Group 10 Year Level Term Life

level term life insurance rates

Underwritten by New York Life Insurance Company

This Plan is available exclusively to IEEE members* under age 65, who may request coverage for themselves, their lawful spouses under age 65, and all unmarried dependent children ages 14 days through 22 years (24 years if a full-time student). In order to become insured, satisfactory evidence of insurability must be provided and the required premium must be paid.

A dependent who is also an IEEE member is eligible for either member or dependent coverage, but not both. If both member and spouse are covered as members, neither may insure the other as spouse and only one may insure any eligible children.

This coverage is available only for residents of the U.S. (except VT and territories), Puerto Rico and Canada (except Quebec). Note: This coverage is available to residents of Canada through Marsh Canada Limited. Stephen Fretwell, an employee of Marsh Canada Limited, acts as broker with respect to residents of Canada.

*Participation in the IEEE Member Group Insurance Program requires active IEEE membership status during the life of the plan.

Non-Dependent Family Members: Any eligible "non-dependent" family members may also apply for coverage if they first join the IEEE as an Associate member (for membership information, visit the IEEE home page or call IEEE directly at 1-800-678-IEEE).

APPLY FOR UP TO $2,000,000 OF COVERAGE

Choose the amount of Group 10-Year Level Term Life insurance you need to help protect you and your family without the worry of premiums that could go up for ten years or benefits that could go down.

Amounts Of Insurance:

Members $100,000 to $2,000,000 in $10,000 multiples.

Spouse $100,000 to $2,000,000 in $10,000 multiples, not to exceed 100% of member coverage.

Child(ren) $10,000 per eligible child

Note:

The total amount of coverage an individual may request under all group life insurance plans underwritten by New York Life Insurance Company may not exceed $2,000,000. In addition, the total amount of coverage an individual may have under all group policies issued by New York Life Insurance Company to the Trustee of the IEEE-Sponsored Life Insurance Plan may not exceed the maximum benefit option for any insured person.

PLAN FEATURES

Pay Less If Youre a Qualified Nonsmoker

Nonsmokers meeting the highest underwriting standards may qualify for the Preferred (the Plan best) rates that follow. Other nonsmokers may qualify for "Select" (higher, but still very competitive) or Standard (the Plan highest) rates.

Save With Volume Discounts on Higher Amounts of Insurance

If you or your spouse becomes insured for coverage amounts of $250,000 through $490,000, youll receive a volume discount and for amounts of $500,000 through $2,000,000 of coverage, youll receive an even bigger discount.

**These rates include the 10% premium discount effective through August 31, 2013.

Continuing Insurance After the 10-Year Term Ends

Premiums are guaranteed to remain level for the first 10 years of coverage. At the end of the 10-year period, you may reapply for 10-year level term rates then in effect for a subsequent 10-year period, provided the insured person is under age 65 and otherwise eligible. If your application for a subsequent 10-year term of guaranteed rates is approved, your premium contribution will be based on the insured person's age, health and tobacco/nicotine use at the time coverage becomes effective and will be guaranteed for a new 10-year term.

If you and your spouse are not approved for a subsequent 10-year term of guaranteed rates, or you do not apply for a subsequent 10-year term, coverage will continue in force on a non-guaranteed rate basis, under which premium contributions increase as the insured ages.

Keep Your Cost Manageable

Rates have been provided on an annual basis per $1,000 of coverage to make it easier for you to compare this Plan to other insurance plans on the market today. Two modes of payment are available to suit your budget: semiannual billing and semiannual or monthly Electronic Funds Transfer (EFT) option (your cost would be approximately one-half or one-twelfth, respectively, the amount you calculate from the rate chart.)

IMPORTANT NOTICE TO RESIDENTS OF MANITOBA AND ONTARIO, CANADA. Manitoba and Ontario, Canada have enacted laws requiring 8% taxation of all group insurance purchased by individuals. This tax will be added to the amount of any premium contributions due (in U.S. dollars), which is then reported and remitted to the province.

OTHER IMPORTANT INFORMATION

Valuable Living Benefit Provision "Accelerated Death Benefit"

The "Accelerated Death Benefit" option is available to help terminally ill insureds during a difficult, and often financially challenging time. Under this provision you may request one advance payment equal to 50% of qualified terminally ill person's in force life insurance to be paid while that person is still alive.

The request must be made at least 12 months prior to the insured person scheduled coverage termination age and the amount of insurance payable after the insured death will be reduced by this payment. (Premium contributions will not be reduced.)

This money can be used to help cover high prescription drug costs. medical bills. outstanding debts. to help pay for experimental treatments. the cost of modifications to your home. or for a family vacation the choice is yours.

To qualify, a terminally ill insured must provide New York Life Insurance Company with proof of terminal illness and anticipated life expectancy (12 months or less), as well as any other necessary medical information requested. For additional details and limitations, please see the Certificate of Insurance.

Please note that receipt of Accelerated Death Benefits may affect your eligibility for public assistance programs and may be taxable. Prior to applying to receive such benefits, you should consult with the appropriate social services agency and seek the advice of a qualified tax advisor.

Note: The Accelerated Death Benefit is not available to residents of Massachusetts.

No Exclusions

Benefits are paid for death from any cause, at any time, anywhere in the world. The validity of any amount of your life insurance which has been in force for two years during an insured lifetime will not be contested except for insurance eligibility provisions and non-payment of premium contributions.

Your Choice of Beneficiary

You may select any person, persons, trust or other legal entity as your beneficiary. If, at the time of your death, there are no surviving beneficiaries, benefits will be paid to the executor or administrator of your estate, or at the option of New York Life, to the surviving relatives in the following order of survival: spouse children equally parents equally or brothers and sisters equally.

Ownership of Insurance

Owner means the person or entity with rights of ownership of this insurance as described in the Certificate of Insurance. If a transfer of ownership has been recorded by or on behalf of New York Life Insurance Company, or if initial ownership is by other than the member according to the information provided on the application, references throughout this Plan Information to you or member will mean owner, as applicable.

ADDITIONAL PLAN PROVISIONS

Effective Date

Note: Residents of MD and NC: Any reference to "performing normal activities" is replaced by the requirement that the health status of any proposed insured person remains the same as stated in your application.

Insurance will take effect on the date your application is approved by New York Life Insurance Company, provided the initial contribution is paid within 31 days after the date you are billed (send no money now) and any person to be insured is performing the normal activities of a person in good health of like age on the date of approval.

Any person who is not performing his/her normal daily activities as required will not become insured until the day he/she is performing such activities, provided such date is within three months of the date insurance would have been effective and the person is still eligible.

When Coverage Ends

Insurance coverage can remain in force until the insured person reaches age 75 (23 for children, or 25 for children who are full-time students) provided: (a) you remain a member of IEEE (b) you continue to pay premium contributions when due (c) the group plan is not terminated or modified by the Policyholder to end insurance for the group of insureds to which you belong and (d) the insured does not request to terminate insurance. Dependent coverage will end when the Member coverage ends (for reasons other than attainment of age 75.) In addition, dependent coverage will terminate when the dependent spouse or child ceases to be an eligible dependent. Upon your death, coverage for your insured dependents may continue as described in the Certificate of Insurance.

Renewal Payments And Claims

Once you are accepted into the Plan, you will have a 31-day grace period for your payment of renewal premium contributions. When you want to submit a claim, call or write the Administrator for claim forms.

Certificate Of Insurance

This information is only a brief description 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 Trustee of the Institute of Electrical and Electronics Engineers Life Insurance Plan.

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!

level term life insurance rates