Count on NCPERS for information, knowledge, education, and powerful advocacy to protect the financial security of the retirees who depend on you.
Handling life's unexpected events can be easier with protection that can be counted on regardless of the employee or retiree's length of service or physical condition.
NCPERS has sponsored just such a plan since 1969. It is uniquely designed to supplement pension and other benefits for employees and dependents, and provide maximum benefits when they are needed most. It is a voluntary payroll deducted plan, and those that select it have the knowledge that in the period when their pension survivor benefits are at their lowest, the benefits from this plan will be at their highest. When they retire and have their group life benefits reduced or eliminated this plan will continue throughout their lifetime if they wish it to.
Since it was established over 40 years ago, the plan has paid over $105 million in benefits to member public employees. Insured by Prudential Financial, the plan has accumulated substantial reserves, which are used to stabilize the plan and to augment the current premiums. Over 85,000 members or retirees and their dependents are insured by this plan.
Here are some details about this plan:
- Attractive Rates - Coverage is available at reduced group rates through the mass purchasing power of NCPERS. Coverage is increased because accumulated reserves from previous years are augmenting the premiums.
- Rates Do Not Increase with Age - The plan provides insurance for members regardless of age. Benefit amounts are greater when the member is younger and his or her expenses and needs require more coverage. This is usually the period where the pension survivor benefits are the lowest.
- Easy Payment - The premiums are paid by automatic payroll deductions or direct payment billed to you at home.
- Coverage All the Time - Coverage is in effect 24 hours per day, seven days a week, on or off the job, and can be continued throughout retirement.
- Total Disability Protection - If the member is under 60 years old and becomes totally disabled for at least nine months, the Group Decreasing Term Life Insurance may be continued without further contributions, as long as annual proof of continued total disability satisfactory to Prudential is furnished.
- Living Benefit Option - If the member is terminally ill with a life expectancy of six months or less, he or she may receive up to 50% of the Group Decreasing Term Life Insurance benefits up to $112,500 in advance, provided the member has been in the NCPERS plan for at least one year. The death benefit, payable to the beneficiary, will be reduced by that amount.
- Dependent Coverage - The plan provides Dependent Group Decreasing Term Life Insurance for eligible dependents. The benefit amount will be paid to the member in a lump sum on an eligible dependent's death due to any cause. Spousal benefit is determined by the member's age at the time of your spouse's death. Eligible dependents are the spouse and unmarried children 14 days to 21 years old. Dependent children include legally adopted children, step-children and foster children who depend on the member for support. Dependents in military service are not eligible.
- AD&D Coverage - Accidental Death & Dismemberment (AD&D) benefits will be paid in addition to the life insurance benefit for a loss resulting from a covered accident.
- The full amount of insurance will be paid for the loss of: life; both hands or both feet; sight of both eyes; one hand and one foot; one hand and sight of one eye; one foot and sight of one eye.
- Half the amount of insurance will be paid for the loss of: one hand or one foot; sight of one eye.
- No more than 100% of the benefit amount will be paid for losses to the same accident, and the loss must take place within 90 days of the accident.
- AD&D Exclusions - No benefit will be paid due to loss from the following: war; suicide or attempted suicide; any bacterial or viral infection (unless the infection was the result of an accidental cut or wound); bodily or mental infirmity or disease, or medical or surgical treatment thereof; or by aircraft travel if you have any duties aboard the aircraft, or if you are giving or receiving training for those duties.
Want to Know More?
To learn more of the history and details of valuable plan, just select one of the links below.
NCPERS is a non-profit organization organized to provide education and support of public employee retirement systems. NCPERS has no role in the administration of the life insurance program and the benefits are guaranteed solely by the insurance carrier. NCPERS is compensated solely for the use of its name, service marks and mailing lists.
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