Texas Notification of First Death Benefit Payment (124.2(e)(1))
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FAQ
There are several ways a beneficiary can receive the death benefit from a life insurance policy. The most common payout type is the lump sum payment. As the name indicates, this is a single payment, usually in the form of a check, that is given to the beneficiary once the amount has been approved by the insurer.
There is a monthly payment paid by the State of Texas to the eligible surviving spouse and minor child until the child reaches the age of 18: ? $400 each month; if there is one surviving child. $600 each month; if there are two surviving children.
If you die as an active employee, your beneficiaries could receive: Payment of any retirement contribution remaining in your account. Continue health and dental coverage by paying the entire premium cost. $5,000 life insurance payment (if enrolled in health insurance)
The spouse may be eligible for the Basic Employee Death Benefit, which is equal to 50% of the employee's final salary (average salary, if higher), plus $15,000 (increased by Civil Service Retirement System cost-of-living adjustments beginning 12/1/87).
A death benefit is a payout to the beneficiary of a life insurance policy, annuity, or pension when the insured person or annuitant dies. With life insurance policies, death benefits are not usually subject to income tax and named beneficiaries typically receive the death benefit as a lump-sum payment.
Death benefits are 75% of the deceased employee's average weekly wage. There are maximum and minimum benefit limits. Benefits may also be available for burial expenses. They are paid to the person who paid for the burial expenses.
TRS survivor benefits are not life insurance payments and, as a result, they are usually subject to federal income tax. Please consult a tax professional if you have questions about the tax impact to beneficiaries. You can find more information about these and other benefits in the TRS Benefits Handbook.
If you die as an active employee, your beneficiaries could receive: Payment of any retirement contribution remaining in your account. Continue health and dental coverage by paying the entire premium cost. $5,000 life insurance payment (if enrolled in health insurance)
