Retiree: Life Insurance Plans

Retiring employees may purchase term life Insurance, continue supplemental and/or dependent life insurance, and access additional benefits such as legal, financial, travel and legacy planning.

Smiling man with hand on chin

Basic Group Term Life Insurance

Pinellas County retirees may purchase Basic Group Term Life Insurance from Securian Financial. Plan documents are issued by Minnesota Life Insurance, a Securian affiliate. Use the Enrollment and Change Form to purchase or change coverage.

  • The amount of life insurance may be any multiple of $1,000 up to the employee’s annual salary at the time of retirement.
  • Minimum amount is $5,000 and maximum is $100,000.
  • The insurance requires no evidence of insurability.
  • For coverage terms and conditions, refer to the Life Insurance Plan.
  • To designate or change your beneficiary, complete the Life Insurance Beneficiary Designation Form.
  • Premium Cost: See the table below. Please note that the rates are not guaranteed and are subject to change.
    • Example: If Karen is retiring at age 64 with an annual salary of $49,500, she may elect $50,000 in coverage for a cost of $41.50 per month.

2022 Life Insurance Premiums and Reduction in Policy Value

Attained AgeMonthly Premium Per $1,000 of CoverageValue of Policy
45-49$ .20no reduction
50-54$ .29no reduction
55-59$ .54no reduction
60-64$ .83no reduction
65-69$1.5865%
70-74$2.5745%
75-79$2.5730%
80 and over$2.5720%
  • Reduction in Coverage: For those age 65 and above, the amount of coverage elected will be reduced as shown in the table above.
    • Example: Karen has $50,000 in life insurance.
    • When she turns 65, the policy value will be reduced to a value of 65% which is $32,500 (cost $50.56/month).
    • When she turns 70, her policy value will be reduced to a value of 45% which is $22,500 (cost $57.83/month).
    • When she turns 75, the policy value will be reduced to a value of 30% which is $15,000 (cost $38.55/month)
    • When she turns 80, the value will be reduced to a value of 20% which is $10,000 (cost $25.70/month).

Supplemental/Dependent Life Insurance

If you have supplemental and/or dependent life insurance when you retire, you will receive information from Securian Financial Group about continuing the coverage.

WrapPlan (Transamerica)

  • The plan is not open to new enrollees.
  • Employees who have an active WrapPlan Group Universal Life Insurance policy must convert to an individual policy at retirement.
  • To close out your account, use the Request for Surrender Form.
  • For details, contact WrapPlan (Transamerica) customer service at (888) 763-7474.

Additional Benefits

Retirees, spouses and insurance-eligible children have access a variety of resources:

  • Legal, financial and grief resources – Visit LifeBenefits.com/LFG (user name: LFG and password: resources) or call (877) 849-6034.
  • Travel assistance – Visit LifeBenefits.com/travel or call (855) 516-5433.
  • Legacy planning resources – Visit Securian.com/legacy
  • Beneficiary financial counseling – Beneficiaries receiving $25,000 or more will be invited to take advantage of this program when the life insurance claim is paid.

5/20/22