What is Group Term Life Insurance?

What is Group Term Life Insurance?

Lockheed Martin, like other major companies, offers a variety of employee benefits.  One benefit that all eligible employees there have is group life insurance.  Let’s talk about how it works and if it’s enough for your specific situation.  

  1. What is group term life insurance? By definition, group term life insurance is a type of term insurance in which one contract is issued to cover multiple people. At Lockheed Martin, it’s a benefit automatically provided to eligible employees and it’s also a benefit the employees can elect to enhance if they so choose.  
  2. How much coverage does it provide?  Each eligible employee is provided a group policy from which they can choose the following coverage options: $15k, $50k, 1x annual base salary, 1.5x annual base salary or 2x annual base salary. 
  3. How much does it cost? This is the best part!  Lockheed Martin pays the premium for coverage up to 2x your annual base salary. It is important to note that your age will determine the amount you are credited. To learn more, you can call the Lockheed Martin Employee Service Center (LMESC) at 866-562-2363.  
  4. When is sign-up? You can sign up for the coverage within 30 days of becoming eligible, at open enrollment, or when there is a qualifying event.  See your Service Plan Description for more details.  
  5. Is there a medical exam? If you sign up for coverage of 2x annual base salary or less when you’re first eligible, then typically, no, there is no medical exam or underwriting. However, it is important to note, that if you increase your coverage beyond that then you may be required to show proof of insurability.  

These are some of the basic questions people ask of the Lockheed Martin Group Term Life insurance policy. The next step is determining the right amount of coverage for your situation, but keep in mind that you don’t have to figure that out alone.  We’re experts in helping people evaluate their financial situation and making proper recommendations that are well-suited for each individual. In addition, we’re experts when it comes to your Lockheed Martin benefits.  So, give us a call or reach us here to book your complimentary consultation now! 

For more tips like these, click here to sign up for our weekly email blog newsletter. If you would like to get better educated on Lockheed retirement strategies, click here to download our Free Report titled Retire with Confidence: The Top 4 Things You Can Do Now to Maximize your Lockheed Retirement. And, if you want to have face time with a Lockheed Retirement Specialist², you can click here to schedule an appointmentclick here to sign up for our Lockheed Retirement Workshop or click here to just give us a call at (817) 210-3444.

Be sure and check back next week for more incredibly valuable information. Cheers!


Financial Planning and Investment Advisory offered by SWMG, LLC a Registered Investment Advisor.

Lockheed Martin Retirement Specialist is not an official title or professional designation nor is it conferred by Lockheed Martin on any individual or company.

Our Complementary consultation and free report are for informational purposes only and provided free without any obligation to utilize or retain our investment advisory services.

SMWG, LLC is not affiliated with or endorsed by Lockheed Martin Corporation. Our expertise comes from working with LMT employees for several years and helping them to retire with confidence.

Investing involves the risk of loss, including loss of principal. Past performance does not guarantee future results. Investment products are not FDIC insured, have no bank guarantee, and may gain or lose value. Different types of investments involve varying degrees of risk, and there can be no assurance that any specific investment will be profitable for a client’s investment portfolio.

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