Your Benefits Plan
Life insurance is a significant part of a solid financial plan to protect your family and your estate. Paying final expenses, supporting children and your spouse, and paying off debt are just a few benefits to having a life insurance plan.
The Power Sector Benefit Trust (PSBT) Life Insurance is group coverage. With our purchasing volume and negotiations with providers, PSBT receives some of the best rates available in the industry for our Members.
Flat Amount: $100,000
Reductions: The Member's Life Insurance will reduce by 50% on the Member's 65th birthday. The reduced coverage of $50,000 will continue until the Member's death.
In the event of your death, your designated Beneficiary will receive the lump sum referenced above. You may appoint one or more Beneficiaries, and if you decide to change your Beneficiary, please download and complete the Beneficiary & Dependant Change Form, or log in to your PSBT Member account and update the information online.
Note: You will need a separate PIN to access the "change beneficiary" area. You can get that number bycalling the PSBT office at 1-888-250-2270.
Survivor Benefits: In the event of the death of an active member, their eligible spouse and/or dependents coverage will remain the same and will continue for a period of 2 years. Thereafter, the spouse will have the option to become a Member of the Power Sector Benefit Plan or remain with Spousal coverage and the cost of either coverage will be drawn from the Members accumulated fund account until it runs out. Should the Member wish to continue purchasing benefits on a Pay Direct basis this option is available through the Power Sector Benefit Trust Fund.
If you are a pay-direct member (where the member pays your monthly premium directly to the Trust), the same benefits will be continue upon the death of the member for that eligible spouse and/or dependents for a period of 2 years. Thereafter, the spouse and/or dependent will have the option to become a Member of the Power Sector Benefit Plan or remain with Spousal coverage and continue purchasing benefits on a Pay Direct basis.
Dependant Life Insurance
Each Child: $5,000 (Benefits for children commence 14 days after birth. Benefits for children termintate at age 19 or age 25 if they are a full-time studuent.)
Spouse insurance does not reduce with age. If the Member dies, spousal and Dependant life coverage for the Member's dependants may continue until the death of that spouse provided that the required contributions for the survivor coverage continue to be paid.