Verizon Retiree Life Insurance
Life Insurance value is 1) equal to your basic yearly salary if you retired on or before August 2nd, 2008, 2) your yearly salary if you retired after August 2nd, 2008. It is frozen at that maximum value regardless of how long you continued to work past August 2nd, 2008, or 3) $20,000 if you were hired on or after August 3rd, 2008.
When you reach age 66 the amount will decrease by 10% per year from its original maximum value until at age 70 it reaches 50% of its original maximum value or to a minimum of $20,000, whichever is the higher amount.
Supplemental Life Insurance TERMINATES on the January 1 following the month in which you reach age 65.
Some of us may have received a letter from Prudential offering to take over our Verizon Life Insurance. Verizon still administers the life insurance policy unless you agreed to move your life insurance to Prudential.