About the Plan
The Public Employee Financial Protection Plan, issued by The Prudential Insurance Company of America (Prudential), was designed to help provide extra financial security to augment your retirement benefits with affordable rates. This 24/7 coverage, on or off the job, requires no health examination or questions asked. You are guaranteed acceptance regardless of previous health issues you may have experienced.
More coverage when you need it most
The plan is designed to pay a maximum benefit amount in your younger years, when your financial obligations may be more significant. That benefit gradually decreases as you get older, when your financial obligations may be less. And the flat rate helps ensure it’s affordable coverage the whole time, with no surprise rate hikes.
For a flat monthly cost, you can further guarantee the financial security of survivors, even after retirement!
$16 monthly buys this great value, coordinated with your pension survivor benefit.
The cost will be deducted from your paycheck.
Waiver of Premium
If you are less than 60 years old and become totally disabled for at least nine months, your insurance may be continued without further premiums, as long as you furnish annual proof of your continued total disability satisfactory to Prudential.
Accelerated Benefit Option*
If you are terminally ill with a life expectancy of six months or less, you may receive up to 50% of your insurance benefits – up to $112,500 in advance – provided you have been in the Family Protection Plus plan for at least one year. The death benefit, payable to your beneficiary, will be reduced by that amount.
Additional AD&D Benefits
- 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.
Coverage can be continued into retirement if you are insured as an active member and will receive a benefit upon retiring. Your monthly premium amount will not change.
Conversion of Coverage
If you cease to be a member, you can convert your insurance 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 a member or die.
*The acceleration of life insurance benefits offered under the certificate is intended to qualify for favorable tax treatment under the Internal Revenue Code of 1986 (IRC Section 101(g). If the acceleration of life insurance benefits qualifies for such favorable tax treatment, the benefit will be excludable from your income and not subject to federal taxation. Tax laws relating to acceleration of life insurance benefits are complex. You are advised to consult with a qualified tax advisor about circumstances under which you could receive acceleration of life insurance benefits excludable from income under federal law.
**Domestic partners may not be recognized in all states.