Continuation of Life Insurance
Waiver of Premium
Continuation of Basic Life Insurance
When you retire from Metro and receive a service pension, your basic life insurance provided by Metro continues, but is reduced from $50,000 to $10,000.
Waiver of Premium
Pensioners who are under age 60 and disabled, and who meet medical criteria set by the insurance carrier, may be eligible for a waiver-of-premium policy under Metro's Basic Life Insurance Plan. The waiver provides pensioners, at no cost to them, with life insurance coverage of $50,000 (the amount they have as active employees). At age 70, the life insurance coverage (under ING ReliaStar) decreases to $10,000. To see if you qualify, you must submit an application within two years of becoming disabled, along with medical documentation, to the insurance carrier.
Pensioners not approved for the waiver are eligible for $10,000 of basic life insurance coverage.