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Retiree coverage
Retiree coverage on the ExxonMobil Life Insurance Program
Q. What happens to my coverage when I terminate my employment as a retiree?
A. Basic Life Coverage continues if your retirement date is on or before December 1, 2015. If your retirement date is after December 1, 2015, and you are eligible for coverage, your benefit continues only for 5 years after your retirement date and then ends. If your retirement date is after December 1, 2015, and you are not eligible for coverage, your Basic Life ends at retirement.
You can continue your Group Universal Life Coverage until age 70 if your retirement date is on or before December 1, 2015, or until age 95 if your retirement date is after December 1, 2015. Your Basic and Voluntary Accidental Death and Dismemberment Insurance end when your employment ends.
Basic Life Coverage
Your employer-provided coverage continues whether you have the insurance or the uninsured death benefit. The benefit is a multiple of your last annualized monthly benefit pay as a regular employee and your age at the time of death, as described in the Basic life coverage section.
Group Universal Life Insurance
If your retirement date is after December 1, 2015, you can continue Group Universal Life Insurance through the ExxonMobil Life Insurance Plan until age 95 with rates that are the same as those for active employees. The rates you pay are based on your age and the coverage that is in effect.
If your retirement date is on or before December 1, 2015, you can continue Group Universal Life Insurance through the ExxonMobil Life Insurance Plan until age 70 with rates that are the same as those for active employees. The rates you pay are based on your age and the coverage that is in effect.
For coverage options after age 70, see Options when you retire.