mbf-basic-life-and-add-insurance-faqs

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Basic Life and AD&D Insurance
Group Universal Life Insurance (GUL)
Long Term Disability (LTD) Insurance
Superimposed Major Medical
Dental
Vision
Survivor Benefits
COBRA
Medical Leave and Special Leave of Absence
Health and Fitness Reimbursement
Retiree, Senior Drug Subsidy Benefits
MBF Forms & Downloads
MBF Frequently Asked Questions
Email MBF

MBF Videos

Basic Life and AD&D Insurance

Group Universal Life Insurance (GUL)

Long Term Disability (LTD) Insurance

Superimposed Major Medical

Dental

Vision

Survivor Benefits

COBRA

Medical Leave and Special Leave of Absence

Health and Fitness Reimbursement

Retiree, Senior Drug Subsidy Benefits

MBF Forms & Downloads

MBF Frequently Asked Questions

Email MBF


The Management Benefits Fund

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FAQs - Basic Life and AD&D

Do I have to pay for coverage for Basic Life Insurance and Accidental Death & Dismemberment (AD&D) Insurance? View the Answer

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No. The cost of this insurance policy is fully paid for by the Management Benefits Fund.

How much Basic Life Insurance coverage is provided to a member?View the Answer

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The amount of coverage is dependent on the member's age and employment status (active/retiree.)

Active employees under age 65 are covered for 1 times (1X) their annual salary, subject to a coverage amount minimum of $15,000 and maximum of $50,000.

Active employees ages 65-69 are covered for 66 2/3% of their annual salary, subject to a coverage amount minimum of $10,000 and maximum of $34,000.

Active employees age 70 and over are covered for 50% of their annual salary, subject to a coverage amount minimum of $7,500 and maximum of $25,000.

A retired member's life is insured for $5,000 regardless of age.

How much Basic Life Insurance coverage is provided to my dependent(s)? View the Answer

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None. Dependents are not eligible to receive this benefit.

How much coverage is available under the AD&D Insurance Policy? View the Answer

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Accidental Death & Dismemberment Insurance (AD&D) is provided for active employees only in the amount equal to their Basic Life Insurance coverage.

Under what circumstances are benefits paid under the AD&D Policy? View the Answer

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The full amount of the AD&D Insurance is paid for loss of:

Life, or

Both hands or both feet, or

Sight of both eyes, or

Speech and hearing, or

Quadriplegia, or

Any two or more of the following: foot, hand, sight of an eye

Three-quarters of the AD&D Insurance is paid for paraplegia.One-half the amount of the AD&D Insurance is paid for loss of:

One hand, or

One foot, or

Sight of one eye, or

Speech, or

Hearing, or

Hemiplegia

One-quarter of the AD&D Insurance is paid for loss of thumb and index finger on the same hand.

An additional benefit of 10% of your AD&D Insurance (up to $10,000) is paid for loss of life in a four-wheel vehicle while using a seatbelt or airbag.

Also, the loss must:

a) Be caused exclusively by accidental means
b) Be the result of the injury, directly and independently of all other causes, and
c) Occur within ninety days after the injury.

AD&D does not cover loss due to:

Suicide or attempted suicide

Intentionally self-inflicted injuries

Sickness

Medical or surgical treatment of sickness

Certain infections

War or certain military duties

Travel or flight in any aircraft not intended to transport passengers

Being legally intoxicated or under the influence of any narcotic unless administered or consumed on the advice of a doctor

Participation in certain hazardous sports.

Are retirees provided Accidental Death and Dismemberment Insurance? View the Answer

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No. Only active members are provided AD&D insurance coverage.

Who receives the insurance amount on the policies?View the Answer

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In the event of your death, the insurance amount is payable to your beneficiaries. All benefits under the AD&D Insurance other than for loss of life are payable to you.

Can I change my beneficiary?View the Answer

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Yes. You may change your beneficiary at any time by completing Form 1060 which you can obtain from your Agency Human Resources personnel. It is suggested that you keep your beneficiary designation up-to-date. Retirees must contact MBF to obtain Form 1060.

Can I assign my Basic Life and AD&D Insurance?View the Answer

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Yes. Keep in mind that when you assign your insurance policy, you perform an irrevocable transfer of all property rights, title, interests and incidents of ownership, both present and future, relating to the assigned policy.

Contact:
For more information on assigning your benefits, please call the Fund Administrative Office at (212) 306-7290; if outside New York City at (800) 4000MBF (800-400-0623).

How are claims filed?View the Answer

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Claims for Basic Life Insurance and Accidental Death & Dismemberment Insurance are processed by the Fund. For forms, beneficiaries should contact the Fund Administrative Office at (212) 306-7290; if outside New York City at (800) 4000MBF (800-400-0623).

Can I continue coverage when I am no longer a member of MBF?View the Answer

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Yes. If your Basic Life Insurance coverage is reduced or terminated, protection will continue for 31 days. During this time, you may choose one of the following options:

Purchase an Individual Policy through Prudential Insurance Company of America with proof of evidence of good health, or

Convert you Group Policy to an Individual Policy without proof of evidence of good health.

Of the two options listed, you may obtain a lower rate by providing evidence of good health and purchasing an Individual Policy. Prudential can refer you to the appropriate agent by calling 1-877-889-2070.

Please be advised that there are no conversion opportunities or Individual Policies available for Accidental Death & Dismemberment Insurance.