Retiree Group Term Life Insurance Plan
Recognizing the importance of providing quality life insurance, the Public Employees' Retirement System of Mississippi (PERS) sponsors the Group Term Life Insurance Plan, which is underwritten and administered by Monumental Life Insurance Company of Cedar Rapids, IA, a Transamerica company.
Group term life insurance pays your family or beneficiary a lump sum cash benefit in the event of your death. Group rates keep the costs in a reasonable range, and coverage is available for spouses.
Group term life insurance coverage is a voluntary plan available in amounts from $2,500 to a maximum of $20,000. All eligible PERS retirees and their spouses ages 44 to 90 can participate in the Group Term Life Insurance Plan. You can apply for coverage without having to complete any medical forms. Spouse coverage also is available. Your spouse can be covered for an amount equal to or less than your coverage without any medical forms.
No medical exam needed
$2,500 to $20,000, primary insured coverage
If death occurs for reasons other than those listed under the exclusions, the plan will pay 125 percent of the initial annual premium the first year and 250 percent of the initial annual premium the second year. After that, the full benefit amount will be paid for death from any cause. The only situation not covered is suicide within two years (one year in North Dakota and Colorado) after the effective date of this coverage. There will be a refund of premiums paid. In Missouri during the first two years of coverage benefits for suicide are limited to return of premiums paid without interest if we show suicide was intended at the time of application.
Double benefits for covered accidental death
$5,000 to $40,000, primary insured coverage
Spouse coverage is available in amounts equal to or less than the primary coverage.
Retirees will be notified by mail when open enrollment for the Group Term Life Insurance Plan is available.
View Group Term Life Insurance Plan Rates
Contact Monumental Life
For answers on the PERS-sponsored Group Term Life Insurance Plan, contact Monumental Life Monday through Friday, 7 a.m. to 5 p.m., CST. You also may visit Monumental Life online at www.monlife.com.
Monumental Life Insurance Company
Administration Office
100 Light Street
Baltimore, MD 21202-2559
800-749-6983
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Tracking Number: 25638235