2016 Annual Term Life Insurance Review Period
[Posted on 09/28/2015 at 8:00 AM]
It’s that time of year again—the month of October is your window of opportunity to evaluate your optional life insurance coverage and decide if you would like to increase it. The Annual Term Life Insurance Review period gives eligible members the opportunity to increase their coverage amount (within the established guidelines) without proving insurability. Please note the review period does not apply to spouse and child(ren) coverage (see FAQs). If you wish to maintain your current level of coverage, no action is required.
Life Insurance Beneficiaries
Included on your Annual Benefit Statement is your primary life insurance beneficiary designation. If you or your beneficiaries have had a life change that may affect this information, such as a divorce or death, you are encouraged to update your beneficiary designations as soon as possible. For your convenience, you may quickly and easily update your beneficiary designations online by following these steps:
- Log in to your secure Member Homepage.
- Click on Forms then Life Insurance Beneficiaries in the top menu.
- Follow the instructions for completing and submitting the online form.
If you prefer, you may download a Designation of Life Insurance Beneficiaries form to complete and mail to MOSERS. The new designation form will become effective upon receipt at MOSERS.
Check Your Email
In late September, MOSERS sends instructions via email to eligible members explaining how to increase coverage. You may view your notification in your Document Express folder. Please read it carefully. If there is no valid email address on file for you, MOSERS will send a letter to you in the mail.
Note: All MOSERS members have access to Document Express. To access it you must have a MOSERS password in order to log in to your secure Member Homepage. To set up a password, you must have a valid email address on file with MOSERS. If you cannot enroll online, please contact a benefit counselor at (800) 827-1063 and they will assist you.
To be eligible for the Annual Term Life Insurance Review, you must:
- Be actively employed in a MOSERS benefit-eligible position.
- Be currently insured with less than the maximum amount of optional life insurance coverage (the lesser of six times your annual salary or $800,000).
- To aid in your decision, the information indicates your current 2015 coverage amount and monthly premiums, as well as what your new 2016 premiums will be if you opt for the increase.
Online Election Method
If you wish to increase your optional life insurance coverage amount, go to the MOSERS secure website between October 1 and October 31, 2015 (midnight). Simply click on the Update Now button on the MOSERS homepage or click on the Personal Information link in the menu for 2016 Annual Term Life Insurance Review and follow the steps to increase your coverage.
Confirmation of Your Election
If you increase your coverage, your confirmation letter will be posted to Document Express on your secure Member Homepage on MOSERS’ website. You will receive an email notification alerting you when it is posted and ready to be viewed; you may then save it to your computer, or print it. If you opted out of electronic delivery, you will receive a confirmation letter in the mail reflecting any changes to your coverage.
- Any new elections in October will go into effect January 1, 2016, as long as you meet the “Actively-at-Work” requirement. More information is available in the Life Insurance Handbook.
- Term life insurance proceeds are paid to your beneficiary(ies) when you die. It has no cash or loan value.
MOSERS’ life insurance is not available to employees of the Department of Conservation or state regional colleges/universities (except State Technical College of Missouri & Lincoln University), because those employers provide their own life insurance benefits.
Optional Term Life Insurance FAQs
Q: Can I decrease or terminate my optional life insurance coverage?
A: Yes. Complete an Enrollment/Change - Optional Life Insurance form and submit it to MOSERS. The form can be completed and submitted electronically by logging on to your secure Member Homepage or downloaded online from the Forms page on MOSERS’ website. This can be done any time throughout the year. Remember, to be eligible for future annual review periods, you must maintain at least $10,000 of optional life insurance coverage.
Q: Can I continue my optional life insurance into retirement?
A: Yes. If you retire within 60 days of leaving state employment, the state will continue to provide $5,000 in basic life insurance coverage at no cost to you. You may retain up to $60,000 in optional life insurance, provided you had at least that amount while actively employed. You may retain all your coverage until age 62 if you retire under the “Rule of 80” in the MSEP 2000 or under the “Rule of 90” in the MSEP 2011. At age 62, the coverage amount will automatically reduce to $60,000. You may reduce or terminate your optional life coverage amount after you retire, but you may not increase it.
Q: Can I purchase (or increase) coverage for my spouse or dependent child during the annual review?
A: You may increase coverage on a spouse at any time, but will need to prove insurability. To do so, submit the following forms to MOSERS:
The forms can be downloaded online from the Forms page on MOSERS’ website or completed and submitted electronically by logging on to your secure Member Homepage at any time during the year.
Dependent changes for eligible children can be requested at any time without proof of insurability, not just during October. The coverage amount will remain $10,000 per child with a premium of $2 per month, regardless of the number of insured children. For coverage purposes only, a child is defined as your child from live birth to age 26. This includes dependent stepchildren and grandchildren, adopted children, and children for whom you are the court-appointed legal guardian provided they are living with you. Full-time members of the armed forces of any country, regardless of age, are not included in the definition of eligible child.
Disabled children older than age 26, who are continuously incapable of self-sustaining employment because of developmental, intellectual, or physical handicap and are dependent on you for support, are also eligible for dependent coverage. However, you must provide proof that your child is handicapped and be approved by Standard Insurance Company for continued coverage. (You may request a Continued Dependent Life Insurance for a Disabled Child form from a MOSERS benefit counselor.)
Q: Can I enroll in the Optional Life Insurance Plan if I’m currently not enrolled?
A: If you have a family status change (includes marriage, divorce or legal separation; birth of a child; adoption of a child; or death of a spouse or child), you may be eligible to apply for up to $30,000 of optional life insurance coverage, in $10,000 increments, for yourself without proving insurability. Those previously denied coverage or already carrying the maximum coverage are not eligible. You must complete an Enrollment/Change - Optional Life Insurance form within 31 days of the event and submit proof of family status change. Otherwise to enroll in the Optional Life Insurance Plan, you will need to submit the online Medical History Statement along with the Enrollment/Change - Optional Life Insurance form and be approved by Standard Insurance Company.
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