Provided by: Government Personnel Mutual Life Insurance Co. (GPM Life)

Transcription

1 Gov DI Disability Protection designed exclusively for FERS Employees (855) Provided by: Government Personnel Mutual Life Insurance Co. (GPM Life) 03 Government Personnel Mutual Life Insurance Company - Not available in all states

2 THE PROBLEM Your FERS Disability Retirement Benefits Leave Two Big Gaps If your disability is not expected to last more than one year, there are NO FERS* benefits. Your FERS disability benefits replace ONLY 40% of your income in years two and beyond. THE DETAILS Eligibility Rules for FERS Disability Retirement: You must have completed 8 months of FERS service, and become so disabled that you are prevented from performing useful and efficient service in your current position (useful and efficient service means fully successful performance of the critical or essential elements of your position). Your disability must be expected to last more than months, and you must apply for Social Security Disability Benefits (SSDB). Office of Personnel Management (OPM) will not pay until it receives receipt or notice of approval or disapproval of the disability application from SSA. FERS Disability Computation: First Months 60% of High 3 average salary minus 00% of SSDB After First 40% of High 3 average Months salary minus 60% of SSDB * Federal Employees Retirement System

3 THE SOLUTION Supplement your FERS Benefits with GovDI. A supplemental disability income policy built to bridge the gaps left by your FERS Benefits. The graph below illustrates how GovDI can supplement the income disabled Federal Employees receive from their FERS Disability and Social Security Disability Benefits. The dollar amounts shown are based on the example of a Federal Employee with a High 3 Average Salary of $60,000 ($5,000/month). $4,000 Year Year + GovDI $3,500 $3,000 $,500 $,000 $3,000 60% of $3,750 75% of $3,750 75% of $3,500 70% of $3,700 74% of Social Security Disability Benefits $,500 $,000 $500 FERS Disability Benefits Year Year Year Year + Year + No SSDB with FERS DI with FERS DI with FERS DI with FERS DI No FERS DI No SSDB with SSDB** No SSDB with SSDB** *GovDI Benefits in Year assume you have purchased the Short Term Benefit Rider. **Social Security Disability Benefits (SSDB) assumptions are based on the Maximum Family Benefit.

4 THE FEATURES * THE RESULT GovDI is: GovDI Base Policy Supplements up to 30% of your income along with FERS and Social Security Disability Benefits in Years and beyond, assuming you meet the requirements of total disability as defined in the policy. Efficient Designed around FERS benefits, it provides the coverage you need and makes the most efficient use of your premium dollars. GovDI Short Term Benefit Rider Supplements up to 60% of your income along with FERS and Social Security Disability Benefits in Year, assuming you meet the requirements of total disability as defined in the policy. Consistent Once qualified, GovDI coverage is there for you regardless of the duration or eligibility of Government Benefits. 3 GovDI Catastrophic Disability Benefit Rider Can provide $500-$,000 of additional monthly benefits, depending on qualifications, for a Catastrophic Disability. 3 Convenient The underwriting process is streamlined. You only need to answer a few application questions. There are no medical exams or lab tests. In addition, you can pay premiums using the Federal Allotment System. 4 GovDI Cost of Living Adjustment Rider Once disabled and receiving benefits, the rider will increase your benefits on an annual basis to keep pace with inflation. 4 Flexible Optional Riders allow the coverage to be tailored to your specific needs. *Please refer to the policy for details.

5 GovDI: GPM Life s Individual Disability Policy Based on your current salary, these are the benefits you can have for a small percentage of your pay: GovDI Base Policy Benefits Maximum Monthly Benefit Benefit Period Waiting Period monthly years/age days Premium Mode: GovDI Base Policy - Covering Year + Short Term Benefit Rider (STBR) - Covering Year Catastrophic Disability Benefit Rider (CAT) Cost of Living Adjustment Rider (COLA) Total Premium for Supplemental Coverage Government Personnel Mutual Life Insurance Co. (GPM Life) NE Loop 40 PO Box San Antonio, TX 787 / 7865 (800) Policy Form Series #GDI3 Not available in all states (073)