Life

Do I need life insurance?

To put it simply, we invest for the known and insure for the unknown. Life insurance protects those who depend on you in the event you die prematurely. Life insurance can provide your dependents with an o­ngoing income to replace yours, so they can at least cover the basic needs of daily living. If you are the primary breadwinner for your family, you are likely to need a substantial amount of life insurance coverage. After basic food and housing concerns are satisfied, life insurance needs to be in line in terms of priority.

The I&B Trust of PORAC offers both the Group Life “Participating Unit” Plan as well as the Individual Life “Voluntary” Plan.

To assist actively working and retired members of PORAC in providing for their family's financial security, the I&B Trust of PORAC has developed the Group Term Life Insurance Program. Under this program associations are able to insure their active members for up to $150,000 in Life/AD&D insurance coverage and their retired members up to $10,000 in Life/AD&D insurance coverage on a guarantee issue basis, no health questions. Members may elect to apply for up to $1,000,000 of coverage for themselves. Life insurance coverage for your spouse and children is also available.

Features of the Plan This Supplemental Group Term Life plan provides eligible members with group term life insurance protection at levels beyond what is provided to you through your employer's participating unit coverage.
To supplement this protection, you are eligible to apply for additional group term life insurance through the same endorsed program as long as you are an active member under age 60.

First-time eligible New Police Academy graduates can obtain $250,000 of group term life insurance on a guaranteed issue basis if applied for within 31 days of their initial eligibility period.

Features of 10-Year Group Level Term Plan

This Supplemental Group Term Life plan provides eligible members with group term life insurance protection at levels beyond what is provided to you through your employer’s participating unit coverage. With the PORAC-sponsored 10-year Level Group Term Life Insurance Plan, your initial premium is designed to stay level, and not change, for up to 10 years. However, the insurance company does reserve the right to change the premium rates, but may o­nly do so for all insureds covered under the group policy and with 60 days advance written notice.

As a member of PORAC age 65 and under, you are eligible to apply for coverage with a 10-year level premium in amounts ranging from $100,000 to $1,000,000, in increments of $50,000. Your spouse (under age 60) may apply for coverage in this same plan, in an amount not to exceed 50% of your coverage amount.

You can keep this level term protection for 10 years.

At the end of the 10 year level term period, evidence of insurability is required to enter another level term period (subject to the maximum age to begin a level term period). If evidence of insurability is not provided or not approved by ReliaStar Life, rates will be based o­n the five-year age brackets for the insured’s current age.

Features of 20-Year Group Level Term Plan

This Supplemental Group Term Life plan provides eligible members with group term life insurance protection at levels beyond what is provided to you through your employer’s participating unit coverage. With the PORAC-sponsored 20-year Level Group Term Life Insurance Plan, your initial premium is designed to stay level, and not change, for up to 20 years. However, the insurance company does reserve the right to change the premium rates, but may o­nly do so for all insureds covered under the group policy and with 60 days advance written notice.

As a member of PORAC under age 50, you are eligible to apply for coverage with a 20-year level premium in amounts ranging from $100,000 to $1,000,000, in increments of $50,000. Your spouse (under age 50) may apply for coverage in this same plan, in an amount not to exceed 50% of your coverage amount.

You can keep this level term protection for 20 years.

At the end of the 20 year level term period, evidence of insurability is required to enter another level term period (subject to the maximum age to begin a level term period). If evidence of insurability is not provided or not approved by ReliaStar Life, rates will be based o­n the five-year age brackets for the insured’s current age.

Features of the Plan

This Senior Group Term Life plan is designed for members (active and retired) ages 50 through 74, and spouses ages 45 through 74. With this plan, getting the added financial security you need for your family- no matter what stage of life you’re at- is easy and affordable.

Level Coverage to age 60

Coverage applied for will remain level until age 75; after that, coverage will reduce to 50% at age 75; to 25% at age 80, and to $2,500 at age 85 (at no time will the benefit be lower than $2,500). Coverage will continue as long as you are a member of PORAC, the group master policy issued to the Insurance and Benefits Trust of Peace Officers Research Association of California remains in force, and premiums are paid when due.

Life insurance coverage is provided under the terms of a group life insurance policy, Group Policy GL-66326-3, issued and delivered in the state of California to the Insurance and Benefits Trust of PORAC as the policyholder. The group life insurance policy is issued by ReliaStar Life Insurance Company, Minneapolis, Minnesota, a member of the Voya™ family of companies. Policy form LP00GP. The policy is administered on behalf of ReliaStar Life Insurance Company by Myers-Stevens & Toohey & Co., Inc., an insurance administrator licensed in the state of California.

For more information about any of the above plans, please contact us at porac@myers-stevens.com or call at 1.800.827.4695

How much life insurance do you need?

To calculate your life insurance needs, consider the following:

  • How much of your income will you need to replace?
  • Do you have young children who must be cared for?
  • Will your surviving spouse need to work or stay at home with your children?
  • Do you want to pay for your child's college costs?
  • Are you financially responsible for other family members (i.e. parents, grandparents, aunts or uncles)?
  • Do you have a mortgage you want to fully or partially pay off?
  • What is your level of savings? Debt?
  • How much of a cushion for emergencies do you want to leave behind?

To request a copy of a brochure or application on Senior Group Term LIfe, please contact the Plan Administrator.

With a membership of over 58,000 members, the I&B Trust of PORAC plans are able to take advantage of the "large economies of scale". This means lower rates and richer benefits for PORAC members!