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FEATURES AND BENEFITS While this plan
features economical term life coverage – the kind many financial
experts consider the best value – we've been able to reduce
the price even further. By taking advantage of our rate structure
and volume discounts, you can save hundreds of dollars in premiums
over time. As an eligible group member, you may apply for $10,000 to $1,000,000 in coverage (in $10,000 increments), and your spouse may apply for as much as $500,000 (also in $10,000 increments - provided the amount requested does not exceed your coverage amount). If your spouse
is also a member of a participating APSIT organization he or she
may also apply as a group member, but you may not duplicate coverage
by applying as dependents of each other. And only one of you may
request coverage for your dependent children. (Please note: No member
can be insured for more than $1,500,000 of coverage under all APSIT
Group Life Plans. Also, children are eligible for $1,000 in coverage
if between the ages of 14 days to six months: and $10,000 in coverage
if older than six months.) As an active member of a participating APSIT association, you and your spouse are eligible to apply for coverage as long as you are both under the age of 60. In addition, your unmarried dependent children may also be eligible for coverage provided they are at least 14 days old and under the age of 23 (25 if full-time students). 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 be under age 79, 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. See coverage renewal for additional
details. Coverage amounts for you and your spouse will automatically reduce as you and your spouse age, according to the following schedule: 1. At age 60, coverage
amounts over $150,000 will be reduced to $150,000; Single Exclusion Suicide is excluded from coverage for two years from the effective date of each person's coverage.1 However, if suicide is committed during the first two years, we will refund the premiums paid up to the time of death. 1Missouri residents: Benefits will not be paid for death resulting from suicide within the first two years if New York Life can prove that suicide was intended at the time of application. Conversion Privilege Backed By New York Life If you or your dependants' coverage is terminated for any reason other than non-payment of premiums, or cancellation of the group contract, you may convert it to an individual policy customarily offered by New York Life for conversion – without taking a medical exam. Strength And Stability You Can Count On. This affordable group plan is underwritten by New York Life, 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. Effective Date Of Insurance/Coverage Renewal All coverage is subject to underwriting approval by New York Life. Approved coverage will go into effect on the earlier of the first or the fifteenth of the month following approval of your application, as long as you're performing your normal activities on that date and required premium is paid in a timely manner. Dependent coverage will begin on the date you become covered or the earlier of the first or the fifteenth of the month following approval of your application to add dependents, whichever is later. Your dependents must also be performing their normal activities on the date their coverage is effective. If you (or any of your dependents) are not performing your (their) normal activities on the date your (their) coverage would normally be effective, coverage for that individual will be deferred until the date he or she is performing their normal activities, provided this date is within 3 months of the date their insurance would have originally become effective and he/she is still eligible. Your Coverage Under This Plan Will Remain In Force As Long As: * Your premiums
are paid when due; Your dependents’ insurance remains in force as long as your coverage is in effect, premiums are paid and they remain eligible dependents. IMPORTANT NOTICE: 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 requested, 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 located 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 service.) 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
persons2 have a right of access to certain confidential abuse information3
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. 3 “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 direct, close
personal, family or abuse-related counseling relationship. |