Your Benefits Plan
PSBT Insurance is group coverage and therefore we have access to lower rates. With our purchasing volume and through negotiations with our providers, the PSBT gets some of the best rates available in the industry for our members.
Below is an overview of the policy:
Flat Amount: $100,000
Reductions: Each Member's Life Insurance will reduce 50% on the Member's 65th birthday. The reduced coverage of $50,000 will continue until the Member's death.
Your designated beneficiary will be paid the above lump sum in the event of your death. You may appoint one or more beneficiaries, and if you decide to change your Beneficiary, please download and complete the Change of Beneficiary Form here. OR simply login to your PSBT member account and change it that way. Note: You will need a separate PIN to access the "change beneficiary" area. You can get that number by calling the PSBT office at 1-888-250-2270.
Survivor Benefits: In the event of death, your spouse's and dependant(s') coverage will continue to draw from your accumulated funds account until it runs out; whereupon Survivor Benefits from the insurer commence for a period of 2 years thereafter. If you are a pay-direct member (where the employer does not pay your monthly premium directly to the Trust), Survivor Benefits commence upon death directly for a period of 2 years.
Dependant Life Insurance:
Each Child: $5,000 (Benefits for children commence 14 days after birth.)
Reductions: Each Spouse's life insurance will reduce 50% on the Member's 75th birthday. The reduced coverage of $12,500 will continue until the spouse's death. You will be paid a lump sum amount, if living, otherwise your estate will recieve payment in the event of your insured dependent's death.