Life Insurance
Protect your family’s financial future
You don’t always know what’s on the horizon.
What you probably know: It’s very important to have life insurance to help you protect your family financially, in case the unthinkable happens.
What you may not know: RPB offers term life insurance to help you protect your family financially, in case the unthinkable happens. As an RPB retirement plan participant, you’re eligible for free term life insurance—our Basic Life Insurance—and accidental death and dismemberment (AD&D) coverage. You also have the option to 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 salary 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 salary 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 salary, 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 salary, with a maximum coverage limit of $600,000. To get started, contact us for a Statement of Health form. |
Premium Rate (Cost) | Free through RPB | Free through RPB | Dependent on age bracket (see below for details). |
Protection is needed for every life stage
| Your Age | Your Life Stage | Your Coverage Needs | |
|---|---|---|---|
25-30 | Getting Started | Some Coverage | Basic Term Life Insurance may be appropriate |
30-40 | Building Your Nest Egg | More Coverage | Basic Term Life Insurance may be appropriate |
40-50 | Building Your Nest Egg | Full Coverage | 2x or more Optional Life Insurance may be appropriate |
50-60 | Preparing for Retirement | More Coverage | 2x or more Optional Life Insurance may be appropriate as you have more assets and fewer expenses |
60+ | Preparing / Enjoying Your Retirement | Less Coverage | Basic Term Life Insurance may be appropriate as your savings may cover your expenses |
Ensure you have sufficient coverage.
RPB’s optional term life insurance can help you meet some or all of your life insurance needs.
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 salary (including parsonage, if applicable) by the multiple of salary you’re requesting in additional life insurance.
Example
If you’re a 40-year-old participant with a $75,000 annual salary and you want OLI worth 3x your salary 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
As long as you work for an eligible Reform Movement congregation or employer, your RPB insurance coverage travels with you. 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.