|[September 26, 2013]
New Income Protection for Federal Employees under FERS
SAN ANTONIO --(Business Wire)--
Government Personnel Mutual Life Insurance Company ("GPM Life") is
pleased to introduce its new disability income product, GovDI*.
Designed to meet the specific needs of Federal Employees, GovDI
supplements basic disability coverage provided under the Federal
Employees Retirement System (FERS) in a unique and efficient manner,
saving customers money and providing consistent income protection.
GPM Life's VP of Marketing, Gary Shelstad observes: "When we took a
close look at the market, we realized that federal employees have
significant gaps in their FERS disability coverage. Existing products
are not designed to meet the needs of Federal Employees, either being
too costly or providing inadequate supplemental coverage."
GovDI provides both short and long term disability benefits that
integrate with FERS and supplement federal workers' income replacement
needs. Using jet issue underwriting and GPM Life's industry leading
Federal Salary Allotment processing, GovDI is convenient and
simple for customers and agents.
GovDI is a byproduct of GPM Life's insight into the unique needs
of Federal Employees combined with the disability expertise of
Disability Management Services, Inc. and Munich Re.
Government Personnel Mutual Life Insurance Company ("GPM
Life") provides unique insurance solutions and service to Federal Civil
Service Employees, and members of the U.S. Military, active and retired.
In addition, the company also offers insurance products for the Final
Expene, Medical Supplement, Accelerated Benefits, and Family markets.
GPM Life has a respected history of financial stability.
Munich American Reassurance Company founded in 1959, is
one of the largest reinsurers in the U.S. offering life and disability
reinsurance to insurance companies throughout the United States. The
company also writes group, credit and other reinsurance products.
Headquartered in Atlanta, with an office in Chicago, Munich American is
licensed, accredited or authorized in all fifty states; Washington,
D.C.; Guam; and Puerto Rico.
About Munich Re - Munich Re stands for exceptional
solution-based expertise, consistent risk management, financial
stability and client proximity. This is how Munich Re creates value for
clients, shareholders and staff. In the financial year 2012, the Group -
which combines primary insurance and reinsurance under one roof -
achieved a profit of €3.2bn on premium income of around €52bn. It
operates in all lines of insurance, with around 45,000 employees
throughout the world. With premium income of around €28bn from
reinsurance alone, it is one of the world's leading reinsurers.
Especially when clients require solutions for complex risks, Munich Re
is a much sought-after risk carrier. Its primary insurance operations
are concentrated mainly in the ERGO Insurance Group, one of the major
insurance groups in Germany and Europe. ERGO is represented in over 30
countries worldwide and offers a comprehensive range of insurances,
provision products and services. In 2012, ERGO posted premium income of
€19bn. In international healthcare business, Munich Re pools its
insurance and reinsurance operations, as well as related services, under
the Munich Health brand. Munich Re's global investments amounting to
€214bn are managed by MEAG, which also makes its competence available to
private and institutional investors outside the Group.
Disclaimer This press release contains forward-looking
statements that are based on current assumptions and forecasts of the
management of Munich Re. Known and unknown risks, uncertainties and
other factors could lead to material differences between the
forward-looking statements given here and the actual development, in
particular the results, financial situation and performance of our
Company. The Company assumes no liability to update these
forward-looking statements or to conform them to future events or
Disability Management Services, Inc. ("DMS") is a
privately held third party administrator and consulting firm
specializing in the design and administration of disability insurance
programs. Headquartered in Springfield, Massachusetts, DMS has
maintained its focus as a specialized provider of comprehensive
disability outsourcing solutions since 1995, including underwriting,
actuarial, policy administration, and claims management enabled by
proprietary systems technology.
*not available in all states
Policy Form Series GDI113
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