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  • Decreasing Your Optional Life Insurance Coverage

    Oct 13, 2021, 3:55 PM By MOSERS
    How can I change the amount of optional life insurance from $40,00 to $20,000? The premium has raised a lot for $40,000. Thanks

    When you move into a new age bracket, the premiums go up. To decrease your optional life insurance, please complete an Enrollment/Change - Optional Life Insurance form and submit it to MOSERS. You can complete the form and submit it electronically by logging in to myMOSERS This can be done 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.

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  • Increasing Your Life Insurance Coverage After Retirement

    Aug 19, 2021, 9:36 AM By MOSERS
    After retirement am I still able to purchase Optional Life Insurance coverage?

    No, you cannot increase your coverage after retirement. If you retire within 60 days of leaving employment, you can retain your coverage in retirement up to $60,000. However, you may retain all of your optional coverage until age 62 if you are a general state employee who retired under the “Rule of 80” (MSEP 2000) or the “Rule of 90” (MSEP 2011). At age 62, your coverage will automatically reduce to a maximum of $60,000.

    To keep your optional coverage, you must submit the Retain/Change Optional Life Insurance form (available at myMOSERS. Use the same form to reduce or terminate your coverage at any time.

    Please note that once you terminate coverage, it cannot be reinstated. You have 60 days from your retirement date to port or convert your remaining optional life insurance through The Standard.

    Use the Optional Life Insurance Calculator to determine your monthly premium.

    For more information please see our Life Insurance page.

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  • How to make changes to your optional life insurance

    Jul 16, 2021, 3:32 PM By MOSERS
    Where can I find the application to submit for optional Life Insurance coverage for myself.?

    You can find it online by logging into myMOSERS. After logging in, click Forms, select Enroll/Chg Opt Life Ins and then submit your information from there. Or, you can contact a benefit counselor and ask them to mail you an application. If you would like more information on optional life coverage, please see our Life Insurance page. 

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  • Accelerated Benefit

    May 26, 2021, 3:29 PM By MOSERS
    I was wondering if it’s possible to borrow against a life insurance policy and if so how? Thank you. 

    Your life insurance through MOSERS is term-life insurance, which means it has no cash value and you cannot borrow against it. However, if you are terminally ill with a life expectancy of less than 12 months, you may be eligible to receive a portion of your life insurance benefit (Accelerated Benefits) prior to your death, provided you meet certain conditions. For more information, please see the Life Insurance page on our website and the Accelerated Benefit Instructions

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  • Deleting Beneficiaries

    May 4, 2021, 8:19 AM By MOSERS
    I am attempting to delete one of my beneficiaries for my life insurance. It appears that the online form only allows you to add a beneficiary. Perhaps I am just not understanding the form. Please advise how I need to proceed. Thank you in advance

    We are working on a new system that will allow you to make a simple update without re-entering all information for your beneficiaries, but right now, with our current system, you must start over and re-enter all information about your beneficiaries if you want to update one of them.

    To update your beneficiary designations, you must first log in to myMOSERS. Complete and submit the Designation/Change of Beneficiaries form (“Life Ins Beneficiaries” from the Forms drop-down menu) for basic and optional life insurance. This form also applies to deleting a beneficiary. You will need to enter the information of your new beneficiaries and submit the form. If you are a member of the MSEP 2011 or the Judicial Plan 2011, you should also complete and submit the Contribution Beneficiaries form for your employee contributions.

    Visit our Life Events page for more information.

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  • Adding Insurance Coverage for your Spouse and Child(ren)

    Sep 24, 2020, 4:16 PM By MOSERS

    How do I go about getting life insurance on my son? thanks 

    You may purchase $10,000 in optional life insurance coverage on each of your eligible children. You can do this by logging in to myMOSERS and completing the Enrollment/Change-Optional Life Insurance form to add coverage for your child(ren). Please see the Life Insurance page on our website for more information. 
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  • Updating your Beneficiaries

    Mar 12, 2020, 8:17 AM By MOSERS
    Is there a way to update information online for beneficiaries w/o having to go through the whole data entry process for all of them?

    To update your beneficiary designations, you must first log in to myMOSERS. Complete and submit the Designation/Change of Beneficiaries form (“Life Ins Beneficiaries” from the Forms drop-down menu) for basic and optional life insurance. If you are a member of the MSEP 2011 or the Judicial Plan 2011, you should also complete and submit the Contribution Beneficiaries form for your employee contributions.

    We are working on a new system that will allow you to make a simple update without re-entering all information for your beneficiaries, but right now, with our current system, you must start over and re-enter all information about your beneficiaries if you want to update one of them.

    Visit our Life Events page for more information.
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  • Continuing Basic Life Insurance at Retirement

    Jan 28, 2019, 1:54 PM By MOSERS

    My wife also worked for the state of Missouri for 29 years. Her office closed just before she reached 80 and out. A year later she started collecting her state retirement when she turned 51. Does she still get the $5,000 life insurance like I do. I stayed for 35 years and received full backdrop at age 55. 

    No. Anyone who does not retire directly from state employment ;(within 60 days from their last day of state employment), does not get the automatic $5,000 in basic life insurance coverage at no cost to them.

    The state will continue to pay for $5,000 of basic life insurance coverage for life for retirees who meet the following conditions:

    • They had basic life insurance coverage as an active employee and did not terminate coverage at retirement.
    • They have a MOSERS retirement date that is within 60 days of when they left state employment.
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  • Optional Life Insurance Coverage for Children

    Apr 18, 2018, 8:29 AM By MOSERS

    I have carried optional life insurance on my two children. But I am wondering if I now need to drop them, as they are both over the age of 18. My oldest is 27 & my youngest will be 26 in Oct. I don't want to drop them if I don't have to but also don't want to keep paying for something that I could not use if the worst Mother's fear where to occur. 

    You may retain MOSERS optional life insurance* for your children until age 26. The month your child turns 26, your coverage will automatically end. An exception is: Disabled children older than age 26, who are continuously incapable of self-sustaining employment because of developmental, intellectual or physical handicap and dependent on you for support, are eligible for dependent coverage.

    When life insurance coverage ends for your spouse and/or child(ren), you have 60 days in which to convert coverage to an individual life insurance policy or buy portable group insurance. Evidence of insurability is not required.

    We also recommend that you review your life insurance beneficiaries periodically to make sure they are up to date. You can review and update your beneficiaries by logging in to myMOSERS and completing and submitting a Life Insurance Beneficiaries form. For more information, see the Life Insurance Handbook.

    *MOSERS' life insurance is not available to employees of the Department of Conservation or state regional colleges/universities except for Lincoln University and State Technical College of Missouri.

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  • Optional Life Insurance Premium Changes

    Feb 15, 2018, 3:04 PM By MOSERS

    President Trump gave us a tax break which was (for me) $12.92 but then my life insurance went up $17.60. Why is that?

    Changes to your optional life insurance coverage or premium amount could be a result of one or more of the following factors:
    (1) your annual salary as of July 2017 or your eligibility date,
    (2) your age bracket as of January 1, 2018,
    (3) your coverage election, or
    (4) the optional life insurance rates.

     

    MOSERS Optional Life Insurance Rates effective January 1, 2018.
    AgeMonthly Premium per $1,000 of Coverage
    Under 35 0.08
    35-39 0.10
    40-44 0.16
    45-49 0.24
    50-54 0.43
    55-59 0.76
    60-64 1.18
    65-69 1.90
    70 & Over 3.33

    Many of our members saw their optional life insurance premiums decrease this year, depending on which age bracket they were in as of January 2018.

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Disclaimer

We strive to provide the most accurate information possible in our answers to Rumor Central questions. However, occasionally, laws, policies or provisions change and individual circumstances may vary. Please contact a MOSERS benefit counselor or see the handbooks in our website Library for more detailed information. If there is any difference between the information provided in this blog or on the MOSERS website and the law or policies that govern MOSERS, the law and policies will prevail. See our Privacy, Security & Legal Notices for more information.