As an MSBA Member, you may qualify for the Simplified Issue Group 10-Year Level Term Life Insurance Plan offered by ReliaStar Life Insurance Company and endorsed by MSBA. MSBA has released this simplified enrollment process as one of its premier member benefits.
As an MSBA Member, you and your spouse/domestic partner can now take advantage of a simplified issue application process for up to $150,000.00 in lump sum benefits under the MSBA Simplified Issue Group 10-Year Level Term Life Insurance Plan. This means you will not have to submit to a full medical exam or provide blood work to be approved for coverage. Plus, your affordable group rates are not available to the general public.
Apply now and enjoy premiums that are designed to remain level for 10 years.*
To apply for coverage, download an application by clicking on the link at the top of this page, or, to speak to a customer service representative, call our toll-free number: 1-800-501-5776.
*The initial premium will not change for the first 10 years unless the insurance company exercises its right to change premium rates for all insureds covered under the group policy with 60 days advanced written notice.
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 by Mercer Consumer, an insurance administrator licensed in the state of Minnesota. Policy Form LP08GP.
Three Reasons to Choose the MSBA Simplified Issue Group 10-Year Level Term Life Insurance
Rates shown are monthly as of May 1, 2020.
Coverage will not be reduced during your level term period. The level term rate period begins on the effective date assigned by ReliaStar Life. Plan benefits are offered for amounts $50,000.00 to $150,000.00. If you are under age 50, you may select up to $150,000.00 of benefits (in $5,000.00 increments). You can apply for up to $100,000.00 in coverage if you are under age 55. You can apply for up to $50,000.00 in coverage if between ages 55-59. To obtain a rate quote for other ages, benefit amounts, or additional information on the plan, call toll-free 1-800-501-5776.
Accelerated Life Benefit
The Accelerated Life Benefit option is available to help terminally ill insureds during a difficult, and often financially challenging, time. Under this provision, you may request one advance payment equal to 50% of your (or your insured dependent’s) in force life insurance, or $150,000, whichever is less, to be paid while the terminally ill person is still alive. You must have at least $20,000 in Life Insurance coverage in force to qualify for this benefit. The amount of insurance payable after the insured’s death will be reduced by this payment. Premium contributions will not be reduced.
This money can be used to help cover high prescription drug costs, medical bills, outstanding debts, to help pay for experimental treatments the cost of modifications to your home or for a family vacation - the choice is yours.
To qualify, a terminally ill insured must provide ReliaStar Life with a doctor’s statement which gives the diagnosis of your medical condition and states you have a life expectancy of no more than six months. For additional details and limitations, please see the Certificate of Insurance.
Please note that receipt of the accelerated benefit may be taxable, or may adversely affect your eligibility for Medicaid or other government benefits. You should consult your personal tax advisor to assess the impact of this benefit.
Qualifications for this MSBA Level Term Life Plan offer are few:
For members, beginning on and after the 70th birthday, ReliaStar Life decreases the amount of your insurance. ReliaStar Life pays a percentage of the amount otherwise payable:
For spouses/domestic partner, insurance terminates on the Group Policy anniversary date on or after your 70th birthday.
A decrease in the amount of insurance due to age will take effect on the later of your attainment of any of the specified birthdays, or at the end of a level term rate period. Your amount of insurance will not decrease due to age during a level term rate period.
All members and spouses/domestic partner must complete an application form for any new coverage or to increase coverage (including dependent coverage) or to begin an initial or subsequent 10-year Level Term Rate Period when proof of good health is required.
If there is an increase in the amount of your insurance, the increase will take effect on the first day of the month on or next following the date of the increase. If you are in a Level Term Rate Period, premiums for the increased amount of insurance will be based on your attained age on the effective date of the increase.
Your MSBA Simplified Issue Group 10-Year Level Term Life Plan will start on the first day of the month after your application has been approved by ReliaStar Life and your first premium has been paid.
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.
Group Term Life Insurance underwritten by ReliaStar Life Insurance Company, Minneapolis, MN. 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.
PO Box 10374
Des Moines, IA 50306-8812
M-F 7:30a-5p CT
Group Term Life Insurance
ReliaStar Life Insurance Company
20 Washington Avenue South
Minneapolis, MN 55401-1900
Can my spouse/domestic partner obtain separate coverage?
Yes, a spouse/domestic partner can obtain separate coverage.
Do I have to take a medical exam, blood test, etc.?
No! Fill out the Simplified Application Form to apply for up to $150,000.00 in coverage without submitting to a full medical exam or providing blood work.
How can I apply?
To apply for coverage, download an application by clicking on the link at the top of this page, or to speak to a customer service representative, call our toll-free number: 1-800-501-5776.
How can I learn more about this plan?
To learn more about the Simplified Issue Level Group Term Life Insurance, contact the Plan Administrator, Mercer Health & Benefits Administration LLC toll-free at 1-800-501-5776, or download an application and brochure by clicking on the link at the top of this page.
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 requesting dependent coverage), and the type of coverage requested.
Who is Mercer Health & Benefits Administration LLC, the Administrator of the Program?
Mercer Health & Benefits Administration LLC is the company contracted to manage the Group Insurance Program. Mercer is not affiliated with the insurance companies that underwrite each 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 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 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.