RPB provides free group term life insurance and accidental death and dismemberment (AD&D) coverage for eligible RPB retirement 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.

Click below for more information about the life insurance policies:

Life Insurance Beneficiary Form
Use the Life Insurance Beneficiary Designation Form and Addendum below to name beneficiary(ies) for your life insurance benefits:


Eligibility

Free Basic Life Insurance

You are eligible for 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 retirement plan annually. The contribution can come from your employer or your own elective salary deferral.

Our free term life insurance coverage is equal to your annual salary (including parsonage, if applicable) up to a maximum of $50,000. The AD&D insurance program has a maximum benefit of $30,000.

Please contact us for eligibility and enrollment forms.

Optional Life Insurance (OLI)

If you qualify for our free life insurance, you have the option to purchase additional coverage of up to five times your salary, with a maximum amount of $600,000.

Important notes about purchasing additional life insurance:

  • 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.
  • You submit the Statement of Health form to the carrier. Once the insurance carrier notifies RPB of your approval, we will send you an invoice for the premium. The new policy will be in effect upon payment.

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

Optional Life Insurance Rate Schedule

Annual Rates as of July 1, 2016 Per $1,000 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

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:

1) Multiply your annual salary (including parsonage, if applicable) first by the multiple of salary you are requesting in additional life insurance coverage,
2) Multiply that by the cost rate for your age bracket’s corresponding.
3) Divide that total number by 1,000 to reach your annual premium.

Example: A 35-year-old participant with a $50,000 annual salary:

Annual premium for additional life insurance equal to 1x 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 3x 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

Life Insurance Conversion to an Individual Policy

If you terminate employment with an eligible employer, you have the option to convert RPB’s basic and optional life insurance policies to an individual policy. At that point, you would not be covered through RPB’s 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, contact our office immediately upon termination.