Life Insurance and Long-Term Care

What you need to know

Sandia offers life insurance coverage for eligible retirees. The plans provide benefits to your beneficiary(ies) upon your death.

If you purchased voluntary life insurance or long-term care insurance while an active employee at Sandia, you may continue to pay for that continuing coverage.

If you retired after Jan. 1, 2019

If non-represented, you are not eligible for a retiree life insurance benefit.

If represented, see the applicable Collective Bargaining Agreement.

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If you retired between Dec. 31, 2008 and Dec. 31, 2018

Non-Represented:

If you met the age and service requirements for a service pension, you are eligible for a retiree life insurance benefit.

The amount of your benefit is equal to the lesser of $50,000 or your annual base pay (as defined for life insurance purposes) on the day before your retirement.

When you turn age 66, your primary coverage is reduced 10% per year from ages 66 to 70. This change is effective each year on your birthday. When you reach age 70 and thereafter, coverage continues at a 50% benefit.

For more information about primary group life insurance, refer to the Sandia Group Term Life Insurance Plans Summary Plan Description.

Represented:

If represented, see the applicable Collective Bargaining Agreement.

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If you retired between Jan. 1, 2007 and Dec. 31, 2008

If you met the age and service requirements for a service pension, you are eligible for a retiree life insurance benefit.

The amount of your benefit is equal to your annual base pay (as defined for life insurance purposes) on the day before your retirement.

When you turn age 66, your primary coverage is reduced by 10% per year from ages 66 to 70. This change is effective each year on your birthday. When you reach age 70 and thereafter, coverage continues at a 50% benefit.

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Basic and Basic Supplemental Group Life Insurance

If you retired from Sandia before Jan. 1, 2007, and met the age and service requirements for a service pension or a disability pension, you are eligible for a life insurance benefit.

The amount of your benefit is determined by the terms of the basic and basic supplemental group term life insurance plans at the time you retired.

For more information, refer to the certificate you were provided when you retired.

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Voluntary Term Life Insurance through MetLife

If you met the age and service requirements for a service pension at retirement, you may continue the same amount of voluntary term life insurance coverage you had as an active employee, as long as you continue to pay the required premiums. MetLife will bill you directly for your premiums.

When you reach age 65, your coverage cannot be more than two times your final annual base pay (as defined for life insurance purposes).

Contact MetLife to set up direct billing and payment of your premiums. If you don’t pay your premium payments, MetLife will cancel your coverage.

For more information, refer to the Voluntary Life and Accident Insurance Plans Summary Plan Description.

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Long-Term Care Insurance

Long-term care insurance generally covers care that is not covered by health insurance, Medicare, or Medicaid. Sandia discontinued offering long-term care insurance as of Jan. 1, 2012, so it has not been available to new applicants since then.

If you purchased long-term care insurance when Sandia offered the plan and have a question about your coverage, contact HR Solutions.

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