Portability

Your supplemental life insurance coverage is portable. That means if you leave state employment, you can take your insurance with you at a rate that is less than the cost of a conversion policy. The portability feature is only available for your coverage and does not apply to spouse or dependent coverage. Contact Prudential to apply.

Individual needs for insurance differ. If you need more insurance than the basic life insurance the state provides you, you have the opportunity to buy supplemental and dependent life insurance at low group rates using convenient payroll deductions.

Life Insurance Coverage and Rates
You buy supplemental and dependent life insurance in increments of $10,000, starting at a minimum of $10,000. The maximum coverage you can buy for yourself is $500,000 and for your spouse is $30,000 (spouse coverage in excess of $10,000 requires that your spouse provides evidence of good health). You also have the option of purchasing $5,000 coverage for each of your eligible dependent children at one rate of 80c| , regardless of the number of children, per month.

The monthly cost of supplemental life insurance for yourself and your spouse is based on age, amount of coverage you select and whether or not you and/or your spouse use tobacco products. Please refer to the rate chart below.

If you are purchasing supplemental life for the first time, you may buy up to one times your basic annual earnings or $100,000, whichever is less, without evidence of good health. You may apply for up to six times your basic annual earnings or $500,000, whichever is less, with acceptable evidence of good health.

If you already have supplemental life insurance, you may increase your coverage by one times your annual base pay in increments of $10,000 during this enrollment period without providing evidence of good health.

If you are adding coverage for the first time for a spouse or child, or if you are changing your beneficiary, you must get a Prudential application from your agency. Coverage becomes effective the month after the first payroll deduction is made from your paycheck. (Look for the deduction with the code “BP1” on your pay stub.)

Using the Rate Chart

Here’s an example of how to figure out the cost of insurance coverage. Nancy is 38 years old and a nonsmoker. She decides to buy an additional $40,000 in coverage for herself and $20,000 for her spouse Kevin, who is 40 years old and a smoker.