Common use of Paid Up Life Policy Clause in Contracts

Paid Up Life Policy. At age sixty-five (65) or the date of retirement, an employee who has carried optional employee life insurance for the five (5) consecutive years immediately preceding the date of the employee’s retirement or age sixty-five (65), whichever is later, shall receive a post-retirement paid-up life insurance policy in an amount equal to fifteen (15) percent of the smallest amount of optional employee life insurance in force during that five (5) year period. The employee’s post-retirement death benefit shall be effective as of the date of the employee’s retirement or the employee age sixty-five (65), whichever is later. Employees who retire prior to age sixty- five (65) must be immediately eligible to receive a state retirement annuity and must continue their optional employee life insurance to age sixty-five (65) in order to remain eligible for the employee post-retirement death benefit. An employee who has carried optional spouse life insurance for the five (5) consecutive years immediately preceding the date of the employee’s retirement or spouse age sixty- five (65), whichever is later, shall receive a post-retirement paid-up life insurance policy in an amount equal to fifteen (15) percent of the smallest amount of optional spouse life insurance in force during that five (5) year period. The spouse post-retirement death benefit shall be effective as of the date of the employee’s retirement or spouse age sixty-five (65), whichever is later. The employee must continue the full amount of optional spouse life insurance to the date of the employee’s retirement or spouse age sixty-five (65), whichever is later, in order to remain eligible for the spouse post- retirement death benefit. Each policy remains separate and distinct, and amounts may not be combined for the purpose of increasing the amount of a single policy.

Paid Up Life Policy. At age sixty-five (65) or the date of retirement, an employee who has carried optional employee life insurance for the five (5) consecutive years immediately preceding the date of the employee’s retirement or age sixty-five (65), whichever is later, shall receive a post-retirement paid-up life insurance policy in an amount equal to fifteen (15) percent of the smallest amount of optional employee life insurance in force during that five (5) year period. The employee’s post-retirement death benefit shall be effective as of the date of the employee’s retirement or the employee age sixty-five (65), whichever is later. Employees who retire prior to age sixty- sixty-five (65) must be immediately eligible to receive a state retirement annuity and must continue their optional employee life insurance to age sixty-five (65) in order to remain eligible for the employee post-retirement death benefit. An employee who has carried optional spouse life insurance for the five (5) consecutive years immediately preceding the date of the employee’s retirement or spouse age sixty- sixty-five (65), whichever is later, shall receive a post-retirement paid-up life insurance policy in an amount equal to fifteen (15) percent of the smallest amount of optional spouse life insurance in force during that five (5) year period. The spouse post-retirement death benefit shall be effective as of the date of the employee’s retirement or spouse age sixty-five (65), whichever is later. The employee must continue the full amount of optional spouse life insurance to the date of the employee’s retirement or spouse age sixty-five (65), whichever is later, in order to remain eligible for the spouse post- post-retirement death benefit. Each policy remains separate and distinct, and amounts may not be combined for the purpose of increasing the amount of a single policy.

Paid Up Life Policy. At age sixty-five (65) or the date of retirement, an employee a nurse who has carried optional employee nurse life insurance for the five (5) consecutive years immediately preceding the date of the employeenurse’s retirement or age sixty-five (65), whichever is later, shall receive a post-retirement paid-up life insurance policy in an amount equal to fifteen (15) percent of the smallest amount of optional employee nurse life insurance in force during that five (5) year period. The employeenurse’s post-retirement death benefit shall be effective as of the date of the employeenurse’s retirement or the employee nurse age sixty-five (65), whichever is later. Employees Nurses who retire prior to age sixty- sixty-five (65) must be immediately eligible to receive a state retirement annuity and must continue their optional employee nurse life insurance to age sixty-five (65) in order to remain eligible for the employee nurse post-retirement death benefit. An employee A nurse who has carried optional spouse life insurance for the five (5) consecutive years immediately preceding the date of the employeenurse’s retirement or spouse age sixty- sixty-five (65), whichever is later, shall receive a post-retirement paid-up life insurance policy in an amount equal to fifteen (15) percent of the smallest amount of optional spouse life insurance in force during that five (5) year period. The spouse post-retirement death benefit shall be effective as of the date of the employeenurse’s retirement or spouse age sixty-five (65), whichever is later. The employee nurse must continue the full amount of optional spouse life insurance to the date of the employeenurse’s retirement or spouse age sixty-five (65), whichever is later, in order to remain eligible for the spouse post- post-retirement death benefit. Each policy remains separate and distinct, and amounts may not be combined for the purpose of increasing the amount of a single policy.

Paid Up Life Policy. At age sixty-five (65) or the date of retirement, an employee a teacher who has carried optional employee teacher life insurance for the five (5) consecutive years immediately preceding the date of the employeeteacher’s retirement or age sixty-five (65), whichever is later, shall receive a post-retirement paid-up life insurance policy in an amount equal to fifteen (15) percent of the smallest amount of optional employee teacher life insurance in force during that five (5) year period. The employeeteacher’s post-retirement death benefit shall be effective as of the date of the employeeteacher’s retirement or the employee teacher age sixty-five (65), whichever is later. Employees Teachers who retire prior to age sixty- sixty-five (65) must be immediately eligible to receive a state retirement annuity and must continue their optional employee teacher life insurance to age sixty-five (65) in order to remain eligible for the employee post-teacher post- retirement death benefit. An employee A teacher who has carried optional spouse life insurance for the five (5) consecutive years immediately preceding the date of the employeeteacher’s retirement or spouse age sixty- five (65), whichever is later, shall receive a post-retirement paid-up life insurance policy in an amount equal to fifteen (15) percent of the smallest amount of optional spouse life insurance in force during that five (5) year period. The spouse post-retirement death benefit shall be effective as of the date of the employeeteacher’s retirement or spouse age sixty-sixty- five (65), whichever is later. The employee teacher must continue the full amount of optional spouse life insurance to the date of the employeeteacher’s retirement or spouse age sixty-five (65), whichever is later, in order to remain eligible for the spouse post- post-retirement death benefit. Each policy remains separate and distinct, and amounts may not be combined for the purpose of increasing the amount of a single policy.

Paid Up Life Policy. At age sixty-five (65) or the date of retirement, an employee a nurse who has carried optional employee nurse life insurance for the five (5) consecutive years immediately preceding the date of the employeenurse’s retirement or age sixty-five (65), whichever is later, shall receive a post-post- retirement paid-up life insurance policy in an amount equal to fifteen (15) percent of the smallest amount of optional employee nurse life insurance in force during that five (5) year period. The employeenurse’s post-retirement death benefit shall be effective as of the date of the employeenurse’s retirement or the employee nurse age sixty-five (65), whichever is later. Employees Nurses who retire prior to age sixty- sixty-five (65) must be immediately eligible to receive a state retirement annuity and must continue their optional employee nurse life insurance to age sixty-five (65) in order to remain eligible for the employee nurse post-retirement death benefit. An employee A nurse who has carried optional spouse life insurance for the five (5) consecutive years immediately preceding the date of the employeenurse’s retirement or spouse age sixty- sixty-five (65), whichever is later, shall receive a post-retirement paid-up life insurance policy in an amount equal to fifteen (15) percent of the smallest amount of optional spouse life insurance in force during that five (5) year period. The spouse post-retirement death benefit shall be effective as of the date of the employeenurse’s retirement or spouse age sixty-five (65), whichever is later. The employee nurse must continue the full amount of optional spouse life insurance to the date of the employeenurse’s retirement or spouse age sixty-five (65), whichever is later, in order to remain eligible for the spouse post- post-retirement death benefit. Each policy remains separate and distinct, and amounts may not be combined for the purpose of increasing the amount of a single policy.

Paid Up Life Policy. At age sixty-five (65) or the date of retirement, an employee who has carried optional employee life insurance for the five (5) consecutive years immediately preceding the date of the employee’s retirement or age sixty-five (65), whichever is later, shall receive a post-retirement paid-up life insurance policy in an amount equal to fifteen (15) percent of the smallest amount of optional employee life insurance in force during that five (5) year period. The employee’s post-retirement death benefit shall be effective as of the date of the employee’s retirement or the employee age sixty-five (65), whichever is later. Employees who retire prior to age sixty- five (65) must be immediately eligible to receive a state retirement annuity and must continue their optional employee life insurance to age sixty-five (65) in order to remain eligible for the employee post-retirement death benefit. benefit.‌‌ An employee who has carried optional spouse life insurance for the five (5) consecutive years immediately preceding the date of the employee’s retirement or spouse age sixty- five (65), whichever is later, shall receive a post-retirement paid-up life insurance policy in an amount equal to fifteen (15) percent of the smallest amount of optional spouse life insurance in force during that five (5) year period. The spouse post-retirement death benefit shall be effective as of the date of the employee’s retirement or spouse age sixty-five (65), whichever is later. The employee must continue the full amount of optional spouse life insurance to the date of the employee’s retirement or spouse age sixty-five (65), whichever is later, in order to remain eligible for the spouse post- retirement death benefit. Each policy remains separate and distinct, and amounts may not be combined for the purpose of increasing the amount of a single policy.

Paid Up Life Policy. At age sixty-five (65) or the date of retirement, an employee a teacher who has carried optional employee teacher life insurance for the five (5) consecutive years immediately preceding the date of the employeeteacher’s retirement or age sixty-five (65), whichever is later, shall receive a post-retirement paid-up life insurance policy in an amount equal to fifteen (15) percent of the smallest amount of optional employee teacher life insurance in force during that five (5) year period. The employeeteacher’s post-retirement death benefit shall be effective as of the date of the employeeteacher’s retirement or the employee teacher age sixty-five (65), whichever is later. Employees Teachers who retire prior to age sixty- sixty-five (65) must be immediately eligible to receive a state retirement annuity and must continue their optional employee teacher life insurance to age sixty-five (65) in order to remain eligible for the employee teacher post-retirement death benefit. An employee A teacher who has carried optional spouse life insurance for the five (5) consecutive years immediately preceding the date of the employeeteacher’s retirement or spouse age sixty- sixty-five (65), whichever is later, shall receive a post-retirement paid-up life insurance policy in an amount equal to fifteen (15) percent of the smallest amount of optional spouse life insurance in force during that five (5) year period. The spouse post-retirement death benefit shall be effective as of the date of the employeeteacher’s retirement or spouse age sixty-five (65), whichever is later. The employee teacher must continue the full amount of optional spouse life insurance to the date of the employeeteacher’s retirement or spouse age sixty-five (65), whichever is later, in order to remain eligible for the spouse post- post-retirement death benefit. Each policy remains separate and distinct, and amounts may not be combined for the purpose of increasing the amount of a single policy.

Paid Up Life Policy. At age sixty-five (65) or the date of retirement, an employee who has carried optional employee life insurance for the five (5) consecutive years immediately preceding the date of the employee’s retirement or age sixty-five (65), whichever is later, shall receive a post-retirement paid-up life insurance policy in an amount equal to fifteen (15) percent of the smallest amount of optional employee life insurance in force during that five (5) year period. The employee’s post-post- retirement death benefit shall be effective as of the date of the employee’s retirement or the employee age sixty-five (65), whichever is later. Employees who retire prior to age sixty- five (65) must be immediately eligible to receive a state retirement annuity and must continue their optional employee life insurance to age sixty-five (65) in order to remain eligible for the employee post-retirement death benefit. An employee who has carried optional spouse life insurance for the five (5) consecutive years immediately preceding the date of the employee’s retirement or spouse age sixty- five (65), whichever is later, shall receive a post-retirement paid-up life insurance policy in an amount equal to fifteen (15) percent of the smallest amount of optional spouse life insurance in force during that five (5) year period. The spouse post-retirement death benefit shall be effective as of the date of the employee’s retirement or spouse age sixty-five (65), whichever is later. The employee must continue the full amount of optional spouse life insurance to the date of the employee’s retirement or spouse age sixty-five (65), whichever is later, in order to remain eligible for the spouse post- retirement death benefit. Each policy remains separate and distinct, and amounts may not be combined for the purpose of increasing the amount of a single policy.

Paid Up Life Policy. At age sixty-five (65) or the date of retirement, an employee who has carried optional employee life insurance for the five (5) consecutive years immediately preceding the date of the employee’s retirement or age sixty-five (65), whichever is later, shall receive a post-retirement paid-up life insurance policy in an amount equal to fifteen twenty (1520) percent of the smallest amount of optional employee life insurance in force during that five (5) year period. The employee’s post-retirement death benefit shall be effective as of the date of the employee’s retirement or the employee age sixty-five (65), whichever is later. Employees who retire prior to age sixty- five (65) must be immediately eligible to receive a state retirement annuity and must continue their optional employee life insurance to age sixty-five (65) in order to remain eligible for the employee post-retirement death benefit. An employee who has carried optional spouse life insurance for the five (5) consecutive years immediately preceding the date of the employee’s retirement or spouse age sixty- five (65), whichever is later, shall receive a post-retirement paid-up life insurance policy in an amount equal to fifteen twenty (1520) percent of the smallest amount of optional spouse life insurance in force during that five (5) year period. The spouse post-retirement death benefit shall be effective as of the date of the employee’s retirement or spouse age sixty-five (65), whichever is later. The employee must continue the full amount of optional spouse life insurance to the date of the employee’s retirement or spouse age sixty-five (65), whichever is later, in order to remain eligible for the spouse post- retirement death benefit. Each policy remains separate and distinct, and amounts may not be combined for the purpose of increasing the amount of a single policy.

Paid Up Life Policy. At age sixty-five (65) or the date of retirement, an employee who has carried optional employee life insurance for the five (5) consecutive years immediately preceding the date of the employee’s retirement or age sixty-five (65), whichever is later, shall receive a post-retirement paid-up life insurance policy in an amount equal to fifteen (15) percent of the smallest amount of optional employee life insurance in force during that five (5) year period. The employee’s post-post- retirement death benefit shall be effective as of the date of the employee’s retirement or the employee age sixty-five (65), whichever is later. Employees who retire prior to age sixty- sixty-five (65) must be immediately eligible to receive a state retirement annuity and must continue their optional employee life insurance to age sixty-five (65) in order to remain eligible for the employee post-retirement death benefit. An employee who has carried optional spouse life insurance for the five (5) consecutive years immediately preceding the date of the employee’s retirement or spouse age sixty- sixty-five (65), whichever is later, shall receive a post-retirement paid-paid- up life insurance policy in an amount equal to fifteen (15) percent of the smallest amount of optional spouse life insurance in force during that five (5) year period. The spouse post-retirement death benefit shall be effective as of the date of the employee’s retirement or spouse age sixty-five (65), whichever is later. The employee must continue the full amount of optional spouse life insurance to the date of the employee’s retirement or spouse age sixty-five (65), whichever is later, in order to remain eligible for the spouse post- post-retirement death benefit. Each policy remains separate and distinct, and amounts may not be combined for the purpose of increasing the amount of a single policy.