Your Basic Life, Option A-Standard, Option B-Additional and Option C-Family insurance coverages (depending on what coverage you may have) are continued into retirement if:
- you retire on an immediate annuity (one which began within a month after you separated); and
- you were insured for the five years of service immediately preceding your annuity commencing date or for the entire period(s) during which the coverages were available to you; and
- you do not convert your life insurance to an individual policy.
If you are receiving annuity payments, your life insurance premiums are withheld from your annuity.
Note: Under FERS, an immediate annuity includes eligibility for an annuity if you separate at the minimum retirement age and have 10 years of service. If you meet the three requirements above, you may continue your life insurance coverage as a retiree even if you choose to postpone receipt of your annuity. If you do choose to postpone receiving your annuity, your coverage stops until the date your annuity begins. If you want to continue the coverage you had when you separated, it will resume when your monthly payments begin, even if you convert your life insurance to an individual policy upon your separation for retirement.