Life Insurance
Group Term Life Insurance is available through The Standard. Employers have the flexibility to select coverage levels for different classes of employees (e.g. police, management, laborers, etc.).
Each municipality pays the appropriate rate for their respective group of employees. This rating method, which protects the risk pool, has withstood the test of time.
Accidental Death and Dismemberment
Coverage is normally equal to the amount of Group Life Insurance however any reasonable alternate schedule is available.
Post Retirement Death Benefit
The Municipal Benefits Services Trust provides a unique method of funding municipalities’ retiree life insurance.
The MBS Post-retirement Death Benefit Program is a formal pre-funding program which couples the group insurance contract in effect for active employees with this pre-funding method. Prior to actual retirement, each employee is protected in the event of death through the group term life insurance contract in the amount chosen by the employer either through the negotiating process or on a management decision basis.
During the time period that the employee is covered by the group term life insurance as an active employee, a supplemental payment is made each month through the MBS billing. This payment is made into the MBS Post-retirement Death Benefit Trust Fund and the money is invested in a money market fund. At retirement, the accumulated funds are used to purchase the required insurance contract. The net effect of the overall program is to cut the costs of providing post-retirement death benefits by as much as 50 percent.
Short-term Weekly Disability Income
Weekly Disability Income insurance is available for full-time, active employees through The Standard. Weekly income is payable to individuals who are disabled as the result of sickness or non-occupation accident. Amounts of coverage may vary by class of employee. Benefit payment periods of 13, 26, 52 or 104 weeks are available. Various waiting periods are available.
Long-term Disability
Long Term Disability insurance is available for full-time, active employees through The Standard. This benefit pays a percentage of salary or a flat dollar amount to individuals who suffer total and permanent disability. Benefits are normally reduced by workers’ compensation and Social Security. Payments commence after a waiting period of 90, 180 or 365 days and are payable for duration of 5 years or Age 65.
Survivor’s Benefit
Survivor’s Benefits are available for police officers not covered by Social Security through The Standard, and are purchased in conjunction with long-term disability protection.
Death and Disability for Special Police and School Guards
This benefit is available for special police and school guards through The Standard. If death or disability is caused by injuries incurred in the line of duty, the plan provides a $10,000 death benefit and $100 per week disability benefit for one year.
