Through its membership in the National Conference of Public Employer Retirement Systems (NCPERS), IMRF presents employers the NCPERS Voluntary Decreasing Term Life Insurance program. Employers may offer this program to IMRF participating members to assist them - particularly younger members who have the greatest insurance need and the lowest accrued retirement benefits - in providing greater financial protection for their families.
As the following chart demonstrates, the Decreasing Voluntary Term Life Insurance program offers protection early in an employee's career - the time when typical survivor death benefits are lower but the employee may need coverage most.
Decreasing Voluntary Term Life Insurance means an employee's monthly premium remains level over time, while his or her benefits decrease with age.
IMRF members may find many advantages to the NCPERS Voluntary Decreasing Term Life Insurance Program, including:
- Guaranteed issue (no medical questionnaire) during the annual open enrollment period* and for new hires throughout the year.
- Coverage for current and future dependents at no additional cost.
- Accidental Death and Dismemberment benefit that covers an employee on or off the job.
- Coverage that can be continued into retirement.
This affordable program is available to IMRF participating members for $16 per month, administered by payroll deduction. This rate does not increase with time. Members and employers may learn more about NCPERS and the program's offerings online at https://mybensite.com/imrf/.
IMRF employers are encouraged to introduce the value and availability of this program to their employees. Employers interested in offering the program (and those currently offering the program, but in need of assistance) may contact the plan's administrator, HealthSmart Benefit Solutions, Inc., directly by phone: (800) 525-8056, or email:
NCPERS@Healthsmart.com
.
IMRF will introduce a new video presentation later this year further detailing the NCPERS Voluntary Decreasing Term Life Insurance program and other IMRF benefit programs.
*The 2016 open enrollment period is October 1- November 30, 2016.
