Basic Life Insurance Benefits For Retirees A life insurance policy is a contract with Basic Life Class 1 an insurance company. In exchange for Retired prior to 7/1/1987 premium payments, the insurance Volume: $9,000 company provides a lump-sum payment, 100% DePauw Paid known as a death benefit, to Notice must be given to Sun Life within 30 days of death beneficiaries upon the insured's death. Proof must be given to Sun Life within 90 days of death A life insurance policy is a contract with Basic Life Class 2 an insurance company. In exchange for Retired on or after 7/1/1987 premium payments, the insurance Volume: $3,500 company provides a lump-sum payment, 100% DePauw Paid known as a death benefit, to Notice must be given to Sun Life within 30 days of death beneficiaries upon the insured's death. Proof must be given to Sun Life within 90 days of death This benefit guide only highlights the benefits available. For a more complete description, see the Plan Certificate. 16 If any conflict should arise between this summary and the Plan, the Plan's Certificate will govern in all cases.