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1. Life is unpredictable: You think, you are young and healthy now. So you don’t need any insurance to protect you. However the matter of the fact is no matter how old or young you are, you need life insurance to protect you at all stages of life. Let us understand this better with an example: One beautiful day, you leave for your office. On the way to the office, you met with a severe road crash. When taken to the hospital, it was diagnosed that you survived many severe injuries and operating them will need much money. Life insurance is right for this moment as it saves you from burning a hole in your pocket. Life insurance covers provide many other benefits like permanent disability benefit; chronic diseases benefit, long term benefits to name a few.
2. Family: You might not be thinking of getting married anytime soon in life. However, what happens when a person crosses your path, and you are head over heels in love with that person. You certainly want to move in together with that person. Life Insurance safeguards the interest of that person in your absence.
3. Parents: Our elderly parents will be our responsibility until their last breath. Due to old age, they are prone to many acute and chronic diseases. Life insurance provides a special cover for family expenses and expenses incurred on parents. It will act as a financial cushion if the unfortunate happens and you die before them. Life insurance is to safeguard their interest after you are gone.
4. You have Business: You are one of the active partners of your small business. After your unfortunate death, a life insurance policy allows your surviving partners to purchase the portion of your business seamlessly.
5. Life is a risk: Life insurance does cover not only the risk of living too short but also the risk of living too long. Yes, living too long is also a risk. The well built up portfolio will take care of the risk arrives with the chances of living too long. Since there are many options out there for this purpose, you can choose any of the plan best suited to the idea of your living. You can also keep in mind factors like future inflation, tax benefits, the expected rate of return on investment, the standard of living to name a few.

• How much life insurance costs depends how much coverage you want, the type of policy you get, and how much risk you pose.
• Life insurance companies independently decide how much risk you pose, considering factors like age, health history, a medical exam, and what you do for work.
• Smoking is considered one of the biggest risk factors across the board. Nicotine users can pay two to three times more for a premium than the average person.
• Term life insurance is typically the cheapest type of policy because it lasts for a fixed period of time.
• According to Policygenius, a 30-year-old male with "preferred health" can expect to pay a monthly premium of $23 for a $250,000 30-year term life policy, while a woman in the same situation would pay an average of $19.

My wife also worked for the state of Missouri for 29 years. Her office closed just before she reached 80 and out. A year later she started collecting her state retirement when she turned 51. Does she still get the $5,000 life insurance like I do. I stayed for 35 years and received full backdrop at age 55. 

No. Anyone who does not retire directly from state employment (within 60 days from their last day of state employment), does not get the automatic $5,000 in basic life insurance coverage at no cost to them.

The state will continue to pay for $5,000 of basic life insurance coverage for life for retirees who meet the following conditions:

�         They had basic life insurance coverage as an active employee and did not terminate coverage at retirement.
�         They have a MOSERS retirement date that is within 60 days of when they left state employment.

I have carried optional life insurance on my two children. But I am wondering if I now need to drop them, as they are both over the age of 18. My oldest is 27 & my youngest will be 26 in Oct. I don't want to drop them if I don't have to but also don't want to keep paying for something that I could not use if the worst Mother's fear where to occur. 

 You may retain MOSERS optional life insurance* for your children until age 26. The month your child turns 26, your coverage will automatically end. An exception is: Disabled children older than age 26, who are continuously incapable of self-sustaining employment because of developmental, intellectual or physical handicap and dependent on you for support, are eligible for dependent coverage.

When life insurance coverage ends for your spouse and/or child(ren), you have 60 days in which to convert coverage to an individual life insurance policy or buy portable group insurance. Evidence of insurability is not required.

We also recommend that you review your life insurance beneficiaries periodically to make sure they are up to date. You can review and update your beneficiaries on MOSERS� website by logging in to your Member Homepage and completing and submitting a Life Insurance Beneficiaries form.
For more information, see the Life Insurance Handbook on our website.

*MOSERS' life insurance is not available to employees of the Department of Conservation or state regional colleges/universities except for Lincoln University and State Technical College of Missouri.

President Trump gave us a tax break which was (for me) $12.92 but then my life insurance went up $17.60. Why is that?

Changes to your optional life insurance coverage or premium amount could be a result of one or more of the following factors:
(1) your annual salary as of July 2017 or your eligibility date,
(2) your age bracket as of January 1, 2018,
(3) your coverage election, or
(4) the optional life insurance rates.

I have an employee who was hired June 2011. He has a question about the 5 year vesting. Since 5 year vesting is back he would like to know if Moser's will start contributing to retirement or if he will still have to make those contributions through his payroll.

MSEP 2011 members will still have to contribute 4% of pay to their future retirement benefit. Other than the vesting period changing from 10 years to 5 years for MSEP 2011 members employed on or after January 1, 2018, the provisions of SB 62 have NO impact on members of MSEP 2011 who work in a MOSERS benefit-eligible position until they reach normal retirement eligibility.

Money to pay current and future MOSERS pension benefits comes from:

1. Contributions from employees who are members of the MSEP 2011 or Judicial Plan 2011 (4% of pay for MOSERS members; typically 5-10% nationally*),
2. Earnings on investments of money in the MOSERS trust fund (61% of assets in the MOSERS trust fund have come from investment earnings), and
3. Contributions from employers (state agencies) as a percent of active employee payroll.

Below is a simplified example of what future retirement benefit might look like over time. The benefit would be even more with compounding cost-of-living adjustments (COLAs), which are included in MSEP 2011, but not shown here for simplicity. The benefit formula is:

Final Average Pay x Credit Service x Multiplier = Monthly Base Benefit