10-Year Level Term Group Term Life

Eligibility

Members can apply for coverage for themselves and their lawful spouses under age 65.  Dependent children ages 14 days through 24 years may also be covered.

Eligible spouses who are Credit Union members must apply for member coverage using a separate application.  If both parents are members, children may only be covered once by one parent.

Coverage is available to residents of the 50 United States, District of Columbia, and Puerto Rico.

How Much Is Available?

Eligible members may apply for coverage of $100,000 up to $1,000,000 in increments of $100,000 for themselves and their eligible spouse.  Spouse coverage amounts cannot exceed member amounts at time of application.

Eligible children may be covered for $4,000 each ($1,000 from 14 days to 6 months.) 

Combined coverage under the Group Term Life and the 10-Year Level Term Life plans may not exceed $1,000,000.

Only One Exclusion - You are covered 24 hours a day, every day of the year no matter where you are for any cause of death other than suicide within the first two years after coverage becomes effective.  MO Residents: benefits will not be paid for death resulting from suicide within the first two years if New York Life can show suicide was intended at the time of application.

Features

Accelerated Death Benefit - a living benefit feature is included to provide terminally ill insureds, diagnosed with 12 months** or less to live, with an option to have up to 50% of their benefit amount paid while they are still living. Premiums do not reduce.  Please note receipt of this benefit may be taxable and may affect your eligibility for public assistance programs.  Please consult a qualified tax advisor.

**24 Months for IL residents. Not available to MA residents.

Volume Discounts – In addition to our affordable rates for coverage amounts ranging from $100,000 to $250,000, there are discounts applied to coverage amounts $250,000 and up, and an even greater discount on $500,000 or more in coverage.

View Rates

Important Information

You Select Your Beneficiary – Insured members and spouses may name anyone as beneficiary.  The insured member is automatically the beneficiary of any child coverage.  Member and spouse beneficiaries may be changed at any time by notifying the Plan Administrator in writing.

Effective Date - The first of the month following the date coverage is approved, provided the person to be insured is performing the normal activities of a person in good health of like age on the date of approval and premiums are paid when due.* Any person not performing his or her normal activities will not become insured until the day he / she has resumed normal activities, provided it is within 3 months of the date insurance was approved and they are still eligible.

*NC Residents: Any reference to “performing normal activities” is replaced by the requirement that your health status remains the same as stated in your application.

When Coverage Ends – Coverage can continue until age 75 if premiums are paid when due, you do not request to end insurance, and the Group Policy is still in force.  Dependent coverage can continue if the insured member dies.  

Conversion Privileges – If coverage involuntarily ends, members and dependents group coverage may be converted to individual whole life coverage, dependent on certain conditions, without medical exams.  Full details are contained in the Certificate of Insurance.

Change of Benefit or Termination Rights – Changes to the Group Policy are subject to agreement between New York Life and the Policyholder. Either may terminate the plan on any premium due date by giving 90 days notice. Rates after the first 10 years may be changed by New York Life on any premium due date and on any date which benefits are changed, but only on a class-wide basis. For example, a “class” is a group of insureds with the same age and gender.  At the end of the initial 10 year period, you will have the option to either 1. Re-apply for another 10 year period at your attained age, or 2. Continue the policy at non-guaranteed annually renewable rates.

Satisfaction Is Important - 30 Day Free Look

Once coverage is approved, you will be mailed a Certificate of Insurance detailing your coverage.  If you are not 100% satisfied with the terms for any reason, you may return it within 30 days without claim.  Any premiums you have paid will be refunded – no questions asked.

Applying Couldn’t Be Easier

Apply online in a matter of minutes.  There are no medical questions to answer. You select the best time that works with your busy schedule for a Medical Underwriting Professional to contact you to obtain your medical history.  It’s that easy. Take a few minutes to protect your family today.

This plan description is a summary of benefits, subject to the terms, conditions, and limitations of Group Policy GMR-FACE/G-10658-0.  Complete details on benefits and provisions are included in the Certificate of Insurance provided at the time of issuance

Plan Administrator:

AmWins Group Benefits
P.O. Box 152501
Irving, TX 75015-2501
Phone: 800-223-8646
Email: irvcustomerservice@amwins.com

Brokered by:

Aon Consulting, Inc. (AR# 100103224) in AZ Aon Consulting Inc of NJ, in CA Aon Benefit and Insurance Services of New Jersey license#0747600, in ID & ME Aon Benefit Aon Benefit & Insurance Services, in KY Aon Benefit & Insurance, in MA Aon Consulting, Inc of New Jersey, in MO & OK Aon Consulting of New Jersey Inc, in NH Aon Consulting, in NY Aon Consulting

Underwritten by:

New York Life Insurance Company
51 Madison Avenue, New York, NY 10010
NAIC #66915
On Policy Form G-10658-0/GMR-FACE 

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