How will your family manage without your income if you die? Life insurance helps protect your family’s finances in the event of your death. The Texas Employees Group Benefits Program (GBP) offers two types of life insurance for active employees: Basic Term Life Insurance and Optional Term Life Insurance.
- Basic Term Life Insurance pays $5,000 to your beneficiary in the event of your death and includes $5,000 of accidental death & dismemberment (AD&D) coverage.
- Optional Term Life Insurance provides additional coverage, including AD&D coverage, up to four times your annual salary (Election 1, 2, 3 or 4). Maximum coverage is $400,000. The monthly premium is based on your coverage election, your salary and your age. Coverage begins to decrease when you reach age 70.
- All life insurance participants have access to LifeSuite value-added services.
Eligibility and Enrollment
- Every employee enrolled in a GBP health plan is automatically enrolled in Basic Term Life Insurance. There’s no cost to eligible full-time employees. Once you have enrolled in a health plan, you don’t have to do anything to enroll in Basic Term Life Insurance.
- During your first 31 days of employment, you can enroll in Election 1 or 2 of Optional Term Life Insurance without evidence of insurability (EOI). After your first month on the job, you can apply with EOI during Summer Enrollment or with a qualifying life event (QLE). Election 3 or 4 always requires EOI.