Life Insurance, Supplemental - NCPERS

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(Only IMRF Employees Eligible)

The National Conference on Public Employee Retirement Systems (NCPERS) offers a voluntary life insurance plan for IMRF members. This group decreasing term life insurance plan is provided by The Prudential Insurance Company of America.

While members can only sign up for the plan when they are actively participating in IMRF, they can choose to continue this coverage after retirement. 

NCPERS WEBSITE                                   ENROLLMENT APPLICATION

< p>https://vimeo.com/183512723">NCPERS Life Plan - Employers from IMRF on Vimeo.

 

FACTS ABOUT THE PLAN

  • All IMRF participating members of participating employers may enroll.
  • The plan will pay a benefit in addition to other insurance plans.
  • The plan is completely voluntary, and can be terminated at any time.
  • If you cease to be an IMRF participant you can convert your Public Employee Financial Protection Plan to a Prudential individual life policy within 31 days following termination of insurance. Dependent spouse or domestic partner term life coverage can also be converted if you cease to be an IMRF participant or you die.
  • Subject to applicable state law, Prudential’s Alliance Account® is the standard settlement option for death benefits of $5,000 or more.1 Prudential will establish an interest-bearing account in the beneficiary’s name. Beneficiaries earn interest as long as the account remains open. They can withdraw the full amount immediately, write drafts2 against the balance, or leave the funds in the account to collect interest.  For death benefits of less than $5,000, claims will be settled via a lump sum check.
  • Cost to participate is a low $16 per month

FEATURES AND BENEFITS

The NCPERS program has been offered to IMRF members since 1989, because it has a unique plan design. It is particularly well suited for public pension plan members and fills members needs not fully addressed by the pension plan. The IMRF has this plan available because of its membership in NCPERS, but it has no role in the carrier selection, design, or operation of the plan.

There are more than 30,000 IMRF members/retirees and their dependents insured under this plan. The overall NCPERS Plan, of which IMRF is a part, insures more than 87,000 members, retirees and dependents, and has been providing added security for public employees for over thirty years. It has paid over $100 million to beneficiaries of public employees. NCPERS is the leading advocate for public pension plans and their members, and is dedicated to the protection and improvement of the financial security of public employees.

Handling life's unexpected events can be easier with protection that can be counted on - The NCPERS Public Employee Financial Protection Plan. This coverage, issued by The Prudential Insurance Company of America (Prudential), helps safeguard your financial obligations in the event of death or the death of a covered dependant. Here are some details about this plan:

Attractive Rates - $16/mo.  Coverage is available at lower group rates through the purchasing power of the National Conference on Public Employee Retirement Systems.

Rates Do Not Increase With Age - The plan provides insurance for members regardless of age. Benefit amounts are greater when you are younger when your expenses and needs require more coverage. Benefits decrease with age. Please refer to the Schedule of Benefits chart.

Easy Payment - You pay for this insurance through automatic payroll deductions.

Coverage All The Time - You are covered 24 hours a day, 7 days a week, on or off the job.

Coverage can be maintained throughout retirement - your active insurance coverage may be continued into retirement, simply by authorizing the premium deduction from your retirement check. The coverage will therefore continue for as long as you want it to, or throughout your lifetime.

Living Benefit Option - If you are terminally ill, with a life expectancy of six months or less, you may receive up to 50% of your Public Employee Financial Protection Plan benefits, up to $112,500 (only applies to $16 plan), in advance, provided you have been in the NCPERS plan for at least one year. The death benefit, payable to your beneficiary, will be reduced by that amount.**

Dependent Coverage - The plan provides Dependent Public Employee Financial Protection Plan for your eligible dependents. The benefit amount will be paid to you in a lump sum on an eligible dependent's death due to any cause. Spousal or domestic partner benefit is determined by your age at the time of your spouse's death.

Eligible dependents are your spouse or domestic partner and unmarried children from live birth. Dependent children are your legally adopted children, stepchildren and foster children who depend on you for support. Dependents in military service are not eligible.

AD&D Coverage - Accidental Death & Dismemberment (AD&D) benefits will be paid in addition to your life insurance benefit for a loss of life or other injuries resulting from a covered accident.*

The full amount of insurance will be paid for the loss of: life; both hands or both feet; sight of both eyes; one hand and one foot; one hand and sight of one eye; one foot and sight of one eye.

Half the amount of insurance will be paid for the loss of: one hand; one foot; sight of one eye.

No more than 100% of the benefit amount will be paid for losses due to the same accident, and the loss must take place within 90 days of the accident.