Life insurance can provide peace of mind and ensure loved ones will be taken care of in the event of your death. The City of Plano provides life insurance coverage for full-time employees and retirees at no cost through Cigna.
Basic Life Insurance
Basic Life Insurance is equal to four times (4x) your annual base earnings, up to a maximum benefit of $500,000. Basic Life benefits are reduced to 75% at age 50, 50% at age 65, 33.4% at age 70, and 25% at age 75. The City also provides an accelerated benefit if you become terminally ill.
Accidental Death and Dismemberment (AD&D)
The City’s AD&D Life Insurance is offered at no cost to help with expenses in the event you die or become injured as a result of an accident. The life insurance amount is $10,000 and the accident benefit depends on the type of injury. AD&D policies decrease to 65% at age 65, 50% at age 70, and 35% at age 75.
Supplemental Life Insurance
Employees have the opportunity to purchase an additional life insurance equal to one time (1x) their annual salary at age 50. Those eligible will be notified during Open Enrollment after their 50th birthday. Supplemental Life benefits decrease to 65% at age 65, 50% at age 70, and 35% at age 75.
Retiree Life Insurance
If you retire with at least 10 years of continuous, full-time service with the City of Plano, a $20,000 life insurance benefit is provided free of charge. The City also provides an accelerated benefit if you become terminally ill.
As you can see, the City provides a generous amount of life insurance at no cost to you and is the highest benefit of any of the Metroplex cities surveyed. For example:
For more information, contact HRBenefits@plano.gov or visit the Benefits site at www.plano.gov/benefits.