privacy, Security & Legal Notices for more information.