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FEATURES AND BENEFITS
Select up to $1,000,000 In Benefits
You and your spouse
may select benefit amounts based on your own needs and budget. Coverage
for members is available in amounts ranging from $100,000 - $1,000,000
(in $10,000 units). Coverage is also available for your spouse in
amounts from $100,000 to $750,000 (in $10,000 units) provided the
amount requested does not exceed your coverage amount. Dependent
child coverage can also be purchased for just $12.00 per year. This
premium would pay for $10,000 in coverage for all eligible children
over the age of 6 months, or $1,000 in coverage for all eligible
children age 14 days to 6 months.
(Please Note: No member can be insured for more than $1,500,000
of coverage under all APSIT Group Life Plans.)
Guaranteed Level Benefit
With APSIT 10-Year Level Term Life, the benefit you
start with is the benefit you keep while your coverage is in effect.
There are no reductions like you’ll find with some other plans.
Guaranteed Level Premiums
Your rate is guaranteed to remain the same for 10 full years –
regardless of your health.
Benefits Available For Terminal Illness
To help with what
could be a difficult and financially challenging time, APSIT GROUP
TERM LIFE INSURANCE contains a “Living Benefit” or “Accelerated
Death Benefit” that allows you to receive 50% of your benefit
in advance, should you be diagnosed with a terminal illness. Premiums
would continue to be payable in full, and the amount of your death
benefit would be reduced by 1/2. This benefit can be used to pay
for medical bills, drug costs, physical care or anyway you see fit.
To qualify you
must provide proof of terminal illness and life expectancy of 12
months or less, as well as any other medically necessary information
requested. For additional detail and limitations, please see the
Certificate of Insurance upon arrival.
Please note that
Living Benefit / Accelerated Death Benefit may affect your eligibility
for some public assistance programs. You may wish to consult your
financial advisor and/or attorney to determine how this may affect
your personal situation. Accelerated Death Benefits are not
available to residents of Massachusetts.
Coverage Cannot Be Cancelled Due to a Change in Your Health
Once you are accepted
and your insurance takes effect, your coverage cannot be cancelled
due to a change in your health.
Only One Exclusion
Benefits are paid
for any form of death occurring while insurance is in force, except
for suicide. However, if suicide is committed during the first two
years, we will refund any premiums paid up to the time of death.
Missouri Residents: Benefits will not be paid for
death resulting from suicide within the first two years if New York
Life can show that suicide was intended at the time of application.
Strength And Stability You Can Count On.
This affordable
group plan is underwritten by New York Life Insurance Company, one
of the oldest and most dependable life insurance companies in the
world. The Company You Keep® has been keeping its promises for
more than 160 years.
30-Day Free Look
You will have 30
days to look over your certificate of insurance and discuss it with
your advisors. If for any reason, you are not 100% satisfied, you
may return your certificate within 30 days of the effective date
for a full and complete refund.
Term Of Coverage & Other Important Notices:
When Coverage Takes Effect/How Long It Remains In Force: All
coverage is subject to underwriting approval by New York Life. Approved
coverage will go into effect on the first or the fifteenth of the
month (whichever comes earliest) following the approval of your
application, so long as your premium is paid in a timely manner,
provided you are performing your normal activities on that date.
Dependent coverage will begin on the date you become covered, as
long as they too, are performing their normal activities on the
date their coverage becomes effective.
If you or any of your dependents are not performing your normal
activities on the effective coverage date, coverage for that individual
will be deferred until the date he/she is performing their normal
activities, provided this date is within three months of the date
their insurance would have originally become effective and he/she
is still eligible.
Your coverage will remain in force for a full 10 Year Term, provided
your premiums are paid when due.
Your dependents’ insurance will remain in force as long as
your coverage is in effect, premiums are paid when due, and they
continue to be eligible dependents.
How New York Life Underwrites Your Request For Coverage:
Information regarding insurability will be treated as confidential.
In considering whether the persons in your request for insurance
qualify for coverage, we will rely on the medical information you
provide, and on the information you authorize us to obtain from
your doctor, other medical practitioners and facilities, other insurance
companies to which you have applied for insurance and MIB, Inc.
(Medical Information Bureau.)
New York Life will not disclose such information to anyone except
those you authorize or where required or permitted by law. We may
make a brief report to MIB; however, we will not disclose our underwriting
decision. Information in our files may be seen by New York Life
and Plan Administrator employees, but only on a “need to know”
basis in considering your request. Upon receipt of all requested
information, we will make a determination as to whether your request
for insurance can be approved.
MIB is a nonprofit organization of life insurance companies, which
operates an information exchange on behalf of its members. When
you apply for insurance or submit a claim for benefits to a MIB
member company, medical or non-medical information may be given
to the Bureau, which may then be furnished to member companies.
Upon written request to New York Life or MIB, you will be provided
with non-medical information; medical information, however will
be given only to a physician you designate. (NOTE: In certain jurisdictions,
you may choose to receive medical information directly.) If you
question the accuracy of the information provided by MIB, you may
contact the MIB and seek a correction.
If we cannot provide the coverage you request, we will tell you
why. If you feel our information is inaccurate, you will be given
a chance to correct or complete the information in our files. For
U.S. residents, your request is handled in accordance with the Fair
Credit Reporting Act procedures. MIB's information office is at
P.O. Box 105, Essex Station, Boston, MA 02112. For Canadian residents,
the address is 330 University Avenue, Suite 403, Toronto, Ontario
Canada M5G 1R7.
You may call MIB toll-free from the U.S. or Canada at 866-692-6901.
(TTY 866-346-3642 for hearing impaired services.)
If we can provide the coverage you requested, we will inform you
as to when such coverage will be effective. Under no circumstances
will coverage be effective prior to this date. Payment of a premium
contribution with your application does not mean that there is any
insurance in force before the effective date as determined by New
York Life.
Important Notice For New Mexico Residents: In addition,
protected persons1 have a right of access to certain confidential
abuse information2 we maintain in our files and they may choose
to receive such information directly. You have the right to register
as a protected person by sending a signed request to the Plan Administrator
at the address listed on the application. Please include your full
name, date of birth, and current address.
1 ”Protected person”
means a victim of domestic abuse who has notified us that he or
she is, or has been, a victim of domestic abuse and who is an insured
or prospective insured.
2”Confidential abuse information” means information
about acts of domestic abuse or abuse status, the work or home address
or telephone number of a victim of domestic abuse, the identity
of an applicant or insured who is a family member, employer, or
associate of a victim of domestic abuse, or, a person with whom
a victim is known to have a direct, close personal, family or abuse-related
counseling relationship.
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