Insurance Trust   >   Life Insurance

What It Is:
Life insurance is a tool many people use to protect the financial well-being of their families when the insured passes away. The proceeds of these policies can be used to cover final expenses such as funeral expenses, unpaid medical bills, debt and taxes as well as providing a basis for surviving family members to adjust to a new life style.

How It Works for You:
The ISTA FSP Insurance Trust offers three types of sound, dependable life insurance options.

• Group Life & Accidental Death & Dismemberment
  Each school corporation establishes job classifications with corresponding amounts of coverage. Accidental Death & Dismemberment is also provided at an amount equal to the life coverage. Coverage may be reduced based on an age reduction schedule.
• Voluntary Term Life, or Supplemental Life
  Each employee has the option to purchase additional life insurance coverage up to a stated amount. These amounts of additional coverage also correspond with the coverage amounts established by the school corporation. Where applicable, these plans may be subject to underwriting and evidence of insurability.
• Conversion
  Upon termination, employees may wish to convert their group life coverage to individual coverage. The available coverage is based on the volume in force at the time of termination and the plan's eligibility provisions.
• Retired Life Reserve (RLR)
  ISTA FSP Insurance Trust offers a Retired Life Reserve Rider, commonly referred to as a paid up life policy. This allows employees who are at least 65 years of age and retired to keep up to 30% (not to exceed a stated amount) of their pre-retirement life insurance based on a vesting schedule. When an employee receives an RLR certificate, no additional premiums are due; the life insurance is paid up.