Common use of Paid Up Life Policy Clause in Contracts

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

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