The RPB provides free group term life insurance and accidental death and dismemberment (AD&D) coverage for eligible RPB pension plan participants. Participants who are eligible for the free life insurance benefit can also purchase optional life insurance coverage in multiples of their salary. Premiums for the optional life insurance are based on an age-rated schedule and are competitively priced to similar coverage in the group term insurance marketplace. If you are an RPB pension plan participant and would like to participate in our optional life insurance program, please contact Ingrid Aponte, Participant Account Manager, at the RPB office. The RPB office will verify your eligibility and send enrollment materials to you.
Eligibility
Free Basic Life Insurance
RPB participants who have a combined annual pension contribution paid on their behalf of at least 10 percent of salary (including parsonage, if applicable) through their congregations/employers are eligible for free basic life and accidental death and dismemberment (AD&D) insurance coverage from the RPB. The 10 percent contribution can originate from either the employer or the participant (via elective salary deferral) to qualify for the free benefit. The benefit is equal to one times annual salary (including parsonage, if applicable) up to $50,000. The AD&D insurance program has a maximum benefit of $30,000.
Optional Life Insurance
RPB participants who have a combined annual pension contribution paid on their behalf of at least 10 percent of their salary (including parsonage, if applicable) by their congregations/employers are eligible to purchase optional life insurance. This insurance coverage, which is in addition to the free basic life insurance coverage, can be purchased in increments of up to five times their salary to a total maximum amount of $600,000. Participants enrolling in the pension plan for the first time may purchase life insurance coverage equal to two times salary up to $300,000 without completing the insurance carrier’s Statement of Health form. Participants who want to purchase life insurance coverage in an amount greater than two times salary up to $300,000 must complete the insurance carrier’s Statement of Health form and be approved by the insurance carrier for the coverage. Participants who decide to increase their life insurance coverage after their initial enrollment, or who decide to purchase optional life insurance at a later time, will have to complete the insurance carrier’s Statement of Health form and submit it directly to the insurance carrier. Participants can request the form by contacting Ingrid Aponte, Participant Account Manager, at the RPB office. Upon notification of approval by the insurance carrier, the RPB will send an invoice to the participant for the premium that is due. Once the payment is made, the insurance policy will be in full effect.
Age-Rated Price Chart
Please see the Optional Life Insurance Rate Schedule below for the cost of life insurance for your age bracket.
Optional Life Insurance Rate Schedule
Annual Rates as of July 1, 2011 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 |
To arrive at your annual life insurance premium, multiply your annual salary (including parsonage, if applicable) by the multiple of salary you are requesting in life insurance coverage, and then by the corresponding cost rate that reflects your age bracket. Divide by 1000 to reach your annual premium.
EXAMPLE:
A participant who is 35 years of age and is earning an annual salary of $50,000 will calculate the premium cost of life insurance coverage as follows:
- One times salary ($50,000): = $50,000 x $1.320 / 1000 = $66.00 premium
- Two times salary ($50,000): = $100,000 x $1.320 / 1000 = $132.00 premium
- Three times salary ($50,000): = $150,000 x $1.320 / 1000 = $198.00 premium
Life Insurance Policy
Outlined below is the life insurance policy for active and retired participants of the Reform Pension Plan.
RPB Optional Life Insurance Enrollment
If you decide after your initial enrollment in the RPB pension plan to purchase optional life insurance or to increase the amount of coverage that you purchased in the past, you should contact Ingrid Aponte, Participant Account Manager, at the RPB office to request an optional life insurance enrollment form. The RPB office must confirm your eligibility for the life insurance plan prior to sending you an enrollment form.
Life Insurance Beneficiary Form
The Life Insurance Beneficiary Form and Addendum to the Life Insurance Beneficiary Form enable you to choose beneficiary(ies) for your life insurance benefits. Regardless of your current eligibility status for life insurance coverage, you must complete the form in the event that your status changes in the future.
Life Insurance Conversion to an Individual Policy
RPB participants have the option to convert their RPB basic and optional life insurance policies to an individual policy when they terminate employment with an eligible employer. At that point, participants would no longer be part of the “group” and would not be covered through the RPB group policy. Please contact the RPB office if you are an RPB participant terminating employment with your congregation or if you are a congregational representative and have a staff member leaving employment with your congregation. The RPB office will work with you to complete the paperwork necessary to update our records and facilitate conversion of the life insurance with our carrier, MetLife.