The Board of Pensions recently enacted changes to basic level insurance coverages for eligible ministers whose congregations contribute to the P&B Fund, according to Kevin P. Gilmore, director of Pensions and Benefits USA.
“In recent years, we had provided a single-tier basic life insurance benefit of $15,000 for ministers,” Gilmore said. “In February, the Board of Pensions approved our recommendation to change this to a multi-tier benefit to provide protection for our pastors and their spouses during the stages of life when it will do the most good.”
As of January 1, 2021, basic coverages for active eligible ministers are:
- $30,000 survivor benefit for ministers age 50 or less;
- $15,000 survivor benefit for ministers age 51 to 70;
- $7,500 survivor benefit for ministers age 71 to 75;
- $2,500 survivor benefit for spouses; and a
- $500 monthly long-term disability benefit.
The Survivor Benefit for retired ministers (or active and over age 75) is based on years of service:
- 10 to 20 years = $1,500
- 21 to 30 years = $3,000
- 31+ years = $6,000
“It is only through the faithful support of our districts and churches that we are able to provide benefits like these,” Gilmore added. “We require a church to pay at least $1 toward their P&B Fund allocation for their ministers to be eligible, but we are counting on them to do much more.”
Insurance to supplement these basic coverages is available for purchase from Pensions and Benefits at reasonable rates. For more information, check this resource. You can learn more about eligibility requirements for P&B-provided benefits here.