Select/Optional Life Insurance for Retirees
The State of Alaska is pleased to provide you with the opportunity to continue your Select Life Insurance after retirement. After retirement, your Select Life plan will be called Optional Life, with one change in the benefits: the Accidental Death and Dismemberment benefit is not available after retirement.
Select/Optional Life Plan Highlights
- Premium is paid by the retiree
- Available to retirees who had coverage as active employees
- Provides lesser amounts of coverage for dependents
If you participated in the State’s Select Life Insurance Plan as an active employee, you may elect to continue this coverage at the time you are appointed to receive a retirement benefit from the Public Employees’, Teachers’, Judicial, or Elected Public Officers’ Retirement Systems.
If you elect Life at the time of retirement, you are also covered in the event your spouse, or a qualifying child, pre-deceases you.
- Your spouse. You may be legally separated but not divorced. You will receive $1,000 if your spouse pre-deceases you.
- Your children from 14 days old up to age 19, and 19-23 if they are a full time student. You will receive $1,000 if your child under age 19, or 19-23 if they are a full time student, pre-deceases you.
You must elect this coverage before appointment to a retirement benefit. To meet this deadline, your Select/Optional Life Insurance Continuation/Waiver Form must be completed and postmarked or received by the above deadline. If you do not elect this coverage within this time frame, you waive your right to elect this coverage at a later date.
You may elect to discontinue this coverage at any time by notifying the Division of Retirement and Benefits in writing. Once you have dropped your coverage, you may not reinstate it.