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 ASF Member who has carried optional employee life insurance for the five (5) consecutive years immediately preceding that date of the ASF Member'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 ASF Member's post-retirement death benefit shall be effective as of the date of the ASF Member's retirement or the ASF Member’s age sixty-five (65), whichever is later. ASF Members who retire prior to age sixty-five (65) must be immediately eligible to receive a state retirement annuity and must continue their optional life insurance to age sixty-five (65) in order to remain eligible for the post- retirement death benefit. An ASF Member who has carried optional spouse life insurance for the five

Paid Up Life Policy. At age sixty-five (65) or the date of retirement, an ASF Member mMember who has carried optional ASF member employee life insurance for the five (5) consecutive years immediately preceding that date of the ASF Member'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 ASF member employee life insurance in force during that five (5) year period. The ASF Member's post-retirement death benefit shall be effective as of the date of the ASF Member's retirement or the ASF MembermMember’s age sixty-five (65), whichever is later. ASF Members who retire prior to age sixty-five (65) must be immediately eligible to receive a state retirement annuity and must continue their optional life insurance to age sixty-five (65) in order to remain eligible for the post- retirement death benefit. An ASF Member who has carried optional spouse life insurance for the five