CPF makes a life insurance benefit available under the Life Insurance Plan to eligible participants in the Clergy Pension Plan. If you die while an Active participant in the Clergy Pension Plan, your beneficiary(ies) will receive a life insurance benefit equal to six times your Total Assessable Compensation, up to a maximum of $150,000.
You may name anyone you wish as the beneficiary of the life insurance benefit and can change the beneficiary designation at any time. Please note, however, that if you have designated your spouse as the beneficiary of the life insurance benefit and you subsequently divorce or legally separate, your former spouse will continue to be the beneficiary unless you designate a new beneficiary or revoke your designation in writing.
If you do not name a beneficiary, your life insurance benefit will default to the first of the following categories in which there is a survivor (multiple survivors in the same category share equally):
- Your spouse;
- Your children;
- Your parents;
- Your brothers and sisters; and
- Your estate.
For a schedule of benefits, please see the applicable certificate.
Keep Your Beneficiary Designations Updated
To be sure that the preretirement survivor and life insurance benefits are paid to the beneficiaries you intend should something happen to you, it is important to keep your designations up to date, especially if you have a change in your family status (for example, marriage, divorce, dissolution of domestic partnership, birth, adoption, etc.). Please contact our Client Services group to request new forms or download them here. Please also make sure to keep your beneficiaries’ contact information up to date.