Life insurance, insured by The Hartford Life and Accident Insurance Company, helps provide for your family’s economic well-being in the event of your death. This benefit is paid to your designated beneficiaries.
Survivors, Elderly Governmental Retirees (EGRs), COBRA enrollees, and retirees in the GIC municipal health-only program are not eligible for GIC basic or optional life insurance.
Basic life insurance
GIC Retired Municipal Teachers (RMTs) are eligible for basic life insurance only in an amount determined by the city or town from which they retire. Survivors, Elderly Governmental Retirees (EGRs) enrollees are not eligible for GIC basic or optional life insurance.
Optional life insurance
Optional life insurance is available to provide economic support for your family. This term insurance allows you to increase your coverage up to eight times your annual salary, up to a maximum of $1.5 million. Term insurance pays your designated beneficiary in the event of your death. It is not an investment policy; it has no cash value. This is an employee-pay-all benefit.
How much do you need?
To estimate how much optional life insurance you might need, or whether this coverage is right for you, consider such financial factors as:
- Your family’s yearly expenses;
- Future expenses, such as college tuition or other expenses unique to your family;
- Your family’s income from savings, other insurance, other sources; and
- The life insurance cost and your family’s outstanding debts. For instance, employees with young families and mortgages might need the coverage. But older employees who have paid off their mortgage and have no dependent expenses might not need it, especially because premiums increase significantly as you age.
Optional life insurance after retirement
At retirement, you should review the amount of your optional life insurance coverage and its cost to determine whether it will make economic sense for you to keep it or reduce your amount of coverage. If you have paid off your home and other debts, such as student loans, talk with a financial advisor about other programs that might be more beneficial. If you make no change to your optional life coverage at retirement, you will be responsible for the retiree optional life insurance premium, which can be substantial. Optional life insurance rates significantly increase when you retire, and continue to increase based on your age. You may decrease, but cannot increase, your amount of life insurance after you retire. If you decrease coverage and then later want to increase up to the amount you carried at the time of retirement, you may do so only with proof of good health acceptable to The Hartford.
Optional life insurance non-smoker benefit
During Annual Enrollment, retired state employees who have been tobacco-free (have not smoked cigarettes, cigars or a pipe nor used snuff, chewing tobacco or a nicotine delivery system) for at least the past 12 months are eligible for reduced non-smoker optional life insurance rates effective July 1, 2018. Enrollment form is available on GIC’s website, mass.gov/gic-forms. You will be required to periodically recertify your non-smoking status in order to qualify for the lower rates.
My Tomorrow website
The Hartford's My Tomorrow Website is an online tool to help you better understand your optional life insurance benefit. It is designed to help you:
- Make smart, affordable benefit choices to help protect your income.
- Get quick access to key benefit details, real-life stories and more.