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 an 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 current expenses — such as mortgage and car payments — as well as future expenses such as college tuition.

 

A very 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 knowing your family will be protected if you should die prematurely.
  • Features term coverage, generally 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.

 

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.

Insurance Forms

These form(s) are in Adobe Acrobat Reader (PDF) format and are available for downloading and printing.

Tell me More

Valuable Benefits:

  • Up to $500,000 of Member and Spouse/Domestic Partner Coverage
  • Affordable Group Rates
  • Premiums Can Be Waived If You're Disabled
  • Volume Discounts
  • Portable Coverage
  • Conversion to an Individual Whole Life Policy When Coverage Terminates If You Meet Conversion Requirements
  • Living Benefit Option (Accelerated Life Benefit)

 

Plan Information

Coverage Options Up to $500,000 
MNCPA members and their spouses/domestic partners can apply for up to $500,000 of coverage in $5,000 increments. Eligible dependent children may be insured for $10,000. Children age 14 days but less than 6 months of age may be insured for $2,500.

 

Broad Eligibility for You and Your Family
All MNCPA 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 if full-time student) may also 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 MNCPA members may be eligible to apply for up to $250,000, in $5,000 increments, of this valuable term life insurance. To determine if employees are eligible, contact the Minnesota Society of CPAs Administrator at 1-800-732-8350 between 7:30 a.m. and 5:00 p.m. Central Time, Monday through Friday.

 

Money-Saving Features of MNCPA Term Life

Group Purchasing Power Equals Savings
MNCPA 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 $100,000 reflect a volume discount.

 

YOUR MONTHLY COST

The MNCPA Insurance Plan 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. Maximum employee amount is $250,000.

 

Age

$50,000

$100,000

$150,000

$200,000

$250,000

Under 30

3.08

5.89

8.84

11.79

14.73

30-34

4.45

8.45

12.68

16.90

21.13

35-39

5.54

10.49

15.74

20.98

20.63

40-44

9.12

17.19

25.79

34.38

42.98

45-49

13.44

25.58

38.37

51.16

63.95

50-54

21.20

40.20

60.30

80.40

100.50

55-59

31.28

59.43

85.15

118.86

146.58

60-64*

47.92

91.04

136.56

182.08

227.60

 

Age

$300,000

$350,000

$400,000

$450,000

$500,000

Under 30

17.68

20.62

23.57

26.51

29.46

30-34

25.35

29.58

33.80

38.03

42.25

35-39

31.47

36.72 41.96 47.21 52.45

40-44

51.57

60.17 68.76 77.36 85.95

45-49

76.74

89.53 102.32 115.11 127.90

50-54

120.60

140.70 160.80 180.90 201.00

55-59

178.29

208.01 237.72 267.44 297.15

60-64*

273.12

318.64 364.16 409.68 455.20

 

*Only those under age 60 are eligible to apply. Rates are for renewal purposes only for those up to age 64. 

Rates increase as you enter a new age category and are subject to change, but will not be changed unless they are changed for all insureds in your classification. Rates and benefits depicted are subject to change but no more frequently than once in a 12-month period. 

Child(ren) premiums: $2.30 monthly covers all dependent children, regardless of how many insured, for $10,000 each ($2,500 for those age 14 days to 6 months).

Note: If you choose the Accidental Death & Dismemberment (AD&D) option you will receive the same level of coverage as your Group Term Life Insurance. The AD&D rate is $0.035 per $1,000 of coverage monthly.

 

Rates shown are guaranteed until January 31, 2019.

Member benefits reduce 25% of the original amount or to $37,500, whichever is less at age 65; spouse/domestic partner coverage terminates at age 70; and employees will receive 65% of their coverage from age 65 to 69, 50% of their coverage from age 70 to 74 and 30% of their coverage from age 75 on. 

Contact the Administrator for rates not listed above.

 

ADDITIONAL PLAN BENEFITS

 

Accidental Death & Dismemberment Option
Group Accidental Death & Dismemberment (AD&D) Insurance can be elected up to the same amount of life insurance for which you may be applying. In addition, many people are seriously injured by accidents and sustain loss of limb or eyesight. For these reasons, MNCPA Group Accidental Death & Dismemberment (AD&D) Insurance is an important addition to your benefit plan.

 

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 is diagnosed as terminally ill, subject to policy provisions, he/she can receive up to 50% of his/her life insurance amount ($150,000 maximum). Receipt of accelerated benefit payments may be taxable, or may adversely affect your eligibility for Medicaid or other government benefits. Assistance should be sought from a personal tax advisor.

 

Premiums Waived If You Are Disabled
If an insured member or spouse/domestic partner becomes totally disabled (as defined by the certificate) prior to age 60, and remains continuously disabled for six consecutive months, this coverage will remain in effect until age 65 at no cost to the insured as long as he/she remains disabled.

 

For insured employees of members, this coverage will remain in effect until the date of the employee's retirement.

 

Conversion Privileges
When coverage terminates or reduces, it can be converted to an individual whole life insurance policy within 31 days — without regard to your health at that time. This privilege also applies to spouse/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. You are the beneficiary of your children's coverage.

You may also 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 contract.

 

OTHER IMPORTANT INFORMATION

 

Effective Date
Coverage will become effective on the date on which coverage is approved by the insurer. 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 MNCPA, makes required premiums when due, and the Group Policy remains in force. Spouse/Domestic Partner coverage will terminate on the premium due date on or after their 70th birthday.

 

At age 70, member coverage will reduce to the lesser of $37,500 or 25% of the original coverage amount. Coverage for employees reduces to 65% of the original amount at age 65, to 50% at age 70, and to 30% at age 75.

 

Children's coverage ends when they cease to be eligible dependents. If employee coverage terminates because employment with an MNCPA-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 by the insurer, you will have a 31-day grace period for your payment of renewal premiums. When you want to submit claims, write to the Minnesota Society of CPAs Administrator for claim forms or call 1-800-732-8350 between 7:30 a.m. and 5:00 p.m. Central Time, Monday through Friday.

 

Exclusions
For Life insurance this plan pays for death from any cause except suicide within two years of the effective date of coverage or increase in coverage. In that event, the insurance company will simply refund all premiums paid. The AD&D and Accelerated Life coverages are subject to additional exclusions.

 

Certificate of Insurance
When you become insured, you will be sent a Certificate of Insurance describing 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 coverage, and no claims have been submitted or paid, simply return your Certificate within 30 days and your payment will be promptly refunded by Mercer Consumer. No questions asked! Your insurance will then be invalidated.

 

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.
  • 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 MNCPA 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.