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Continuing Basic Life Insurance at RetirementJan 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.
Optional Life Insurance Coverage for ChildrenApr 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.
Optional Life Insurance Premium ChangesFeb 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. Age Monthly 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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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.