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Apr 14, 2022, 9:01 AM By MOSERSCan I increase my Basic Life Insurance?
As an actively employed MOSERS member, you receive basic life insurance equal to one times your annual salary at no cost to you. Your employer pays the premium. The only time your basic life insurance coverage increases is if your salary increases. However, as an active member, you may be able to purchase additional optional life insurance coverage for yourself and your dependents.
MOSERS offers an Annual Life Insurance Review Period every October for member coverage. The review period gives eligible members the chance to increase their own optional coverage in increments of $10,000 without completing additional medical history forms. We will notify you each September if you are eligible. A family status change, such as marriage, also allows you to apply to increase your coverage within 31 days of an eligible life event without proving insurability. You may be eligible to purchase optional life insurance any other time during the year, but you will need to submit evidence of insurability.Please note that once you have retired, you cannot add or increase MOSERS insurance coverage on yourself, and you cannot continue optional life insurance coverage on your spouse into retirement. To retain life insurance coverage for any dependent child(ren), you must complete the Retain/Terminate Dependent Child Life Insurance form prior to the payment of your first retirement benefit.
Feb 28, 2022, 11:53 AM By MOSERSI am a 74 year old retiree. I do not have term life insurance through MOSERS. Can I get it at this late date? If so what is the coverage and cost and do I have to undergo a medical exam?
Unfortunately, the answer is no. If you retired under MOSERS without any MOSERS life insurance, you cannot add it later. Below are the guidelines.
MOSERS offers basic life insurance of one times their annual salary at no cost to active employees. MOSERS members can purchase additional optional life insurance while actively working.
Basic Retiree Coverage After Retirement
- If you retire within 60 days of leaving state employment, the state will continue to provide you with $5,000 of coverage at no cost to you.
- If you wish to do so, you have 60 days from your retirement date to port or convert any remaining basic life insurance through The Standard Insurance Company.
Optional Life Insurance and Retaining Coverage After Retirement
If you retire within 60 days of leaving state employment, or retire directly from active employment, you may be eligible to retain some of your optional life insurance coverage.
- You may retain up to $60,000 in coverage if you are a member of the MSEP. Your coverage cannot exceed the amount your carried while actively employed.
- 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.
Once you terminate coverage in retirement, it cannot be reinstated. You cannot increase your coverage after retirement.
Dec 2, 2021, 3:28 PM By MOSERSI am retired. Can I increase my life insurance? Is this ever an option?
You may reduce your optional life coverage amount after retirement; however, you can NOT increase your coverage amount after retirement. Please visit our Life Insurance page in the Retiree section of our website for more details.
Oct 13, 2021, 3:55 PM By MOSERSHow 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.
Aug 19, 2021, 9:36 AM By MOSERSAfter 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.
Jul 16, 2021, 3:32 PM By MOSERSWhere 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.
May 26, 2021, 3:29 PM By MOSERSI 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.
May 4, 2021, 8:19 AM By MOSERSI 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.
Sep 24, 2020, 4:16 PM By MOSERS
How do I go about getting life insurance on my son? thanksYou 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.
Mar 12, 2020, 8:17 AM By MOSERSIs 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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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.