Group Level Term Life Insurance

Group Level Term Life Insurance  

Overview

As an MNCPA member, you may qualify for Group Level Term Life Insurance offered by ReliaStar Life Insurance Company and endorsed by MNCPA. Apply now and enjoy premiums that are designed to remain level for 10 years (20 years also available).* Call 1-800-732-8350 for further information.

 

*The initial premium will not change for the first 10 or 20 years unless the insurance company exercises its right to change premium rates for all insureds covered under the group policy with 60 days advance written notice.

 

Coverage is provided under the terms of a group life insurance policy, Group Policy number 64269-0, issued and delivered in the state of Minnesota to the Minnesota Society of Certified Public Accountants as the policyholder. The group life insurance policy is issued by ReliaStar Life Insurance Company, Minneapolis, Minnesota. The group life insurance policy is administered on behalf of ReliaStar Life Insurance Company by Mercer Consumer, a service of Mercer Health & Benefits Administration LLC, an insurance administrator licensed in the state of Minnesota. Policy Form LP08GP.

Tell me More

Three Reasons to Choose MNCPA Group Level Term Life Insurance

  • Your rates and benefit amount are designed to remain the same during your 10 or 20 year level term period.*
  • You'll pay economical group rates. You have the buying power of nearly 9,100 MNCPA members to help keep the premiums economical.
  • Your satisfaction is 100% guaranteed. You have 30 days to review your certificate. If you're not happy with the plan, simply write "cancel" on your certificate and mail it back to us, provided no claims have been submitted or paid. There's no obligation.

 

Click Here for Monthly Rates per $1,000 of coverage For The 10-Year Level Term Life Plan
Your rate for the entire term of your coverage is your rate for your age at the time coverage is issued.*

 

Click Here for Monthly Rates per $1,000 of coverage For The 20-Year Level Term Life Plan
Your rate for the entire term of your coverage is your rate for your age at the time coverage is issued.*

 

You will be billed semiannualy for your convenience. Premiums are based on your age at the date of issue and will not increase due to your age or health status. Coverage will not be reduced during your level term period. Premiums will only be increased for all insureds in the same age and rate class. The level term rate period begins on the effective date assigned by ReliaStar Life. Plan benefits are offered for amounts ranging from $100,000 to $1,000,000. The 10-year plan is offered for persons age 18-60. The 20-year plan is offered for persons age 18-50.

 

If you choose the Accidental Death & Dismemberment insurance benefit, you will receive the same level of coverage as your Group Level Term Life Insurance. The Accidental Death & Dismemberment rate is $0.04 per $1,000 of coverage per month, regardless of your age, gender, and tobacco status.

 

*The initial premium will not change for the first 10 or 20 years unless the insurance company exercises its right to change premium rates for all insureds covered under the group policy with 60 days advance written notice.

 

Qualifications for this MNCPA Group Level Term Life Plan offer are few:

  • You must be a Minnesota Society of CPA’s member 18-60 years of age for the 10-year plan (18-50 years of age for the 20-year plan).
  • You must be actively at work.
  • You cannot already be insured by this plan.

 

For members or spouses/domestic partners who are under age 65 at the end of a level term period, coverage will not reduce until age 65. Coverage will reduce to the lesser of 25 percent of the amount in effect prior to age 65 or $37,500. Spouse/Domestic Partner coverage terminates at age 70.

 

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.

 

If ReliaStar Life approves the insurance, premiums will be determined on a level term rate period basis if all of the following conditions are met:

  • The amount of insurance applied for is $100,000 or greater.
  • Your attained age is under 61 at the time of your application.
  • Your application form indicates premiums are to be paid on a level-term basis.

 

All covered insureds 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 or 20-year level term rate period when proof of good health is required. Some applicants may be required to have a medical exam in order to apply for coverage. For more information about medical requirements, please contact your plan administrator.

 

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 MNCPA Group Level Term Life Plan will start on the first day of the month after your application has been approved by the insurer 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.

 

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

Contact Us

Program Administrator

 Address
Mercer Consumer
12421 Meredith Drive
Urbandale, IA 50398
 Phone
1-800-732-8350
 Hours
 M-F 7:30a-5p CT
 Email
customerservice.service@mercer.com

Insurance Company:

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

FAQs

Answers about the program, including eligibility, options, customer service and more.
  • How do the rates work on the Group Level Term Life insurance plans?

    Premiums are designed to remain level and will not increase due to age or health status. Premiums will only be increased if they are increased for all insureds in the same age and rate class and with 60 days advance written notice.

  • 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 requesting dependent coverage), and the type of coverage requested.

  • 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 MNCPA 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 MNCPA approval, and insured members are advised of MNCPA's decision, prior to implementation.

  • What does the term Group mean?

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

Mercer's Role & Compensation

Details of Mercer disclosure of the compensation.