Did you know that MOSERS provides basic life insurance coverage for most members? This coverage is issued by The Standard Insurance Company (The Standard) and is equal to one times your annual salary.

As part of your basic member coverage, you have access to an accelerated benefit provision if you meet certain requirements. This means that if you become terminally ill with a life expectancy of less than 12 months, you may be eligible to receive life insurance benefits (accelerated benefits) prior to your death, provided you meet certain conditions.

Accelerated Benefit Requirements

• You must provide satisfactory proof of a qualifying medical condition.
• To have a qualifying medical condition, you must be terminally ill with a life expectancy of less than 12 months.
• You may receive an accelerated benefit only once in your lifetime.

Accelerated Benefit Exclusions

You may not receive an accelerated benefit if:

• All or part of your insurance must be paid to your children, spouse, or former spouse as part of a court-approved divorce, separate maintenance agreement, or property settlement agreement.
• You are married and live in a community property state (Missouri is not one), unless you provide The Standard with written consent signed by your spouse.
• You have made an assignment of all or part of your insurance, unless you give us signed written consent from the assignee.
• You have filed for bankruptcy, unless you provide The Standard with written approval from the bankruptcy court to pay the accelerated benefit.
• You are required by a government agency to use the accelerated benefit to apply for, receive, or continue a government benefit or entitlement.
• You have previously received an accelerated benefit under the group policy.
• You are a retired member of MOSERS, unless approved as an active member.

Accelerated Benefit Payment

If you are approved for the accelerated benefit, it will be paid to you in a lump sum. The amount of the accelerated benefit you receive may equal up to 75% of your coverage amount, with a minimum benefit of $5,000 or 10% of your insurance, whichever is greater. The maximum benefit is $500,000.

Keep in mind that this benefit payment may be taxable and could affect your eligibility for Medicaid or other government benefits. We recommend that you consult a tax/legal advisor before applying for an accelerated benefit.

To learn more about the accelerated benefit, see The Standard's Accelerated Benefit Instructions and review our Basic & Optional Life Insurance Handbook.