Common use of Lifetime Insurance Clause in Contracts

Lifetime Insurance. The Lifetime Insurance benefit (Medicare Supplement) and any associated payout apply to Teachers who were placed on contract during the 1991-92 school year or before. An eligible Teacher retiring on or before July 1, 2006 will have the choice to maintain a Medicare supplement plan for himself/herself and his/her spouse or receive a one-time$15,091 contribution to their 401K. “Spouse” is defined as the Teacher’s spouse at the time of retirement. Coverage under the Medicare supplement plan will end for both the Teacher and spouse at the death of the Teacher.