Update on Basic Life Insurance Premiums:
The premium holiday for basic life insurance will end 31 Dec 18. The new rate for both employees and employers will be 11 cents per $1000 dollars of coverage. Employees who wish to discontinue their basic life insurance coverage in 2019 need to dis-enroll by visiting their local HRO during NAF Open Enrollment, normally held in November of each year.
Having Life Insurance provides your loved ones financial security in the event of your passing, life insurance pays money directly to your beneficiaries. In addition to covering your family's daily expenses, life insurance can help your beneficiaries:
- Maintain their standard of living
- Pay off any household debt
- Secure your children's education
- Supplement retirement savings
Group life insurance provided through U.S. Army IMCOM is a great way to fill gaps in coverage and the buying power of a large group helps keep rates affordable.
Buying life insurance at work is convenient. You pay premiums through a payroll deduction.
Think Ahead. Plan Now. Protect your Loved Ones.
Life Insurance Plan
- Basic Life Insurance of one or two times salary up to $500,000
- Cost is only fourteen cents per thousand of coverage
- Optional life insurance up to two times basic insurance up to a maximum of $500,000. Employee pays full premium.
- The first level of Dependent Life Insurance ($5000 spouse and $2,500 each dependent child to age 26) is available at no cost to the employee and is included in your basic life insurance election. Each additional level (levels 2 through 5) of dependent life insurance is available up to 5x ($25,000 spouse/$12,500 child). Employee pays $1.25 per level above the first level. For example, if the employee elects level 4 coverage ($20,000 spouse/$10,000 child), the employee would pay $3.75 per pay period.
- Living benefits if doctor certifies less than 1 year to live. Can receive up to half of basic life insurance while living.
- Free retiree life insurance if you meet minimum qualifications and elect immediate retirement benefit.
- See your Human Resources Office to enroll in the life insurance plan within 31 days of employment or during the open enrollment period.
Life Insurance Plan Information Material: