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NTS economic summitLife and disability insurance are designed to help families survive if one of the breadwinners suddenly dies or becomes unable to work. Pensions and Benefits USA offers basic life and disability insurance to pastors of churches that contribute to the Pensions and Benefits Fund, but this may not be enough to cover the expenses that would occur with the disability or death of a spouse. For this reason, we also recommend purchasing reasonably priced supplemental insurance coverage that could protect your loved ones if the unforeseen happens.

“No one likes to think about death or accidents, but they do happen, and sometimes they involve Nazarene ministers or members of their family,” said Don Walter, director of Pensions and Benefits USA. “While such situations are tragic in themselves, they often lead to even more trauma for the pastor’s family and church if there is no financial safety net of insurance to assist after the loss occurs.”

There’s no time like now to purchase new insurance or add additional coverage. Here are some options to consider.

Supplemental Group Term Life

A qualified minister or church-employed layperson (age 30 to 34) may apply for $500,000 in Nazarene Supplemental Group Term Life Insurance coverage for as little as $360.00 annually. Additionally, a spouse may apply for coverage in increments of $5,000 up to a maximum of $125,000, not to exceed the coverage purchased for the ministerial applicant.

Long-term Disability

A qualified minister or church-employed layperson may apply for income protection of from $500 to $1,500 a month. For example, a person age 40 to 44 could choose to receive a monthly benefit of $1,000 for an annual premium of only $124.20. And, unlike most other plans, your benefit is not offset by Social Security disability assistance.

Accidental Death and Dismemberment

You may apply for coverage for yourself in increments of $50,000 up to a maximum of $200,000. A qualified minister or church-employed layperson can purchase up to $200,000 in coverage for only $72 annually. Also, dependent coverage may be purchased, not to exceed one-half of the amount of coverage for the primary insured person. Coverage of $100,000 for a dependent spouse is only $48 annually.

Learn More at PBUSA.ORG

You can find complete eligibility requirements and rates by visiting our website here.