former texaco life insurance

The Former Texaco Term Life Insurance Plan provides both a noncontributory benefit and access to a contributory benefit for eligible participants.

  • Noncontributory benefit. You’re provided with term life insurance coverage equal to one times your annualized regular pay at no cost to you.
  • Contributory benefit. If you are a grandfathered employee, you have the option to buy additional life insurance coverage under the contributory feature of this plan. You have a choice of contributory coverage levels, so you can elect the option that best meets your personal needs. You pay the full cost of contributory coverage at group rates.
  • If you are a grandfathered employee and you elect the contributory coverage, you will also be automatically covered under the Chevron Long-Term Disability (LTD) Plan. If you do not elect contributory coverage, you are not eligible for coverage under the Chevron LTD Plan.
This plan is only available to certain eligible former Texaco employees and grandfathered employees under the former Term Life Insurance Plan of Texaco Inc. See the Eligibility section of the plan's summary plan description and other key plan documents, included below on this page, for complete requirements.
  • Assigning Coverage. You can make a gift of your life insurance coverage to one or more people — or to an organization, such as a bank or law firm, that serves as a trustee. If you’re considering assigning your coverage, you should be aware of the personal, legal and tax implications. Review all the rules outlined the Plan’s summary plan description and consult with your attorney. Contact the HR Service Center if you need to assign coverage.
  • Accelerated Benefit Option. You can request an accelerated payment of Plan benefits if you’re terminally ill and meet other eligibility requirements to receive an accelerated benefit. Review the Plan’s summary plan description or contact the Plan’s insurer for more information.

The plan's summary plan description and other key plan documents are included below, later on this page.

  • Noncontributory benefit. You do not need to enroll for coverage. This coverage is automatically provided.
  • Contributory benefit. You need to enroll in the contributory benefit to be covered.
  • Enroll on the BenefitConnect website or by calling the HR Service Center.
  • Proof of good health will be required when you enroll.

You can make changes – including starting, stopping, increasing or decreasing coverage – at any time. 

  • Make changes to this coverage on the BenefitConnect website or by calling the HR Service Center.
  • Depending on the type of change, proof of good health may be required.
  • If you discontinue your contributory coverage, you’re not permitted to contribute to the plan again for at least six months. In addition, you will lose coverage under the Chevron LTD Plan.
Your beneficiary is the person or persons you name to receive benefits payable if you die. You can complete beneficiary designations for this and other applicable Chevron benefits on the BenefitConnect website or by calling the HR Service Center. Learn more about beneficiary designations.
The Internal Revenue Service (IRS) requires Chevron to report imputed income for all life insurance plans paid for by the company. Chevron will send you a W-2 form soon after the end of each year, showing the taxable value of your imputed income for the prior year, if any. You may be required to include this figure when you file your federal tax return; consult your tax advisor for additional information.
Visit the Leaving Chevron section of this website for more details about what happens to this Plan when you leave or retire.

plan documents

The summary plan descriptions (SPD) provides specific details about your benefits, such as eligibility, covered services and participation rules. If there recent updates to the SPD since the last publication date, look for the summary of material modification (SMM) included in the very front of the book.

The documents listed below are called a summary of material modification (SMM). An SMM explains recent updates to your plan that are not yet captured or updated in your summary plan description (SPD) since the last publication date. Be sure to review the SMM for an understanding of important plan updates.

Review the Certificate of Insurance to understand what is covered under the plan.


former texaco term life insurance plan

  • Plan Type  Insured Welfare Plan
  • Eligibility  Select U.S. Payroll Employees
  • Enrollment  You do not need to enroll for the Noncontributory benefit; coverage is automatic. For the Contributory benefit, enroll on BenefitConnect or call the HR Service Center
  • Claims Administrator/Insurer  Securian Life Insurance Company
  • Plan Number 828
  • Phone For eligibility and to verify coverage amount, call the HR Service Center (Choose Manage Benefits, then Health, Disability, Life, Accident Insurance option) 
  • Phone To report a death, call the HR Service Center
  • Website  Enroll, verify eligibility and coverage amount on BenefitConnect
  • Beneficiary Designations   Get started here
  • Claim Form  Call the HR Service Center

This communication provides only certain highlights about benefit provisions. It is not intended to be a complete explanation. If there are any discrepancies between this communication and the legal plan documents, the legal plan documents will prevail to the extent permitted by law. Oral statements about plan benefits are not binding on Chevron or the applicable plan. Chevron Corporation reserves all rights, for any reason and at any time, to amend, change or terminate these plans or to change or eliminate the company contribution toward the cost of such plans. Such amendments, changes, terminations or eliminations may be applicable without regard to whether someone previously terminated employment with Chevron or previously was subject to a grandfathering provision. Unless required by applicable law, there are no vested rights with respect to any Chevron health and welfare plan benefit or to any company contributions towards the cost of such health and welfare plan benefits. Some benefit plans and policies described in this document may be subject to collective bargaining and, therefore, may not apply to union-represented employees.