2023 Annual Optional Term Life Insurance Review Period
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 allows eligible members the opportunity to increase their coverage amount (in increments of $10,000) by up to $20,000 without proving insurability provided the coverage amount does not exceed 6 times your annual salary or $800,000. Please note the review period does not apply to spouse and child(ren) coverage. If you wish to maintain your current level of coverage, no action is required.
Check Your Email
In late September, MOSERS sends instructions via email to eligible members explaining how to increase coverage. You may view your email notification in your Document Express online mailbox. Please read it carefully. If there is no valid email address on file for you, MOSERS sends a letter in the mail.
All MOSERS members have access to Document Express. Log in to myMOSERS and follow the prompts. To create your MOSERS Online ID & password you must have a valid email address on file with MOSERS. If you cannot enroll online, please contact a MOSERS benefit counselor at (800) 827-1063 for assistance.
To be eligible for the Annual Term Life Insurance Review, you must:
- Be actively employed in a benefit-eligible position before September 1, 2022.
- 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).
Online Election Method
If you wish to increase your optional life insurance coverage amount, log in to myMOSERS between October 1 and October 31, 2022 (midnight). Once logged in, simply click on the Learn More button, 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, which you can access by logging in to myMOSERS. 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.
- To aid in your decision, you will be provided with your current 2022 coverage amount and monthly premiums, as well as what your new 2023 premiums will be if you opt for the increase.
- Any new elections in October will go into effect on January 1, 2023, if 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.
- You can use the Optional Life Insurance Calculator to determine the premiums for yourself and your spouse.
MOSERS’ life insurance is not available to employees of the Department of Conservation or universities (except State Technical College of Missouri & Lincoln University).
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 in to myMOSERS. This can be done at 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 MSEP 2000 or under the “Rule of 90” in MSEP 2011. At age 62, the coverage amount will automatically reduce to $60,000. You may reduce 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, you must submit the following forms by logging in to myMOSERS:
- The Standard’s Medical History Statement
- Enrollment/Change - Optional Life Insurance
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. Other than these two instances, you will need to submit the Medical History Statement along with the Enrollment/Change - Optional Life Insurance form and be approved by The Standard Insurance Company.
Updating Your Life Insurance Beneficiaries
Included in your Annual Benefit Statement is your primary life insurance beneficiary designation. You can access your statement by logging in to myMOSERS, clicking on Online Documents then on Document Express.
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 myMOSERS
- Click on Forms then Life Insurance Beneficiaries in the top menu.
- Follow the instructions for completing and submitting the online form.
The new designation form will become effective upon receipt at MOSERS.
Dependent Child(ren) Coverage:
Eligible children may be enrolled at any time without proof of insurability. Dependent changes can be requested at any time, 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 an eligible child.
Disabled children older than age 26, who are continuously incapable of self-sustaining employment because of developmental, intellectual, or physical handicaps 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 The Standard Insurance Company for continued coverage. You can find the Continued Dependent Life Insurance for a Disabled Child form in our Online Library or you may request it from a MOSERS benefit counselor.