Albuquerque Public Schools
Additional Eligible Retiree Life Insurance Options
Options for continuing your APS basic life and/or additional life insurance when you retire.
About Continuation
Please note that you will pay 100% of the premium if you elect to continue, convert, or port your life insurance. Policy #645746.
The Standard Life Certificate of Coverage (PDF) supersedes any information listed on this page. For premium quotes or questions regarding Conversion or Portability, you may call 1-800-378-4668 or email cobss@standard.com. You may also call The Standard at 1-888-609-9763.
Related Links and Downloads:
Continuation Options
Under Age 70
To find out if you are eligible, contact NMRHCA at 1-800-233-2586.
- Continue a portion of your Additional life insurance up to a maximum of $25K as a self-pay Retiree with APS (see Certificate link below). You may also enroll with NMRHCA up to $10K within 31 days from the date your active benefits end.
- Continue coverage in the total amount of your active Basic life and any Additional life insurance up to $60K by enrolling with NMRHCA within 31 days from the date your active benefits end.
- Apply for Conversion or Portability of your Basic life and any Additional life insurance, or any balance if you choose option 1 or 2 above.
- For Portability you must have been insured for at least 12 consecutive months, be less than age 70, and not be disabled.
- The Conversion and Portability Application with rates are on the APS Standard Life Insurance Benefit Portal.
- For Conversion or Portability, your application and premium payment must be received by The Standard no later than 31 days from the date your employment ends. If they arrive after 31 days, coverage will end.
Age 70+ or Disabled
To find out if you are eligible, contact NMRHCA at 1-800-233-2586.
- Continue a portion of your Additional life insurance up to a maximum of $25K as a self-pay Retiree with APS (see Certificate link below). You may also enroll with NMRHCA for up to $10K within 31 days from the date your active benefits end.
- Continue coverage in the total amount of your active Basic life and any Additional life insurance up to $60K by enrolling with NMRHCA within 31 days from the date your active benefits end. (Contact NMRHCA at 1-800-233-2576 to find out if you are eligible).
- Apply for Conversion of your Basic life and any Additional life insurance, or any balance if you choose option 1 or 2 above.
- The Conversion Application with rates is located at the APS Standard Life Insurance Benefit Portal.
- For Conversion, your application and premium payment must be received by The Standard no later than 31 days from the date your benefits end. If they arrive after 31 days, coverage will end.
Post Retirement Additional Term Life Insurance
Basic Life Insurance
You were automatically enrolled for an amount equal to $10,000 for Basic Term Life and Basic Accidental Death & Dismemberment Coverage. This coverage ends upon your retirement. Albuquerque Public Schools pays 100% of the premium for this coverage for all active full-time employees.
Additional Term Life Insurance
| As an Active Employee | At Retirement |
|---|---|
| $10,000 | $5,000 |
| $20,000 | $10,000 |
| $30,000 | $15,000 |
| $40,000 | $20,000 |
| $50,000 and over | $25,000 |
If you are currently enrolled for Additional Term Life Insurance, you may continue this coverage after retirement based on an age-rated plan. The maximum coverage amount is $25,000. The retiree will pay 100% of their premium. In addition:
- Additional Term Life Insurance premiums increase as you attain a new age band. Please refer to the Retiree Additional Term Life Insurance Schedule of Rates to determine your annual premium.
- The policy period commences January 1 through December 31.
If you elect to continue the Additional Term Life Insurance coverage, APS will bill you for the premium which is prorated from the first of the month following the last date you paid additional term life insurance premiums through December 31.
Example: Retirement date is January 1
- Additional Term Life insurance premiums were deducted from your paycheck through December 31.
- You would be billed for the period January 1 through December 31. Thereafter you will be billed on an annual basis.
Payments
Payment may be made by personal check, cashier’s check, or money order. We are unable to accept cash or credit cards. No other notice will be sent. Non-payment will result in termination of coverage. You must notify us of any address changes so we may mail your annual statements.
Important note
Although the Board of Education intends to continue this coverage indefinitely, the Board does reserve the right to amend or terminate this coverage at any time, subject to the terms of applicable collective bargaining agreements.
Retiree Contributory Life Insurance Schedule of Rates
| Age Bands | Annual Retiree Cost |
|---|---|
| Retiree pays 100% of the cost. Rates are subject to change. | |
| 40-44 | $29.70 |
| 45-49 | $44.70 |
| 50-54 | $68.40 |
| 55-59 | $125.70 |
| 60-64 | $195.60 |
| 65-69 | $373.20 |
| 70+ | $606.30 |
| Age Bands | Rate per $1,000 |
|---|---|
| Yearly Premium Calculation: Coverage/1000 x Rate x 12. Rates are subject to change. | |
| 40-44 | $0.099 |
| 45-49 | $0.149 |
| 50-54 | $0.228 |
| 55-59 | $0.419 |
| 60-64 | $0.652 |
| 65-69 | $1.244 |
| 70+ | $2.021 |