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BASIC MEMBER DEATH BENEFIT:
$1,000 NON-CONTRIBUTORY provided to you by the Georgia Guard Insurance Trust.
OPTIONAL COVERAGE funded through life insurance underwritten by 5Star Life Insurance Company:
$10,000-$50,000
INDIVIDUAL CERTIFICATES
Each member enrolled will receive a certificate giving a complete statement of the benefits as outlined.
MONTHLY CONTRIBUTIONS (Guard Member)
| COVERAGE |
PREMIUM |
| $10,000 |
$4.00 |
| $20,000 |
$8.00 |
| $30,000 |
$12.00 |
| $40,000 |
$16.00 |
| $50,000 |
$20.00 |
DEPENDENT INSURANCE (Includes Spouse)
Cannot exceed 50% of Member's coverage
| COVERAGE |
PREMIUM |
| $5,000 |
$3.35 |
| $10,000 |
$6.70 |
| * Dependent child coverage birth to 21 years, or 25 if Dependent is full-time student |
SPOUSE INSURANCE
Cannot exceed Member's coverage
| COVERAGE |
PREMIUM |
| $5,000 |
$2.00 |
| $10,000 |
$4.00 |
| $15,000 |
$6.00 |
| $20,000 |
$8.00 |
| $25,000 |
$10.00 |
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LIFE INSURANCE BENEFITS
- $1,000, $10,000, $20,000, $30,000, $40,000 or $50,000
- Benefit payable in event of death from any cause (subject to contestability)
- Coverage is twenty-four hours a day, 365 days a year
- No War Clause
- No Aviation Exclusion
- No Hazardous Duty or Civilian Occupation Restriction
- Full Conversion privilege upon termination regardless of health (see Coversion Privilege below)
BENEFICIARY
Benefits will be paid to the member’s named beneficiary in a lump-sum payment. If no beneficiary is living at the time of death of the insured member, the amount shall be paid to the duly qualified executors or administrators of the member’s estate.
TERMINATION
Optional Coverage will terminate the date the policy or section of the policy under which coverage is offered ends, or the last day of the month for which contributions have been paid (subject to the Grace Period).
Optional Coverage may be continued after leaving the National Guard until age 65.
The benefit(s) elected will remain level until age 60. When the Insured attains age 60 (Guard Member, Spouse or Dependent), the benefits will be reduced by 50% and the contribution will remain the same. All optional coverages expire on the last day of the month in which the member attains age 65.
CONVERSION PRIVILEGE
If elected benefit ceases because of termination of membership in the classes eligible for coverage under this program or separation from the National Guard, coverage may be converted to an individual policy within 31 days. See your certificate for details and requirements.
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