Group Term Life Insurance

Group Term Life Insurance  

Overview

Your Family's Passport to Financial Security. Life insurance is one of the cornerstones of financial planning. In the event of your unexpected or premature death, the Group Term Life Plan can provide the financial security your family needs. This life insurance helps make sure they'll be able to meet expenses, such as mortgage and car payments, as well as future expenses such as college tuition.

A high percentage of American adults have life insurance. But just as important as having this insurance is having a coverage amount sufficient for your needs. 

Practical Help:

  • Offers the security of helping protect your family's future if you should die prematurely.
  • Features term coverage, probably the least expensive form of life insurance you can buy.
  • Ideal for members who need small or large amounts of coverage.
  • Provides the flexibility you want so you can adjust coverage as your needs change.

 

Life insurance coverage is provided under the terms of a group life insurance policy, Group Policy 29063-7 issued and delivered in the state of Minnesota, and governed by its laws, to the Minnesota State Bar Association as the policyholder. The group life insurance policy is issued by ReliaStar Life Insurance Company, Minneapolis, Minnesota. The policy is administered on behalf of ReliaStar Life Insurance Company by Mercer Consumer, an insurance administrator licensed in the state of Minnesota. Policy Form LP08GP.

Group Term Life Insurance

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Valuable Benefits:

  • Up to $1,000,000 of Member and Spouse/Domestic Partner Coverage
    You don't have to apply for coverage for your spouse or domestic partner to apply for life insurance.
  • Affordable Group Rates 
    The premium rates for the Group Term Life Plan are competitive. You may be surprised at how much insurance you can afford to purchase.
  • Premiums Can Be Waived If You're Disabled
  • Volume Discounts 
    The more you buy, the more you save. Discounts start at $200,000 of coverage; rates are discounted even more for coverage amounts of $500,000 or more.
  • Premiums Discounted for Non-Users of Tobacco
  • Portable Coverage
    The plan offers portable coverage that can follow you throughout your career. Make all the career changes you want and still maintain this valuable coverage.
  • Conversion to an Individual Whole Life Policy When Coverage Terminates If You Meet Conversion Requirements
  • Living Benefit Option (Accelerated Life Benefit) 
    Enables you to apply for a portion of your insurance benefits if you become terminally ill, subject to certain policy restrictions and limitations. These benefits are paid directly to you, and you may spend them any way you wish.


Plan Information

 

Coverage Options Up to $1,000,000 

MSBA members and their spouses/domestic partners can apply for up to $1,000,000 of coverage in $10,000 increments. Eligible dependent children may be insured for $10,000 or $25,000. Children age 14 days but less than 6 months may be insured for $2,000 or $5,000.

Broad Eligibility for You and Your Family

All MSBA members and their spouses/domestic partners who are under age 60 and U.S. residents are eligible to apply for coverage. Unmarried dependent children who are age 14 days to 19 years old (23 where permitted, if full-time students) also may be covered. NOTE: You do not have to apply for coverage in order for your spouse/domestic partner to apply for this life insurance.

Your Employees May Be Eligible Too

Employees of MSBA members may be eligible to apply for up to $250,000, in $5,000 increments, of this valuable term life insurance. To determine whether employees are eligible, contact the Minnesota State Bar Association Administrator at 1-800-501-5776 between 7:30 a.m. and 5 p.m. Central time, Monday through Friday.

Money-Saving Features of MSBA Term Life

Group Purchasing Power Equals Savings

MSBA Group Term Life converts the mass purchasing power of your association into an insurance value for you and your family. And your premium won't be individually increased because your health condition changes. It will be increased only when you move into a higher age bracket or if the rates for the entire group increase.

Volume Discounts

Coverages starting at $200,000 and again at $500,000 reflect a discount for volume purchases.

Discounts for Non-Users of Tobacco 

If you or your spouse/domestic partner have not smoked cigarettes or used tobacco products in any form during the past 12 months, you may take advantage of the lower rates that are available to non-users of tobacco!

 

YOUR SEMIANNUAL COST


The MSBA Policy provides you quality coverage at a reasonable cost. Initial rates are based on the applicant's age. Rates increase when the insured person reaches a higher age bracket.


Semiannual NON-TOBACCO-USER RATES for Member, Spouse or Domestic Partner, and Employee

Member's Age

$25,000

$50,000

$100,000

$200,000

$250,000

$500,000

$1,000,000

Under 35

$10.38

$20.75

$41.50

$71.00

$88.75

$170.00

$340.00

35-39

16.13

32.25

64.50

110.00

137.50

262.50

525.00

40-44

19.50

39.00

78.00

132.00

165.00

312.50

625.00

45-49

36.75

73.50

147.00

249.00

311.25

595.00

1,190.00

50-54

49.25

98.50

197.00

334.00

417.50

792.50

1,585.00

55-59

82.63

165.25

330.50

562.00

702.50

1,332.50

2,665.00

60*

105.50

211.00

422.00

717.00

896.25

1,702.50

3,405.00

61*

117.00

234.00

468.00

795.00

993.75

1,890.00

3,780.00

62*

134.25

268.50

537.00

912.00

1,140.00

2,167.50

4,335.00

63*

149.13

298.25

596.50

1,014.00

1,267.50

2,407.50

4,815.00

64*

178.88

357.75

715.50

1,217.00

1,521.25

2,890.00

5,780.00

65*

195.00

390.00

780.00

1,326.00

1,657.50

3,147.50

6,295.00


Semiannual TOBACCO USER RATES for Member, Spouse or Domestic Partner, and Employee

Member's Age

$25,000

$50,000

$100,000

$200,000

$250,000

$500,000

$1,000,000

Under 35

$17.13

$34.25

$68.50

$117.00

$146.25

$280.00

$560.00

35-39

27.63

55.25

110.50

188.00

235.00

445.00

890.00

40-44

35.38

70.75

141.50

241.00

301.25

572.50

1,145.00

45-49

59.63

119.25

238.50

406.00

507.50

962.50

1,925.00

50-54

104.25

208.50

417.00

708.00

885.00

1,682.50

3,365.00

55-59

169.75

339.50

679.00

1,154.00

1,442.50

2,740.00

5,480.00

60*

197.38

394.75

789.50

1,343.00

1,678.75

3,190.00

6,380.00

61*

208.88

417.75

835.50

1,421.00

1,776.25

3,372.50

6,745.00

62*

216.88

433.75

867.50

1,475.00

1,843.75

3,505.00

7,010.00

63*

227.13

454.25

908.50

1,545.00

1,931.25

3,670.00

7,340.00

64*

252.38

504.75

1,009.50

1,717.00

2,146.25

4,080.00

8,160.00

65*

259.25

518.50

1,037.00

1,762.00

2,202.50

4,185.00

8,370.00

*Rates are for renewal purposes only for those up to age 65.
Rates shown are guaranteed until July 1, 2018.


Contact the policy administrator for additional rates for tobacco users.


Children's semiannual rate: $9.58 for $10,000 of coverage or $24.02 for $25,000 of coverage ($2,000 and $5,000, respectively, for children ages 14 days to 6 months)


The Accidental Death & Dismemberment monthly rate per $1,000 of coverage is $0.41.
At age 70 member benefits are reduced to 50 percent of the original amount or $50,000 (whichever is less). Spouse/domestic partner coverage terminates at age 70.


Premium rates are based on your age and increase as you enter new age brackets. Your age is your age on the group policy anniversary date.


Coverages starting at $200,000 and again at $500,000 reflect a discount for volume purchases.


How to Determine Your Semiannual Cost

To calculate your semiannual premium, you may follow the instructions below or let us do the work for you by taking advantage of our automatic Rate Calculator. 

  1. Decide on the amount of insurance you wish to request for yourself and/or your spouse/domestic partner.
  2. Find the semiannual rate that applies to the unit of coverage, based on each applicant's age and tobacco-use status.
  3. If you wish to request child coverage, add $11.28 to cover ALL eligible children for $10,000 each, or $28.26 to cover ALL eligible children for $25,000 each. (Children age 14 days to 6 months are covered for $2,000 or $5,000, respectively).


NOTE: Employees should perform the same steps to determine their cost of coverage (not to exceed $250,000).


ADDITIONAL PLAN BENEFITS

Accelerated Life Benefit Option Lets You Benefit From Your Own Plan


You may use the proceeds received from this benefit for any purpose. This benefit can be of value when a terminal illness creates a need for funds to help pay for medical expenses or nursing care. For example, if an insured member is diagnosed as terminally ill, as defined in the certificate, he/she can receive up to 50 percent of his/her insurance amount ($150,000 maximum). You must have at least $20,000 in Life Insurance coverage in force to qualify for this benefit. Receipt of accelerated benefit payments may be taxable. Assistance should be sought from a personal tax advisor.


Premiums Waived If You Are Disabled


If an insured member or spouse or domestic partner becomes totally disabled (as defined in the certificate) prior to age 60 and remains continuously disabled for six consecutive months, this coverage will remain in effect until age 70 —at no cost—as long as he/she remains disabled.


Conversion Privileges


When member or employee coverage terminates or reduces, it can be converted to an individual policy within 31 days—without regard to your health at that time. This privilege also applies to spouse or domestic partner and child coverage.


Choice of Beneficiary


Benefits will be paid to the person or entity designated by you in writing and on file with the insurance company. The member is the beneficiary of children's coverage.
You also may assign ownership of this insurance to another person or entity for tax and estate planning purposes, subject to any terms and limitations contained in the group policy.


Accidental Death & Dismemberment Insurance Option


Group accidental death & dismemberment (AD&D) insurance can be purchased up to the same level of death benefit for which you may be applying.  MSBA Group Accidental Death & Dismemberment (AD&D) Insurance is an important addition to your benefit plan.

 

Once you are approved for coverage, you will have a 31-day grace period for your payment of renewal premiums. When you want to submit claims, write the Minnesota State Bar Association Administrator for claim forms or call 1-800-501-5776 between 7:30 a.m. and 5 p.m. Central time, Monday through Friday.


OTHER IMPORTANT INFORMATION


Effective Date


Coverage will become effective the date on which coverage is approved and your premium is received provided you are actively at work. If you are not actively at work on the scheduled effective date, your insurance will begin on the date you return to work full-time.


Continuation of Coverage


A member's insurance can be renewed as long as he/she remains a member of the MSBA, makes required premiums when due, and the Group Policy remains in force. Spouse or domestic partner coverage terminates at age 70.


At age 70, member coverage will reduce to the lesser of $50,000 or 50 percent of the original coverage amount. Coverage for employees reduces to 65 percent of the original amount at age 65, to 50 percent of original face amount at age 70, and to 30 percent of original face amount at age 75.


Children's coverage ends when they cease to be eligible dependents. If employee coverage terminates because employment with an MSBA member ends, work hours reduce, or the employee retires, the benefit will continue up to the earliest of: the date the insured becomes eligible under any Group Policy; the end of the 18-month period following the date the insured's work hours reduced to fewer than required for eligibility; or the date the group contract terminates. Conversion is available when coverage for members, spouses/domestic partners, children, and/or employees terminates.


Renewal Payments and Claims


Once you are approved for coverage, you will have a 31-day grace period for your payment of renewal premiums. When you want to submit claims, write the Minnesota State Bar Association Administrator for claim forms or call 1-800-501-5776 between 7:30 a.m. and 5 p.m. Central time, Monday through Friday.


Certificate of Insurance


When you become insured, you will be sent a Certificate of Insurance with complete provisions, limitations and exclusions of your coverage.


Money-Back Guarantee


Your satisfaction is guaranteed. When you receive your Certificate of Insurance, read it carefully. If you're not completely satisfied with the terms of your new insurance, simply return your Certificate, provided no claims have been submitted or paid, within 30 days and your payment will be promptly refunded by Mercer Consumer. No questions asked! Your insurance will then be canceled.


How to Apply

  1. Complete the Application. (To offer this insurance available at the lowest possible cost, a blood test and/or additional medical information may be required .depending on age and the amount of coverage requested.)
  2. Make your check for the total cost of all insurance requested payable to: Administrator, MSBA Group Insurance Program.
  3. Mail the completed application form with your check to:
    Administrator, MSBA Group Insurance Program
    P.O. Box 10374
    Des Moines, IA 50306-0374


Consider Your Eligibility


Before you apply for coverage, you must be a member in good standing of MSBA. You must be a member for 30 days before initiating your insurance requests. If you have any questions about membership, see the MSBA home page.


Questions? We're Only a Phone Call Away


If you have questions about your eligibility, call a service representative toll-free at 1-800-501-5776 between 7:30 a.m. and 5 p.m. Central Time, Monday through Friday. Also see Frequently Asked Questions.


About This Plan Information


This is a summary of benefits only. A complete description of benefits, limitations, exclusions and termination of coverage will be provided in the certificate of coverage. All coverage is subject to the terms of the group policy. If there is any discrepancy between this document and the group policy documents, the policy documents will govern. The complete terms and conditions of coverage are contained in Group Policy GL-29063-7, which is issued to the Minnesota State Bar Association. Policy Form LP08GP.


Group Term Life Insurance underwritten by ReliaStar Life Insurance Company, a member of the Voya® family of companies. Policy form LP08GP.


This is a paid endorsement. The MSBA receives a fee from the insurance broker and/or the insurer for its endorsement of this plan.


Consumer Privacy Notice

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Program Administrator

 Address
Mercer Consumer
PO Box 10374
Des Moines, IA 50306-8812
 Phone
1-800-501-5776
 Hours
 M-F 7:30a-5p CT
 Email
customerservice.service@mercer.com

 

Group Term Life Insurance
Underwritten By:

 Address
ReliaStar Life Insurance Company
20 Washington Avenue South
Minneapolis, MN 55401-1900

FAQs

  • Can my spouse/domestic partner obtain separate coverage?

    Yes, a spouse or domestic partner can obtain separate coverage.

  • How long does the application process take? When will my coverage become effective?

    The application process depends on many factors: the number of persons to be insured, their ages, the amount of coverage for which you apply, your medical history and that of your family members (if applying for dependent coverage), and the type of coverage applied for.

  • Do I have to take a medical exam, blood test, etc.?

    This depends on the plan you are requesting, your age, the amount of coverage for which you apply, and your individual medical history.

  • Can coverage continue if I am out of the country?

    Call the Administrator for more details as coverage varies depending on the plan.

  • Who are the current insurance carriers, and what are their ratings?

    This varies according to each plan. The Group Insurance Administrator seeks the best opportunities for our members, so the plans are underwritten by different insurance companies. All of the companies enjoy solid ratings by A.M. Best Company, which annually measures the financial strength of insurance companies.

    Mercer Consumer, a service of Mercer Health & Benefits Administration LLC, makes no representations or warranties, expressed or implied, concerning the financial condition or solvency of any insurers. A.M. Best’s Ratings are under continuous review and subject to change and/or affirmation. For the latest Best’s Ratings and Best’s Company Reports (which include Best’s Ratings), visit the A.M. Best website at http://www.ambest.com. See Guide to Best’s Ratings for explanation of use and charges. Best’s Ratings reproduced herein appear under license from A.M. Best and do not constitute, either expressly or impliedly, an endorsement of Mercer Consumer or its recommendations, formulas, criteria or comparisons to any other ratings, rating scales or rating organizations which are published or referenced herein. A.M. Best is not responsible for transcription errors made in presenting Best’s Ratings. Best’s Ratings are proprietary and may not be reproduced or distributed without the express written permission of A.M. Best Company.

  • Who is Mercer Consumer, the Administrator of the Program?

    Mercer Consumer is the company contracted to manage the Group Insurance Program. Mercer Consumer is not affiliated with the insurance companies that underwrite each plan.

  • Who recommends/approves benefit changes or premium changes?

    The insurance companies reserve the right to change rates. They usually report "plan experience" (or the number and size of claims made) twice a year and, if applicable, rate change recommendations. Using this information, the Group Insurance Administrator works with MSBA to evaluate the recommendations and decide what, if any, action (i.e. a rate change, a change in benefits, or even a change in insurance companies) is appropriate to maintain each plan's financial stability and competitive status. Actions are subject to MSBA Approval, and insured members are advised of MSBA's decision, prior to implementation.

  • What does the term Group mean?

    These are "group" plans, negotiated especially for MSBA Members and their spouses. This means that you cannot be singled out for a rate increase. Rates, although not guaranteed, can only be changed on a group basis.

Mercer's Role & Compensation

Details of Mercer disclosure of the compensation.