Thank you for visiting MOSERS online. My name is Anne Rapp, and I am a Senior Benefit Counselor here at MOSERS. In this video, we will discuss your state Life Insurance benefits, including both Basic Life and Optional Life, and coverage for your spouse and dependents. We will also discuss enrollment, increasing or reducing your Life Insurance coverage, and the importance of keeping beneficiary information current.

The life insurance administered by MOSERS is a term life insurance policy, with no cash value. This means you cannot “cash out” or borrow against the policy.

First, let’s consider Basic Life Insurance. As a benefit of state employment, you are entitled to Basic Life Insurance, at no cost to you. The coverage amount is one times your annual salary, rounded up to the next $1000. For example, if your annual salary is $20,646, the state will provide $21,000 per year of Basic Life Insurance coverage. This amount will change each January, based on your salary the prior July.

If you choose, you may purchase Optional Life Insurance for yourself in addition to your Basic Life Insurance coverage. You pay the premiums for Optional Life Insurance by payroll deduction. If you enroll within 31 days after you begin your job, you will NOT have to prove insurability. Otherwise, to prove insurability, you must complete a Medical History Form and an Optional Life Change Form. Both forms and the MOSERS Life Insurance Handbook can be found on our website. The Handbook contains information regarding our insurance company, policy number, certificate of insurance, coverage limits, and the timetable for enrollment.

Now, let’s discuss life insurance coverage for your loved ones. MOSERS offers coverage for your spouse in addition to Life Insurance coverage for you. If you carry Optional Life Insurance coverage on yourself, you may purchase coverage for your spouse up to certain limits.

You may also purchase coverage for your dependent children. For purposes of determining eligibility for coverage, a child means your unmarried child from live birth up to age 25. This also includes a dependent stepchild, grandchild, adopted child and child for whom you are the court-appointed legal guardian, provided the child is living with you. A full-time member of the armed forces of any country, regardless of age, is not eligible for coverage. You are automatically named the beneficiary for any spouse or dependent coverage, and will find more details about family coverage in the Handbook.

You may want to know how you can increase your coverage. Each year during the month of October, you have the opportunity to apply for an additional $10,000 of coverage under certain conditions. The additional coverage becomes effective January 1 of the following year. You may request additional coverage at any other time; however, you will be required to prove insurability. Our insurance carrier may approve or deny the additional coverage request.

We all realize that life events occasionally occur, such as when you marry, divorce, are legally separated, have a child, adopt a child, or experience the death of your spouse or child. When a life event causes a change in your family status, you may request additional Optional Life Insurance. Check the handbook to find information about coverage limits and timetables.

Now that you understand increasing coverage, what about decreasing coverage? You may decide to decrease coverage at any time by completing the appropriate forms found on our website.

Finally, let’s talk about beneficiaries. The purpose of life insurance is to financially protect your surviving dependents in the event of your death, so it is important to keep your beneficiary information up to date. You will name beneficiaries when you are first covered by this insurance. As life events occur, however, earlier beneficiary designations can become obsolete. Beneficiaries may be changed at any time, using the Designation of Life Insurance Beneficiary Form. The beneficiary designation form can be downloaded from our website or you can request a form by calling MOSERS.

Let’s review what we’ve discussed. We have considered Basic Life Insurance and Optional Life Insurance for you, and spouse and dependent coverage for your family. We also discussed increasing and decreasing your Life Insurance coverage amounts and designating beneficiaries. Remember, your state life insurance is a term life policy with no cash value, and is payable only upon your death. For information about accelerated benefits, coverage while on leave or after your state employment ends, and the conversion and portability of your Life Insurance, refer to the Life Insurance Handbook which can be found on our website.

We hope you find this information helpful. For additional information regarding your MOSERS benefits, we encourage you to explore our website. In addition to videos, the MOSERS website contains other benefit information, such as forms, handbooks and brochures, and provides secure access to your personal data through our Member Login.

Thank you