Do I have to pay for coverage for Basic Life Insurance and Accidental Death & Dismemberment (AD&D) Insurance? View the Answer
No. The cost of this insurance policy is fully paid for by the Management Benefits Fund.
How much Basic Life Insurance coverage is provided to a member?View the Answer
The amount of coverage is dependent on the member's age and employment status (active/retiree.)
A retired member's life is insured for $5,000 regardless of age.
How much Basic Life Insurance coverage is provided to my dependent(s)? View the Answer
None. Dependents are not eligible to receive this benefit.
How much coverage is available under the AD&D Insurance Policy? View the Answer
Accidental Death & Dismemberment Insurance (AD&D) is provided for active employees only in the amount equal to their Basic Life Insurance coverage.
Under what circumstances are benefits paid under the AD&D Policy? View the Answer
Three-quarters of the AD&D Insurance is paid for paraplegia.One-half the amount of the AD&D Insurance is paid for loss of:
One-quarter of the AD&D Insurance is paid for loss of thumb and index finger on the same hand.
An additional benefit of 10% of your AD&D Insurance (up to $10,000) is paid for loss of life in a four-wheel vehicle while using a seatbelt or airbag.
Also, the loss must:
a) Be caused exclusively by accidental means
b) Be the result of the injury, directly and independently of all other causes, and
c) Occur within ninety days after the injury.
AD&D does not cover loss due to:
Are retirees provided Accidental Death and Dismemberment Insurance? View the Answer
No. Only active members are provided AD&D insurance coverage.
Who receives the insurance amount on the policies?View the Answer
In the event of your death, the insurance amount is payable to your beneficiaries. All benefits under the AD&D Insurance other than for loss of life are payable to you.
Can I change my beneficiary?View the Answer
Yes. You may change your beneficiary at any time by completing Form 1060 which you can obtain from your Agency Human Resources personnel. It is suggested that you keep your beneficiary designation up-to-date. Retirees must contact MBF to obtain Form 1060.
Can I assign my Basic Life and AD&D Insurance?View the Answer
Yes. Keep in mind that when you assign your insurance policy, you perform an irrevocable transfer of all property rights, title, interests and incidents of ownership, both present and future, relating to the assigned policy.
For more information on assigning your benefits, please call the Fund Administrative Office at (212) 306-7290; if outside New York City at (800) 4000MBF (800-400-0623).
How are claims filed?View the Answer
Claims for Basic Life Insurance and Accidental Death & Dismemberment Insurance are processed by the Fund. For forms, beneficiaries should contact the Fund Administrative Office at (212) 306-7290; if outside New York City at (800) 4000MBF (800-400-0623).
Can I continue coverage when I am no longer a member of MBF?View the Answer
Yes. If your Basic Life Insurance coverage is reduced or terminated, protection will continue for 31 days. During this time, you may choose one of the following options:
Of the two options listed, you may obtain a lower rate by providing evidence of good health and purchasing an Individual Policy. Prudential can refer you to the appropriate agent by calling 1-877-889-2070.
Please be advised that there are no conversion opportunities or Individual Policies available for Accidental Death & Dismemberment Insurance.