Protect Yourself and Your Family—Enroll between Sept. 1 and Oct. 31, 2020
Did you know that your most valuable asset isn’t your house, car, retirement account, or any other large asset you own? It’s the ability to make a living. However, most individuals don’t insure their most valuable asset—their ability to earn a paycheck.
The world has experienced some unprecedented times of late, and it has opened the eyes of many to the need to be properly insured. Disability insurance pays a portion of your income if you can’t work for an extended period due to a surgery, pregnancy, unexpected illness, or injury. The chance of missing months or years of work because of an injury or illness may seem remote, especially if you’re young and healthy. However, according to the Social Security Administration, more than one in four 20-year olds will experience a disability for 90 days or more before they reach the age of 67. Many people shrug off the risk because they think about worst-case scenarios like spinal cord injuries, or terrible accidents. But back injuries, fractures, pregnancies, illnesses, and more lead to most disability claims.
There are two types of disability insurances available through the PEF Membership Benefits Program: Short-Term Disability and Long-Term Disability. Short-Term Disability insurance is coverage that protects your paycheck if you are unable to work for up to 26 weeks, and Long-Term Disability allows you to earn a monthly benefit if you are out of work longer than 6 months.
Do you have a plan in place to protect your loved ones should the unexpected happen and a death occurs? No one likes to think about the unexpected, but that is life. No matter what stage of life you’re in, life insurance helps protect what you love about life—your family.
Life insurance is a smart addition to any financial plan as it will provide protection and financial support for your family when you can’t be there—and they need it most. Life insurance helps to maintain your family’s quality of life, the life you would want them to have.
About Modified Open Enrollment
Modified open enrollment is a limited period of time when you have the opportunity to enroll or increase your existing coverage in any one or all three (3) of the payroll deducted insurance programs provided by the PEF Membership Benefits Program in partnership with Sun Life Health Insurance Co., U.S., a leading provider of employee benefits. Whether you are enrolling for the first time, or you are increasing your existing coverage, you can do so with no medical questions asked, up to the amounts approved under the modified open enrollment¹.
How long is the modified open enrollment period?
The special modified open enrollment is available beginning September 1, 2020, through October 31, 2020.
Who is eligible?
All active, dues-paying PEF members can take advantage of the insurances made available through the PEF Membership Benefits Program and Sun Life.
Not yet a PEF member?Join PEF Now
Why Enroll in These Valuable Insurance Offerings?
- New York State Civil Service employees are not eligible for New York State Disability Benefits Law Coverage. Therefore, as a state employee, you must seek out other sources for your disability coverage. The PEF Membership Benefits Program provides short-term and long-term disability insurances for PEF members at affordable rates.
- To protect your paycheck so if you are out of work, you have insurance to help cover your bills and expenses.
- To plan ahead, so if the unexpected happens, you protect your family and their quality of life.
- PEF MBP administers the insurance policies and takes special care to oversee those policies and does what is needed to assist PEF members and their families who are filing claims.
Surgery, having a baby, or even an illness or virus, can keep you away from work and impact your ability to earn a paycheck while you are out. STD provides a weekly cash benefit to help pay for expenses when you are out of work and without a paycheck (26 weeks maximum coverage). STD will help you manage your expenses without relying solely on vacation days, sick pay, or your hard earned savings!Learn more about STD
A serious illness or injury can keep you out of work for an extended period of time. LTD provides a monthly benefit if you are out of work due to a disability lasting longer than 6 months. You can receive coverage of up to 50% or 60% of your salary, to a maximum of $7,500 per month, giving you the financial support you need so you can focus on getting better and back to work. Coverage begins after a 6 month elimination period which is the amount of time you must be disabled before the benefit becomes payable.Learn more about LTD
Group Term Life Insurance
If you are not currently enrolled in a Group Term Life insurance, you are not protecting your loved ones in case something unexpected should happen to you. Life is a journey with unexpected twists and turns and having the right insurance provides financial protection for your loved ones upon your death.
Your family receives a payment based on the coverage option you choose ($20,000 minimum, up to 5 times your basic annual earnings). Coverage is also available for your spouse/domestic partner and dependent child(ren) when you elect coverage for yourself.Learn more about GTL
So why enroll? The world and the way you live your life can change at anytime. Don’t wait until something happens as it will be too late. Now is the time to enroll in the insurances you need. You must be enrolled in a disability insurance prior to becoming ill, injured, or becoming pregnant. Protect your family should the unexpected happen. Get the insurance coverages you need, or increase your existing coverage between September 1, 2020 and October 31, 2020, without having to complete a medical questionnaire¹.
To learn more about MBP’s insurances and the modified open enrollment, watch the presentation.View now ⇒
Key Features of the Modified Open Enrollment
- New enrollees may enter the program and elect to enroll up to the amount approved for this modified open enrollment—$400 weekly
- Members already enrolled, can elect to increase coverage by two levels, up to a maximum coverage of $700 (ex: $300 to $500, $400 to $600, and $500 to $700)
- New enrollees may elect coverage at 50% of their current monthly income, up to $7,500 per month
- Members already enrolled, can elect to increase their coverage from 50% to 60% of their current monthly income, up to $7,500 per month
Group Term Life
- New enrollees may enter the program at $20,000, or 1 times their basic earnings
- Members already enrolled, may increase their coverage by one level, up to 5 times their basic annual earnings, up to a maximum of $600,000
- Members, once enrolled, may enroll their spouse/domestic partner for $20,000 of coverage
- Members who have a spouse/domestic partner already enrolled, may increase their current coverage by one level, up to a maximum of $100,000 (ex: $20,000 to $50,000, $50,000 to $75,000, or $75,000 to $100,000)
- Members, once enrolled, may enroll their dependent child(ren) at $15,000 per child
For More Information & How to Enroll
For questions regarding your current coverage, or this special modified open enrollment:
- Call (518) 785-1900 or (800) 342-4306, ext. 243, Option 2,
- Email MBP insurance,
- Or, enroll today by accessing the online enrollment form
- Call Sun Life with your insurance questions during PEF MBP off hours. View dates and times.
Important Information Regarding the Enrollment Process
- If you have existing coverage, your form will display the levels of coverage you are entitled to select.
- You must complete your form in one sitting, You cannot stop and come back to the form to complete it. You can only submit the form once.
- If you will be applying for spousal/domestic partner or child(ren) coverage, please have all your information handy as you must complete the form in it’s entirety once you begin the process.
- You must enter a signature in the signature box or you will not be able to submit the application.
- The online application is the fastest process. If you prefer to have a paper application, we can email or mail one, but the process will be much slower especially if, once the application is submitted, PEF MBP has questions about your application or if information is incomplete. The application must be properly completed no later than midnight, October 31.
- Once you submit your application, if you receive a phone call or email from the PEF MBP insurance department, be sure to respond as soon as possible as any delay could impact PEF MBP’s ability to process your application by midnight, October 31.
- Once you submit your application, keep an eye out for any mail from PEF MBP insurance, as it may contain important information regarding your application that requires your follow-up.
- Once you submit your application, please allow for two (2) payroll cycles to hit and then check your pay stub where you will see your premium payment deduction.
Enrolling Outside This Special Modified Open Enrollment Period
- New PS&T Unit hires have 120 days from their new hire date to join PEF and enroll up to the maximum issue amount with no medical questions asked.¹
- After the 120 days has passed, PEF members may apply for coverage in any of the three (3) payroll deducted insurances at any time, but must complete a medical questionnaire (Evidence of Insurability Form—EOI) with their enrollment form.
Additional Information, Footnotes & Disclaimers¹If the amount you apply for exceeds the amount approved for this modified open enrollment, or if you want to elect coverage or increase coverage at a later date, you are required to complete and submit an Evidence of Insurability form (medical questionnaire), which must be approved by Sun Life prior to coverage taking effect.
This information is intended to provide an overview of the benefits available from your employer and is not a complete description of plan provisions. The rates shown include administrative fees. Receipt of this flyer does not certify eligibility for benefits under this plan. For complete plan details, please refer to your certificate.
The group policy provides disability income insurance only. It does not provide basic hospital, basic medical, or major medical insurance as defined by the New York State Department of Financial Services.
The group policy contains limitations and exclusions that may affect benefits. Please see the certificate or ask your benefits administrator for information on Elimination Periods, Waiting Periods, and Pre-Existing Conditions limitations. Group life and disability insurance policies are underwritten by Sun Life and Health Insurance Company (U.S.) (Lansing, MI) under Policy Form Series 13-GP-LH-01, 13-LF-C-01, 13-GPPORT-P-01, 13-LFPort-C-01, 13-ADD-C-01, 13-LTD-C-01, 13-LTD-P-01, 13-STD-C-01, and 06P-NY-DBL.