About Life Insurance Options
Eligible Madison County employees have two voluntary options for additional life insurance. The NCPERS Life Insurance is available to IMRF/SLEP participants and eligible employees can enroll with 90 days of employment or during the annual open enrollment period. The Transamerica Life Insurance is only available during the annual open enrollment period.
IMRF members of Madison County can purchase decreasing term life insurance coverage through the Voluntary Group Life Plan with the National Conference on Public Employees Retirement Systems (NCPERS). The plan is available through IMRF’s participation in NCPERS. It is underwritten by the Prudential Insurance Company of America and administered by American Administrative Group, Inc. Below are a few details of this optional benefit:
- Low Cost - Coverage is available for $16.00 a month, which is deducted through payroll.
- Simple Enrollment - Your insurance is automatically effective, with no medical evidence requirements.
- Decreasing Term Life Insurance - The plan pays a maximum benefit amount in your younger years and a gradually decreasing benefit amount in your older years (see Schedule of Benefits below).
- AD&D Coverage - Accidental Death & Dismemberment (AD&D) benefits will be paid in addition to your life insurance benefit for any loss resulting from a covered accident.
- Dependent Coverage - The benefit amount will be paid to you in a lump sum on an eligible dependent's death due to any cause. Spousal benefit is determined by your age at the time of your spouse's death.
- Retirement Coverage - Coverage can be continued into retirement.
Life Insurance NCPERS Payout Benefits