The PEBB Program offers retiree term life insurance to eligible retirees. Retirees may also apply to for portability conversion of their existing employer-paid basic and employee-paid optional life insurance.
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Eligible PEBB retirees have the option to purchase $5,000, $10,000, $15,000, or $20,000 of coverage.
How much does retiree term life insurance cost?
Your cost depends on the amount of coverage you select and your age. The monthly premiums increase as your age increases and may change each calendar year. Your coverage does not decrease as you age.
As a PEBB retiree, you may be eligible to purchase life insurance on a self-pay basis through the following options:
- PEBB Retiree Term Life Insurance.
- Portability Provision.
- Conversion of Life Insurance Provision.
The PEBB Program provides retiree term life insurance through MetLife. Coverage is available if you:
- Meet PEBB retiree eligibility requirements,
- Were enrolled in PEBB Program life insurance as an active employee, and
- Are not on a waiver of premium due to disability.
Your dependents are not eligible for retiree term life insurance.
To enroll in PEBB retiree term life insurance
To enroll in Retiree Term Life Insurance you will need to complete the Retiree Coverage Election/Change form (Form A) and the MetLife Enrollment/Change form for Retiree plan.
Note: It may take up to 30 days to process the MetLife enrollment/change form.
The PEBB Program must receive these forms no later than 60 days after your employer-paid coverage ends. If you enroll when eligible and pay premiums on time, insurance becomes effective on your retirement date.
Your retiree term life insurance premiums will no longer be included with your PEBB medical plan premiums. What this means is:
If your retiree term life insurance is currently deducted from your pension
You don’t need to do anything. The life insurance information and premium will transfer automatically to MetLife. Note: If you increase the amount of your retiree term life insurance, this will increase your retiree term life insurance premium deducted for MetLife. Your premiums will be deducted separately from applicable medical and dental plan premiums.
If your retiree term life insurance premium is currently deducted from your bank account through the Health Care Authority’s (HCA’s) Electronic Debit Service
This will stop. You will receive a bill from MetLife for your retiree term life insurance premium and may choose to set up a new electronic deduction using the MetLife form, available by calling MetLife at 1-866-548-7139.
If you currently receive a bill from the HCA for your retiree term life insurance
This will stop. You will receive life insurance bills from MetLife, even if you make no changes to your PEBB retiree term life insurance. If you are also enrolled in PEBB medical (or PEBB medical and dental) coverage, you will continue to receive a bill from the HCA for these premiums. You will have to send checks to two different places to pay for your premiums—your retiree term life insurance premium to MetLife, and applicable medical plan (or medical and dental plan) premiums to the HCA.
Deferring life insurance
If you have deferred your PEBB retiree health coverage and become eligible for the employer contribution toward PEBB Program life insurance (for example, by returning to state service), you may keep or cancel your retiree term life insurance.
Under the Portability Provision of your PEBB employee life insurance, you can apply to continue your terminated employee Basic Life and Optional Life Insurance until age 100 if certain conditions are met. You may elect to decrease your coverage continued under the Portability Provision, but you will not be able to increase it.
The minimum amount of your life insurance that you can apply to continue under the Portability Provision is $5,000. The maximum amount will not exceed $2,000,000.
You may also apply to continue your terminated Dependent Basic Life and your spouse or state-registered domestic partner optional life insurance at the same time you apply to continue your own life insurance coverage under the Portability Provision. Dependent Life Insurance may only be continued if you (the subscriber) continue your life insurance.
To enroll in portability provision
If you're eligible for Portability due to termination or other reasons, MetLife will send you information and an application. Complete and mail to the address on the application. You may contact MetLife directly at 1-877-275-6387 with any questions.
To continue you and your dependent's life insurance under the Portability Provision, you must apply to MetLife no later than 60 days after the date your PEBB employee life insurance ends due to retirement.
If you and your dependents are not approved for coverage under the Portability Provision, you and your insured dependents may still be eligible for the Conversion of Life Insurance Provision.
Retiring employees and their dependents may be entitled to convert their life insurance to an individual policy without evidence of insurability (proof of good health). The amount of the individual policy will be equal to (or at your option, less than) the amount of life insurance you or your insured dependents had on the termination date of the policy you are converting.
To enroll in Conversion of Life Insurance Provision
If you are eligible for Conversion due to termination or other reasons, MetLife will send you information and an application. Complete and mail to the address on the application. You may contact MetLife directly at 1-877-275-6387 with any questions.
You must apply to continue your coverage under the Conversion of Life Insurance Provision. The conversion period is 31 days after the date your PEBB employee life insurance ends due to retirement. You will have a total of 60 days to apply for conversion coverage after your life insurance ends.
Who can I name as my beneficiary?
You can name any beneficiary you wish when you complete the MetLife retiree enrollment/change form, or anytime during the year by contacting MetLife. If you die with no named living beneficiary, payment will generally be made to your survivors in this order:
- Spouse* or state-registered domestic partner
*If you're married and want to name someone other than your spouse as beneficiary, or if you have special estate planning needs, please seek legal/tax advice before you complete your beneficiary designation.
What if I become disabled?
If you become disabled after the effective date of this insurance, you must continue making premium payments to keep your insurance in force.
How do my survivors file a claim?
If you die, your beneficiary should call MetLife at 1-866-548-7139. Your beneficiary should also notify the PEBB Program of your death. We may share this information with the Department of Retirement Systems to better serve your survivors.
To cancel your Retiree Term Life Insurance you must complete MetLife’s Retiree Cancellation Form and send it to:
MetLife Recordkeeping Center
P.O. Box 14406
Lexington, KY 40512-4406
Note: If you are a retiree, cancelling Retiree Term Life coverage is permanent. You may not reapply to Retiree Term Life in the future.
Phone: 1-866-548-7139, benefits specialists available Monday through Friday, 5 a.m. to 8 p.m. Pacific Time (except for the major holidays).
- Customer support for questions about your account, benefit options, claims, beneficiaries, and billing.
- 24/7 automated customer support to order forms, confirm coverage, and verify beneficiaries.