Group Life Insurance
Granbury ISD pays the entire cost of providing all eligible employees with a $25,000 Basic Group Life Insurance Policy.
Lincoln Financial Group (through the TASB Risk Management Fund Group) will provide each employee with a Life Insurance Certificate of Coverage for your basic group policy. Please contact them at 1-800-523-2144 or www.lfg.com for additional information or to replace a lost certificate.
Changes to Lincoln Financial Group Life Insurance
Effective June 1, 2010:
The Optional Personal Life and AD&D Insurance guarantee issue amount for employees who are between ages 60 and 69 has been increased to $30,000 from $25,000.
Effective September 1, 2010:
The Basic and Optional Personal Life and AD&D Insurance age reduction schedule has been changed to one reduction level; at age 70, benefits will reduce by 50% of the original amount and will terminate when the Insured Person retires.
The Optional Personal Life and AD&D Insurance guarantee issue amount of $100,000 will be allowed for employees under age 65. Previously this was only extended to employees under age 60. This is a further enhancement to the June 1, 2010 amendment. Now the guarantee issue amount for employees under age 65 will be $100,000. The guarantee issue amount for employees ages 65-69 will be $30,000.
The guarantee issue enhancements noted above will be for new employees hired on or after September 1, 2010 or for any pre-approved open enrollment that is to be effective September 1, 2010 or later. This will not change any in force coverage.
Click here for a copy of the new policy.
