Life Insurance
Protect your family’s financial future
You don’t always know what’s on the horizon. RPB offers term life insurance to help you protect your family financially, in case the unthinkable happens.
As an RPB retirement plan participant, you’ll automatically receive basic term life insurance and accidental death and dismemberment (AD&D) coverage if you meet the requirements (see below). Once you qualify for basic life insurance, you can purchase additional insurance coverage—Optional Term Life Insurance—that has competitively-priced premiums based on your age.
Your life insurance options
| Basic Term Life Insurance | Accidental Death and Dismemberment (AD&D) | Optional Term Life Insurance (OLI) | |
|---|---|---|---|
Eligibility | You work for an eligible Reform Movement congregation or employer. You contribute at least 10% of your compensation to your retirement plan annually. The contribution can come from your employer, your own elective salary deferral, or both. | You work for an eligible Reform Movement congregation or employer. You contribute at least 10% of your compensation to your retirement plan annually. The contribution can come from your employer, your own elective salary deferral, or both. | You must have Basic Term Life Insurance through RPB before you can purchase additional insurance. OLI coverage must be renewed each year. |
Coverage | You’re automatically covered if you meet the eligibility requirements. | You’re automatically covered if you meet the eligibility requirements. | You can purchase OLI to supplement your basic life insurance coverage as follows: At enrollment: Without a Statement of Health form, coverage can be up to 2x your annual compensation, with a maximum coverage limit of $300,000. At any time: With a Statement of Health form, coverage can be up to 5x your annual compensation, with a maximum coverage limit of $600,000. To get started, contact us for a Statement of Health form.See below for how to calculate the cost. |
Calculating the cost of optional life insurance
Follow these three simple steps to determine how much additional life insurance will cost you annually. (For each step, we’ve included an example calculation.)
Multiply your annual compensation (including parsonage, if applicable) by the multiple of compensation you’re requesting in additional life insurance.
Example
If you’re a 40-year-old participant with a $75,000 annual compensation and you want OLI worth 3x your compensation coverage:
$75,000 x 3 = $225,000
Multiply the total from step 1 by the coverage rate for your age bracket from the table below.
Example
$225,000 x $1.908 = $429,300
Divide the total from step 2 by 1,000. This is the cost of your annual premium.
Example
$429,300 / 1,000 = $429.30
Annual Rates per $1,000 of Life Insurance Coverage
| Age Bracket | Coverage Rate |
|---|---|
Under 30 | $0.864 |
30-34 | $1.056 |
35-39 | $1.320 |
40-44 | $1.908 |
45-49 | $3.228 |
50-54 | $5.544 |
55-59 | $9.432 |
60-64 | $12.984 |
65-69 | $20.880 |
70-74 | $38.148 |
75-79 | $63.444 |
Coverage when changing jobs
Your RPB insurance coverage travels with you as long as you: (1) work for an eligible Reform Movement congregation or employer and (2) maintain at least a 10% annual contribution level.
If you change jobs and your employer is ineligible, you can convert your RPB life insurance policies to an individual MetLife policy within 31 days of your termination date.
Ready to set up another safety net?
Our long-term disability insurance can help protect you in the event of a disabling injury.