NCPERS Public Employee Financial Protection Plan

GROUP VOLUNTARY TERM LIFE INSURANCE

About the Plan

The Public Employee Financial Protection Plan 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.

Eligibility for Coverage

All active members of the retirement system who are actively at work may enroll either during a one-time offering which has been communicated to you by the retirement system, open-enrollment or within 90 days of your hire date.

Eligible dependents include your spouse or domestic partner* and unmarried children live birth up to age 26, or as required by specific state law. Dependent children are your legally adopted children, stepchildren and foster children who depend on you for support. Dependents in military service are not eligible.

There are no medical exams or health requirements.

The effective date of your coverage is the first day of the month after application approval.** If a dependent is confined for medical treatment, coverage will become effective when the dependent is released by a doctor from such confinement.

*Domestic partners may not be recognized in all states.
**The Group Policy provides that your insurance is not effective until you have made the initial required payment and are making the required contributions on or after the effective date of the insurance.

Schedule of Benefits

$17 Monthly Contribution (All States)
(Covers you, your spouse or domestic partner, and your children)

 MemberDependent Group Term Life
Member's Age at Time of ClaimGroup Term Life InsuranceGroup AD&DTotal Benefit for Accidental DeathSpouse/Domestic Partner*Child(ren)**
Less than 25$225,000$100,000$325,000$20,000$4,000
Age 25 to less than 30$170,000$100,000$270,000$20,000$4,000
Age 30 to less than 40$100,000$100,000$200,000$20,000$4,000
Age 40 to less than 45$65,000$100,000$165,000$18,000$4,000
Age 45 to less than 50$40,000$100,000$140,000$15,000$4,000
Age 50 to less than 55$30,000$100,000$130,000$10,000$4,000
Age 55 to less than 60$18,000$100,000$118,000$7,000$4,000
Age 60 to less than 65$12,000$100,000$112,000$5,000$4,000
Age 65 to less than 70$7,000$7,000$14,000$4,000$4,000
Age 70 to less than 75$6,000$6,000$12,000$3,000$4,000
Age 75 to less than 80$5,000$5,000$10,000$2,000$4,000
Age 80 to less than 85$4,000$4,000$8,000$2,000$4,000
Age 85 or older$3,000$3,000$6,000$2,000$4,000

 

Payment Examples:
1. If an insured member age 38 dies of natural causes, the beneficiary would receive $100,000. If death is due to a covered accident, $200,000 would be payable.
2. If the spouse or domestic partner of a 42-year-old member dies, the member would receive $18,000.
3. If a dependent child less than 26 dies, the payment to the member would be $4,000.

*Domestic partners may not be recognized in all states.
**Unmarried children live birth but less than 26-years-old are covered, including adopted children, stepchildren, and foster children who depend on you for support. Dependents in military service are not eligible.

Note: All payout death benefits are calculated using the member age – not the age of the spouse/domestic partner or child.

Plan Highlights

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.

Retirement Coverage
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.

Find a Form

Any changes not addressed by the forms mentioned below can be directed to Member Benefits at 1-888-697-8897.

Contact Us

Administered By: Member Benefits

  • 1-888-697-8897
  • NCPERS@memberbenefits.com
  • 7645 Gate Parkway, Suite 101
    Jacksonville, FL 32256
  • Monday through Friday
    8:30am to 5:00pm EST

Since the plan’s inception more than 40 years ago, Prudential has paid over $105 million to NCPERS members and their beneficiaries. It currently serves the needs of over 85,000 public employee retirement system members nationwide.

Public Employee Financial Protection Plan, Dependent Group Decreasing Term Life Insurance, and Accidental Death & Dismemberment Insurance are issued by The Prudential Insurance Company of America, a Prudential Financial company, Newark, New Jersey. A Booklet-Certificate, with complete information, including limitations and exclusions, will be provided. If there is a discrepancy between this document and the Booklet-Certificate issued by Prudential, the terms of theBooklet-Certificate will govern. Contract Series: 83500.

Accelerated Death Benefit option is a feature that is made available to group life insurance participants. It is not a health, nursing home, or long-term care insurance benefit and is not designed to eliminate the need for those types of insurance coverage. The death benefit is reduced by the amount of the accelerated death benefit paid. There is no administrative fee to accelerate benefits. Receipt of accelerated death benefits may affect eligibility for public assistance and may be taxable. The federal income tax treatment of payments made under this rider depends upon whether the insured is the recipient of the benefits and is considered terminally ill. You may wish to seek professional tax advice before exercising this option.

This AD&D policy provides ACCIDENT insurance only. It does NOT provide basic hospital, basic medical, or major medical insurance as defined by the New York Department of Financial Services.

IMPORTANT NOTICE—THIS POLICY DOES NOT PROVIDE COVERAGE FOR SICKNESS.

The plan is administered by Member Benefits. Gallagher Benefit Services, Inc. and Member Benefits are not affiliates of Prudential.

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