The RPB provides free group term life insurance and accidental death and dismemberment (AD&D) coverage for eligible RPB pension plan participants. If you are eligible for free life insurance, you can also purchase additional life insurance coverage. Premiums for the optional additional life insurance are based on an age-rated schedule and are competitively priced to similar coverage in the group term insurance marketplace.


Eligibility

Free Basic Life Insurance

You are eligible for the RPB’s free term life insurance and AD&D coverage if you or your employer contribute at least 10% of your salary (including parsonage, if applicable) to your combined annual pension. The contribution can come from your employer or your own elective salary deferral. Our free term life insurance coverage is equal to the amount of your annual salary (including parsonage, if applicable), up to a maximum amount of $50,000. The AD&D insurance program has a maximum benefit of $30,000.

Please contact our office for eligibility and enrollment forms.

Optional Additional Life Insurance

If you qualify for our free life insurance, you are also eligible to purchase additional coverage of up to five times your salary, up to a maximum amount of $600,000.

Important notes about enrolling:

  • If you are enrolling in the RPB pension plan for the first time, you can purchase life insurance coverage equal to two times your current salary (up to $300,000) without completing the insurance carrier’s Statement of Health form.
  • If you want to purchase coverage greater than two times your salary—or any amount greater than $300,000—you must complete the insurance carrier’s Statement of Health form and be approved by the insurance carrier for the coverage.
  • The same is true for those who decide to increase life insurance coverage after initial enrollment, or decide to purchase optional life insurance at a later time.
  • You must submit the Statement of Health form to the carrier yourself. Once the insurance carrier notifies the RPB of your approval, we will send an invoice for the premium. The new policy will be in effect upon payment.

Contact the RPB office to obtain the Statement of Health form.

Optional Life Insurance Rate Schedule

The cost of additional life insurance is based upon the rate for your age bracket. You can determine your premium by calculating the following equation:

Multiply your annual salary (including parsonage, if applicable) first by the multiple of salary you are requesting in additional life insurance coverage and then by your age bracket’s corresponding cost rate. Divide that total number by 1000 to reach your annual premium.

Annual Rates as of July 1, 2016 Per $1000 of Life Insurance Coverage
Age Brackets: Life Insurance Coverage:
Under 30 $0.864
30-34 $1.056
35-39 $1.320
40-44 $1.908
45-49 $3.228
50-54 $5.544
55-59 $9.432
60-64 $12.984
65-69 $20.880
70-74 $38.148
75-79 $63.444

As an example: A 35-year-old participant with a $50,000 annual salary of $50,000

Annual premium for additional life insurance equal to one time the salary:
Step 1 (multiply your annual salary by multiple of salary desired for additional coverage): $50,000 x 1 = $50,000
Step 2 (multiply that number by the appropriate age bracket): $50,000 x $1.320 = $66,000
Step 3 (divide the number from step 3 by 1000): $66,000/1000 = $66.00 premium

Annual premium for additional life insurance equal to two times the salary:
Step 1 (multiply your annual salary by multiple of salary desired for additional coverage): $50,000 x 2 = $100,000
Step 2 (multiply that number by the appropriate age bracket): $100,000 x $1.320 = $132,000
Step 3 (divide the number from step 3 by 1000): $132,000/1000 = $132.00 premium

Annual premium for additional life insurance equal to three times the salary:
Step 1 (multiply your annual salary by multiple of salary desired for additional coverage): $50,000 x 3 = $150,000
Step 2 (multiply that number by the appropriate age bracket): $150,000 x $1.320 = $198,000
Step 3 (divide the number from step 3 by 1000): $198,000/1000 = $198.00 premium

Additional information about the life insurance is available via the PDFs linked below:

Life Insurance Beneficiary Form
You can name beneficiary(ies) for your life insurance benefits via the forms below. You must complete these forms regardless of your current eligibility status for life insurance coverage, in the event that your status changes.

Life Insurance Conversion to an Individual Policy

Should you terminate employment with an eligible employer, you have the option to convert any RPB basic and optional life insurance policies to an individual policy. At that point, you would no longer be part of the “group” and as such would not be covered through the RPB group policy. You have 31 days from your termination date to convert your group coverage to an individual policy. If you wish to make this change upon termination, contact our office immediately upon termination so that we can update our records and facilitate conversion.