What is the retirement continuance option?
So many of you have expressed concern over loss of term life insurance if you retire or sell your dealership that we’ve made special provisions with your future in mind. If you retire and have less than 5% ownership interest or sell your dealership, are age 55 or older, and have participated in the Owner Plan for 10 or more consecutive years, you will be given the oppurtunity to continue 70% of your group term life insurance coverage and Accidental Death and Dismemberment coverage, and all of the coverage which you elect for your family through what is referred to as a “retirement continuance” option. You will be notified by the GM Dealer Insurance Group if you are eligible for this option at the time you retire or sell your dealership.
