Once again it’s time for Nazarene ministers and church-employed laypersons who have purchased supplemental group term, long-term disability, or accidental death and dismemberment insurance through Pensions and Benefit USA to receive annual statements. Annually, invoices are mailed around the first week of December, according to Roger Creeden, Benefits Services manager for Pensions and Benefits USA.
While more than 10,000 qualified Nazarene ministers and church-employed laypersons and their families are covered by basic life and temporary disability insurance provided by Pensions and Benefits USA, many chose to supplement this by purchasing Nazarene Supplemental Group Term, Long-term Disability, and/or Accidental Death and Dismemberment insurance coverage at reasonable rates.
“We hope our policy holders will take time to consider whether they should increase their coverage,” said Creeden. “New additions to a family during the previous year provide a strong incentive for ministers to increase coverage, and this is an ideal time to do it.”
Under current rates, a qualified minister (age 40-44) can purchase up to $250,000 in Nazarene Supplemental Group Term Life Insurance coverage for as little as $402.50 annually. That same minister could receive a monthly disability benefit of $1,500 for an annual premium of only $186.30.
That’s a really small price to pay for the peace of mind of knowing that your family would survive your death or disability. In 2012, almost 8 million young adults were injured in the U.S. and more than 187,000 persons died from injuries—that’s one person every three minutes, and injuries are the leading cause of death for those under the age of 44.
“It’s important for subscribers to update and sign their renewal forms and return them promptly to avoid a lapse in coverage,” Creeden added. He noted that as with all such policies, Nazarene Supplemental Group Term and Long-term Disability rates are affected by the age of the insured, so some recipients may notice changes in the cost of their coverage.
Plan descriptions, rate charts, applications, and more information are available at pbusa.org.