Life Insurance FAQs
What are the benefits of participating in the RPB’s life insurance program?
- Basic life insurance is free for participants who have an annual RPB pension contribution of at least 10 percent of salary.
- Eligible participants may remain under RPB life insurance as long as they continue to pursue a career with an eligible Reform Movement congregation or employer.
- Eligible participants can purchase optional life insurance coverage equal to two times their salary up to $300,000 without completing a Statement of Health form.
Am I eligible for free basic life insurance as a Reform Pension Plan participant?
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.
Am I eligible to purchase more coverage beyond the RPB’s free basic 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 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, or who decide to purchase optional life insurance at a later time, will have to complete the insurance carrier’s Statement of Health form. Please contact the RPB office to request the form. 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.
I am leaving employment within the Reform Movement. Do I have the option to convert my optional group term life insurance coverage to an individual policy?
Yes, there is an option to do so. Please contact the RPB office to notify us that you are terminating your employment and wish to convert your life insurance coverage to an individual policy within 31 days of your termination date so that we can work with both you and our life insurance carrier, MetLife, to update our records and facilitate conversion of the life insurance policy for you.
Where can I learn more about the RPB’s life insurance policies?
Long Term Disability FAQs
Am I eligible for the RPB’s Long Term Disability (LTD) coverage?
The RPB’s Long-Term Disability (LTD) plan is a group policy from MetLife. It is available to all employees of URJ-affiliated congregations, as well as employees of the URJ, CCAR and RPB, who work at least 18 hours a week. You do not need to be a participant in the RPB’s retirement plan to obtain LTD insurance.
Why do I need LTD coverage?
Long Term Disability insurance protects one of your most important assets–your income. In the event that you’re unable to work due to an extended illness or injury, you may not have enough savings–or the ability to rely on someone else’s income–to meet your financial obligations. LTD coverage ensures that you will receive a percentage of your regular salary to help pay your bills.
How do I enroll in the LTD plan?
Open enrollment for the LTD insurance plan is held every December for the upcoming calendar year. We also offer a semi-annual enrollment period in July-August for those who missed the December enrollment period. To enroll in the plan, ask your employer to complete the enrollment form and submit it to the RPB during one of the open enrollment periods.
How do I renew my LTD coverage?
The RPB sends disability renewal notices to employers in late November to renew employee coverage for the following year. We also send employees a courtesy notification that their coverage is subject to renewal through their employer.
If either your salary or benefit waiting period has changed since the prior year, please advise your employer to make the necessary modifications to your renewal invoice.
How do I change my LTD benefit waiting period?
You can change your benefit waiting period during the annual or semi-annual open enrollment period. Speak with your employer directly about making this change to your coverage.
How do I pay my LTD premiums?
If your employer does not provide LTD coverage as a paid employee benefit and you are responsible for the premium payment, you must pay the premium to your employer either by personal check or through a post-tax payroll deduction. The RPB will not accept payments from individuals. See FAQ: Are long term disability benefits taxable?
Are long term disability benefits taxable?
Disability benefits will be tax-free as long as the insurance premium is paid with post-tax dollars. Please consult with your employer directly to ensure that your premium is paid with post-tax dollars. If LTD coverage is a paid benefit provided by your employer, the easiest way to ensure your employer pays with post-tax dollars is for your employer to gross up your salary by the same amount of the premium that is being deducted from your paycheck post-tax. This is a common practice.
If LTD coverage is not a paid benefit provided by your employer and you are responsible for the premium payment, you will need to write a check payable to your employer for the premium amount or have your employer deduct the premium amount from your pay check post-tax before they remit payment to the RPB. The RPB will not accept checks from individuals.
Premium payments with pre-tax dollars will result in benefits being taxed as ordinary income to the recipient.