New Income Protection for Federal Employees under FERS

Business Wire

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 Expense, 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 developments.

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

Contact:
GPM Life
Brian Ross, 210-357-2222 ext 2007

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