GROUP TERM LIFE INSURANCE
The amount of this coverage equals the employee's annual basic salary as of the beginning of the payroll year. Employees and the City share equally in the cost. Police Officers have $50,000 of coverage with the FOP Health Trust at no cost to the employees.
Employees have the option to purchase an additional amount of group term life insurance equal to the basic amount of coverage. The employee pays the full cost of this option. The employee designates one or more beneficiaries for the group term life insurance plan. This designation should be reviewed with any status change, such as marriage, birth, divorce or death. Benefits are paid to the last named beneficiary on file.
Upon termination of employment, including retirement, part or all of the coverage(s) in force can be converted to individual policies without proof of insurability.
Retirees are also eligible for $5,000 coverage in the group plan.