Once you are accepted, coverage becomes effective on the first day of the pay period for which premiums have been deducted, or on the first day of the month following receipt of your premium payment if you are paying directly. You can keep this life insurance, either through payroll deduction or direct bill, as long as the master policy remains in force, you pay your premiums on time, and you remain employed by the Federal Government. At age 70, however, benefits will be reduced. Spousal coverage terminates at age 70. Coverage for your children will remain in force as long as they are eligible as defined, coverage for you or your spouse is in force, and the required premium is paid.
Dependents have conversion privileges which are explained in detail in the certificate of insurance.
You have 31 days from the date of retirement to decide whether you wish to continue this plan. Coverage on your spouse reduces concurrently with yours, but child coverage remains the same. You may also have the additional option to convert your Basic Group Term Life policy at any time before age 70 to an individual policy offered by the Life Insurance Company of North America. No evidence of insurability is required. The face value of your life insurance is payable to your named beneficiary in the event of death from any natural cause.