Group Term Life Insurance

Group Term Life Insurance  

Overview

Your Family's Passport to Financial Security

Life insurance is one of the cornerstones of financial planning. In the event of an unexpected or premature death, the Group Term Life Insurance Plan can help provide the financial security your family needs. This life insurance helps make sure they'll be able to meet current expenses & such as mortgage and car payments & as well as future expenses such as college tuition.


A very high percentage of American adults have life insurance. But just as important as having insurance is having coverage that's sufficient for your needs.

 

Valuable Benefits

  • Up to $500,000 in Coverage Available Coverage for members and their spouses from $10,000 to $500,000 (in $10,000 increments).

 

  • Affordable Rates The premium contributions for the Group Term Life Plan are very competitive. You'll probably be surprised at how much insurance you can afford.

 

  • Portable Coverage The Plan offers portable coverage that can follow you throughout your career and retirement. Make all the career changes you want and still be able to maintain this valuable protection.

   

  • Living Benefit Option ("Accelerated Death Benefit") Enables you to apply for a portion of your benefits if you are diagnosed as being terminally ill, subject to certain policy restrictions and limitations. These benefits are paid directly to you, and you may spend them any way you wish. 
Insurance Application and Brochure

These form(s) are in Adobe Acrobat Reader (PDF) format and are available for downloading and printing.

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ELIGIBILITY

You can apply for this coverage if you are a member of a participating association, or lawful spouse of such member, under age 60 and residing in certain states in the U.S. (See below). You can also apply for coverage for your unmarried dependent children ages 14 days through 18 years (through 22 if a full-time student). In order to become insured, satisfactory evidence of insurability must be provided and the required premium must be paid.

 

If both member and spouse/domestic partner are covered, only one may insure any eligible children.

 

This coverage is available only for residents of AL, AZ, CA, DC, GA, HI, IN, IA, KS, MA, MI, NE, NV, NJ, OK, PA, RI and TN.

 

APPLY FOR UP TO $500,000 OF COVERAGE

MEMBER/SPOUSE COVERAGE OPTIONS
Options of $10,000 to $500,000 (in multiples of $10,000)

 

DEPENDENT CHILD COVERAGE OPTIONS
$5,000 for each eligible dependent child ($1,000 for ages 14 days to 6 months)

Amounts of Insurance at Later Ages

The amount of Life Insurance for Members, and Spouses will reduce by 50% at the Policy Anniversary date at or following attainment of age 65, 70 and 75. Premiums do not reduce.

 

The total amount of coverage an individual may have under all group life insurance plans underwritten by New York Life Insurance Company may not exceed $2,000,000.

 

COVERAGE EFFECTIVE DATE

You and your dependent children will become insured on the date specified by New York Life Insurance Company provided the initial premium contribution is paid when due and satisfactory evidence of insurability has been submitted. You must be performing the normal activities of a person in good health of like age (the normal activities requirement does not apply to Dependent Life insurance on an eligible child). If you are not performing the normal activities of a person in good health of like age on the date insurance would otherwise take effect, coverage will become effective on the date you are performing such normal activities and are still eligible for the insurance. Payment of a premium contribution for insurance does not mean there is any coverage in force before the effective date as specified by New York Life Insurance Company. 

 

COVERAGE END DATE

Your insurance will continue automatically until the policy anniversary date coinciding with or next following your 80th birthday, as long as you pay your premium when due, the Group Policy remains in force and insurance does not end for your class. Coverage for your dependent children will continue until your insurance ends under the group policy, the group policy is changed to end dependents’ life insurance, the child ceases meet the eligibility requirements or premium is not paid for the dependent when due. 

 

ADDITIONAL PLAN FEATURES

Living Benefit Option ("Accelerated Death Benefit")

The Living Benefit or “accelerated death benefit” is designed to provide members with the option to have a portion of a terminally ill insured's life insurance benefit paid while he/she is still alive. The money received under this feature can be used however you see fit. For example, it can help pay medical bills and other outstanding debts and financial obligations…it can help you keep your savings and assets intact…it can help you maintain your quality of living.

 

To qualify for this benefit, the insured person must be under age 70 and diagnosed as having a life expectancy of 24 months or less. Proof of terminal illness will consist of a statement from a doctor and any other medical information New York Life Insurance Company believes necessary to confirm the person's status. 

 

You can request payment equal to 60% of a qualified terminally ill person's in-force coverage up to $250,000. The request must be made at least 12 months prior to that person's scheduled coverage termination age, and the amount payable after the insured's death will be reduced by this payment. (Premium contributions will not be reduced.) If a scheduled reduction will occur within six months of the date the advance payment will be made, the benefit payable will be 60% of the reduced coverage (up to $250,000). Note: An insured will be eligible for only one terminal illness benefit during his/her lifetime.

 

Please note that the receipt of this benefit may affect your eligibility for public assistance programs and may be taxable. You may wish to consult the appropriate social services agency and a qualified tax advisor about how this may affect your personal situation. 

Premiums Are Waived If You're Totally Disabled

If you become totally disabled before age 60, and remain so disabled for six months or longer, your insurance will be continued as long as you remain totally disabled – for both you and your insured family members – without additional premium contributions. The amount continued will be based on the options under which you and your dependents were insured at the time your disability began. The Waiver of Premium benefit will continue until the insured member is no longer totally disabled or reaches age 65, whichever comes first. You may be asked to provide evidence of your continued total disability from time to time.

Exclusion

Life insurance benefits are paid for death from any cause, at anytime, anywhere in the world except suicide within the first two years of coverage, whether sane or insane — in which case, the benefits will be reduced to a refund of premiums paid. The validity of any amount of your life insurance which has been in force for two years during an insured's lifetime will not be contested except for insurance eligibility provisions and non-payment of premium contributions.

Certificate of Insurance

This information is only a brief description of some of the principal provisions and features of the plan. The complete terms and conditions are set forth in the group policy issued by New York Life Insurance Company to the Trustee of the Association and Society Group Insurance Trust. When you become insured, you will be sent a Certificate of Insurance summarizing your benefits under the Plan.

"30-Day Free Look"

If you are not completely satisfied with the terms of your Certificate of Insurance, you may return it, without claim, within 30 days. Your coverage will be invalidated and you will be sent a full refund — no questions asked!

 

Underwritten by New York Life Insurance Company

51 Madison Avenue, New York, NY 10010

Under Group Policy G-30830-1

On Policy Form GMR-FACE/G30830-1

New York Life is licensed/authorized to transact business in all of the 50 United States, the District of Columbia and Puerto Rico. However, not all group plans it underwrites are available in all jurisdictions. Please check the applicable insurance brochures for current availability. New York Life's state of domicile is New York, and NAIC ID # is 66915. 

For premium rates, please see the brochure attachment by clicking the Download Now button to the right.

FAQs

Answers about the program, including eligibility, options, customer service and more.

  • How do I apply?

    To apply, download an application by the Download Now button to the right.

  • Do I have to meet with an insurance agent?

    Issuance of this coverage is handled through the mail. You can review the materials in the privacy of your home and submit your application directly through the mail without meeting with an agent. You can, of course, talk to a licensed representative if you’d like. Please click the Contacts section for the toll-free number.

  • What if I have second thoughts after I apply?

    When you become insured, you will be sent a Certificate of Insurance summarizing your benefits under the Plan. If you are not completely satisfied with the terms of your Certificate of Insurance, you may return it, without claim, within 30 days. Your coverage will be invalidated and you will be sent a full refund — no questions asked!

  • How much insurance should I consider?

    Some insurance experts suggest that you purchase life insurance equal to five to nine times your current income. In addition, you should consider how much your dependents will need to maintain their lifestyle.

  • Are there any exclusions?

    Benefits are paid for death from any cause, at anytime, anywhere in the world except suicide within the first two years of coverage, whether sane or insane — in which case, the benefits will be reduced to a refund of premiums paid. The validity of any amount of your life insurance which has been in force for two years during an insured’s lifetime will not be contested except for insurance eligibility provisions and non-payment of premium contributions.

  • When is the coverage effective?

    Insurance will take effect on the date your application is approved by New York Life Insurance Company provided the initial contribution has been paid within 31 days after the date you are billed you are actively performing the normal activities of a person in good health of like age on the date of approval.

     

    If you are not performing your normal daily activities as required, you will not become insured until the day you are  performing such activities, provided such date is within three months of the date insurance would have been effective you are still eligible. (Dependent children are not subject to this requirement.)

  • When does coverage end?

    Insurance for you can remain in force until: (a) premium contributions are not paid when due, (b) you reach age 80, (c) the group plan is terminated or modified by the Policyholder or New York Life Insurance Company to end insurance for the group of insureds to which you belong, and (d) you request to terminate insurance. In addition, dependent child coverage will terminate when your coverage terminates, or when the eligibility requirements are no longer being met. Upon your death, coverage for your insured children may continue as described in the Certificate of Insurance.

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Mercer's Role & Compensation

Details of Mercer disclosure of the compensation.