Life Insurance Provides Flexible and Affordable Coverage

By Ed Parker

The NYSSCPA group term life insurance plan offers an affordable way for members to provide financial security for themselves and their families. The plan provides economical rates and the flexibility to choose the amount of coverage needed.

All Society members, their spouses, and employees who are under age 70 may apply for $25,000 to $1,000,000 in coverage. The effective date of coverage is the first day of the month following acceptance of the application by the underwriter, the United States Life Insurance Company.

The plan now offers discounted nonsmoker and smoker rates, and also features the "living life," or accelerated benefit, with which in the event of a terminal illness with a life expectancy of six months or less, policyholders may apply to receive up to 60 percent of the total life insurance payment before death. The minimum accelerated benefit is $50,000, less the discount as defined by the policy, or 25 percent of the life insurance amount, less the discount. Accelerated benefits are subject to certain exclusions listed in the certificate of insurance.

If members become totally disabled as a result of an injury or sickness before age 60, coverage will be continued with no premium payment. This waiver of premium benefit terminates at age 70.

Another feature of the plan is the ability to covert the term life policy at any time prior to age 75 for the same amount of another type of life insurance provided by the underwriter. Conversion rights are guaranteed.