 |
|
 |
|
FEATURES AND BENEFITSThe Public Employee Retirement System of Idaho (PERSI) is a member of the National Conference on Public Employee Retirement Systems (NCPERS) Voluntary Life Insurance Plan.PERSI selected the NCPERS program in 1985, because of its unique plan design, particularly well suited for public pension plan members, and filling member needs not fully addressed by the pension plan. 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. There are more than 15,000 PERSI members/retirees and their dependents insured under this plan. Over $2 million in benefits are paid to beneficiaries each year. The overall NCPERS Plan, of which PERSI is a part, insures more than 85,000 members, retirees and dependents. The NCPERS Plan has been providing added security for public employees for over thirty five years and has paid over $100 million to beneficiaries of public employees. Handling life's unexpected events can be easier with protection that can be counted on - The NCPERS Group Decreasing Term Life Insurance plan. This insurance plan, provided by The Prudential Insurance Company of America, helps safeguard your financial obligations in the event of death, or the death of a covered dependent. Here are some details about this plan: Attractive Rates - 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. Total Disability Protection - If you are under 60 years old and become totally disabled for at least nine months, your Group Decreasing Term Life Insurance may be continued without further contributions. You must furnish annual proof of your continued total disability satisfactory to Prudential. 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 Group Decreasing Term Life Insurance benefits, up to $112,500 (only applies to $16 plan), in advance, provided you've 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 Group Decreasing Term Life Insurance 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 (only applies to $16 plan) benefit is determined by your age at the time of your spouse's or domestic partner's death. Eligible dependents are your spouse or domestic partner (only applies to $16 plan) and unmarried children 14 days to 21 years old. Dependent children are your legally adopted children, step-children 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 any loss 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. Additional AD&D Benefits - (only applies to the $16 plan) Additional amount payable for loss of life as a result of an accident in an automobile while using a seat belt. Additional amount payable for loss of life as a result of an accident in an automobile using an air bag. Additional amount payable for tuition reimbursement for a dependent spouse. Additional annual amount payable for tuition reimbursement for a dependent child. Additional amount payable for return of remains. *AD&D Exclusions - No benefit will be paid due to loss from the following: war; suicide or attempted suicide; any bacterial or viral infection (unless the infection was the result of an accidental injury or bacterial infection which results from the accidental ingestion of contaminated substances) or mental infirmity or disease, or medical or surgical treatment thereof; or by aircraft travel if you have any duties aboard the aircraft, or if you are giving or receiving training for such duties. NCPERS is a non-profit organization organized to provide education and support to public employee retirement systems. NCPERS has no role in the administration of the life insurance program and the benefits are guaranteed solely by the insurance carrier. NCPERS is compensated solely for the use of its name, service marks and mailing lists. |
|
 |
|
 |