Recently, the District has approved enhancements to the Life Insurance plans offered by The Standard Life Insurance Company (“The Standard”). The following enhancements are effective beginning in early 2017 and may impact your decision to sign up for coverage during this open enrollment period. Be sure to review the enhancements and supplemental information below for more details.
- Spouse/Domestic Partner Life Insurance – There will no longer be an automatic termination of the spouse/domestic partner life insurance policy at age 70. Instead, coverage will continue beyond age 70, though it will be subject to the age reduction schedule based on the member’s age.
- Dependents’ Life Insurance (Spouse and Child) – Members will be able obtain coverage for their dependents up to 100% of the member’s Additional Life insurance coverage (not to exceed $150,000 for spouses/domestic partners or $10,000 for children).
- Additional Life Schedule of Benefits – Members will be able to apply for Additional Life Insurance in increments of $10,000, from $10,000 up to $300,000, but not exceeding 5X their annual earnings.
The last two enhancements noted above will only be effective should you decide to enroll in these life insurance plans during this open enrollment period (ending December 2, 2016). For more information about these enhancements and to review your options, please review the additional materials below provided by The Standard.
