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LIFE INSURANCE OGB offers three fully-insured life insurance plans for employees and retirees through The Prudential Insurance Company of America (Prudential). The state pays half of the life insurance premium for covered employees and retirees. The policy through Prudential is Term insurance. Term Life insurance is a pure transference of risk in exchange for premium payment. Prudential, and prior carriers, have been providing coverage and assuming risk for the payment of premium. In the event a covered person were to pass, Prudential would honor their obligation/contract and pay the benefit. Absent that event, the insurer has earned the premium for the assumption of risk of the insurance. The Term Life policy has no cash value or paid-up provision. To return premium later would mean that Prudential provided free insurance coverage when they assumed the risk of the insured passing away. BASIC LIFE
ENHANCED BASIC LIFE
BASIC PLUS SUPPLEMENTAL PLAN
Important Notes
Accidental Death and Dismemberment (AD&D)Who is eligible?
If retired, coverage for AD&D automatically terminates on January 1 following the covered person’s 70th birthday. If the plan member is still actively employed at age 70, coverage terminates at midnight on the last day of the month in which retirement occurs. Plan Changes at Age 65 and 70 Plan members enrolled in life insurance coverage will automatically have a 25 percent reduction in life coverage on January 1 following their 65th birthday. Another automatic 25 percent reduction in coverage will take effect on January 1 following their 70th birthday. Premium rates will be reduced accordingly. This coverage is not health insurance coverage (often referred to as “Major Medical Coverage”). This type of plan is NOT considered “minimum essential coverage” under the Affordable Care Act and therefore does NOT satisfy the individual mandate that you have health insurance coverage. If you do not have other health insurance coverage, you may be subject to a federal tax penalty. This policy provides ACCIDENT insurance only. It does NOT provide basic hospital, basic medical, or major medical insurance as defined by the New York State Department of Financial Services. IMPORTANT NOTICE – THIS POLICY DOES NOT PROVIDE COVERAGE FOR SICKNESS. Group Insurance coverages are issued by The Prudential Insurance Company of America, a Prudential Financial Company, Newark, NJ. The Booklet-Certificate contains all details, including any policy exclusions, limitations, and restrictions, which may apply. Contract Series: 83500. ©2018 Prudential Financial, Inc. and its related entities. Prudential, the Prudential logo, the Rock symbol, and Bring Your Challenges are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide. 1013266-00001-00 |
Resources
Contact Information
Death Notification
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