July - August 2019

2019 news 4By nature, ministers are active people intent on serving others. But that doesn’t mean they should neglect themselves and their families, especially when it comes to life, disability, and accident insurance. The death or disability of a bread winner can be devastating to a family—adding financial burden to the emotional heartache.

Life, disability, and accident insurance were designed to help families survive if a spouse suddenly dies or becomes unable to work. Pensions and Benefits USA is pleased to offer reasonably priced coverage that could protect you and your loved ones when the unforeseen happens. Here are some options to consider.

Nazarene Supplemental Group Term Life

This plan allows a qualified minister or church-employed layperson (age 30 to 34) to apply for up to $500,000 in Nazarene Supplemental Group Term Life Insurance coverage for as little as $360.00 annually. Additionally, a spouse may apply for coverage in increments of $5,000 up to a maximum of $125,000, not to exceed the coverage purchased for the ministerial applicant. This plan does require evidence of good health, unless the insured has experienced within 90 days a life event, such as a marriage, birth or adoption of a child, receipt of first district ministerial license, ordination, or first full-time and full-livelihood employment by a qualified employer.

Long-term Disability

A qualified minister or church-employed layperson may apply for income protection of from $500 to $1,500 a month. For example, a person age 40 to 44 could choose to receive a monthly benefit of $1,000 for an annual premium of only $124.20.

Accidental Death and Dismemberment

This coverage requires no physical exam and may be one of the best values available for financially protecting a parsonage family. Regardless of age, a qualified minister or church-employed layperson (up to age 75) can purchase up to $200,000 in coverage for only $72 annually. Also, dependents may be covered, not to exceed one-half of the amount of coverage for the primary insured person. Coverage of $100,000 for a dependent spouse is only $48 annually.

“It is not unusual to receive a report from a district about a pastor who has died or been injured in an accident,” said Roger Creeden, administrative director of Pensions and Benefits USA. “Sometimes we can provide benevolence assistance, but not enough to help families recover financially. Purchasing reasonably priced insurance can help avoid situations such as these.”

You can find complete eligibility requirements, rate sheets, and applications for these plans here.

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