Group 10-Year Level Term Plus Life Insurance
Underwritten by New York Life Insurance Company
Valuable Protection at Group Rates Guaranteed to Remain the Same for 10 Years
If you don't yet have life insurance or your coverage hasn't kept pace with the changes in your life, now is the time to apply for coverage. ABE-sponsored Group 10-Year Level Term Plus Life offers a death benefit large enough to make a real difference to your family as well as competitive rates you can lock in for the next ten years. With up to $2 million of protection available, now is the time to be sure you have the coverage you need to help secure your family's financial future.
To better meet members' needs we also have available the ABE-Sponsored Group 20-Year Level Term Life Insurance Plan and the 5-Year Banded Group Term Life Insurance Plan. This website contains information about all of our Group Life Insurance plans. For a brief overview of why the ABE-sponsored Group Level Term Plus Life Insurance Plans might be right for you and your family, click here for your free whitepaper.
As an ABA member under age 65, you are eligible to apply for any benefit amount from $100,000 to $2,000,000 in $10,000 increments. Coverage is not available for residents of Washington, or outside the U.S. except the U.S. Virgin Islands. The total amount of coverage under all ABE Group Term Life Insurance Plans may not exceed $2,000,000.
Coverage For Your Family
Provided you are insured or applying for coverage under this plan, you may apply for any spouse benefit amount from $100,000 to $2,000,000 in $10,000 increments (minimum of $100,000). Your spouse/domestic partner must be less than age 65, and spouse/domestic partner coverage cannot exceed 100% of your coverage. A Domestic Partner is defined as an eligible dependent. The Group Policy provides the same benefits for parties to a Civil Union as are granted to a spouse in marriage for residents of any state that so mandates. You can also insure all unmarried, dependent children from 6 months through 24 years of age for $5,000 each; a child may not be insured for more than one $5,000 benefit under all policies issued by New York Life Insurance Company to the American Bar Endowment. (If both you and your spouse are ABA/ABE members, you may both apply for separate member coverage, but you may not insure each other as a spouse on your coverage. Only one certificate can carry dependent children.)
If you die, your insured spouse and dependent children can continue coverage until the spouse remarries or attains age 75 (whichever comes first), provided the children remain eligible, premiums are paid when due and the group Plan remains in force.
The ABE-sponsored Group 10-Year Level Term Plus Life Insurance Plan offers life insurance protection with premiums that are guaranteed for an initial 10-year period, and level amounts of insurance until termination at age 75. You have two renewal options after the 10-year term ends:
- You can reapply for a new 10-year term if you are under age 65 and still meet eligibility requirements. If your application is approved, your premium contributions will be based on your age, health, and smoking status at the time coverage becomes effective and will be guaranteed for the new 10-year term.
- You can continue your existing coverage until you reach age 75, but on a non-guaranteed rate basis, under which premium contributions increase as you age. Under this option, you are not required to reapply, and you are not subject to medical underwriting requirements. Coverage ends when you reach age 75.
Accelerated Death Benefit (Living Benefit)
To help your family cope with the financial hardship of a terminal illness, you can apply to receive 50% of your total life insurance in force if you are diagnosed by a physician as terminally ill with a life expectancy of 24 months or less. The request must be made at least 12 months prior to the scheduled termination age, and the amount of insurance payable after the insured's death will be reduced by this payment. This benefit can be paid only once, and will reduce the insured's life insurance by such amount. Premiums are not reduced. (Receipt of these benefits may affect eligibility for public assistance programs and may be taxable. Before applying for these benefits, consult with the appropriate social service agency and a qualified tax advisor.)
The Accelerated Death Benefit is not available for residents of Massachusetts.
Volume Discounts Available
To make coverage even more affordable at higher benefit levels, increasing volume discounts apply to coverages of $100,000 to $249,000, $250,000 to $499,000, $500,000 to $999,000 and $1,000,000 and over. Premiums will vary with the amount of benefits.
If you should drop your ABA/ABE membership, or your coverage terminates involuntarily, you have the right to convert your Group Ten-Year Level Term Plus Life Insurance Plan to an individual policy - regardless of your health. Your Certificate of Insurance explains this privilege in detail. The right to convert does not apply if coverage terminates due to non-payment of premium.
Your Group 10-Year Level Term Life Insurance will go into effect on the first day of the month after your application is approved by New York Life, provided you pay your initial premium within 31 days after being billed and the proposed covered person is actively performing the normal activities of a person in good health of like age on the effective date. Coverage for your dependents, if approved, goes into effect when your coverage does. Any person who is not performing his/her normal activities as required will not become insured until the day such person is performing such activities, provided that the new effective date is within 3 months of the original date and the person is still eligible. Dependent coverage will not become effective prior to the effective date of the member's insurance.
Note: For MD and NC residents, any reference to the performance of normal activities by a person in good health of like age is replaced by the requirement that the health status of any proposed insured remains the same as stated in your application.
When Insurance Ends
You can't be singled out for cancellation. As long as you maintain your membership in the American Bar Association, make the required premium payments when due, and the 10-Year Level Term Life Group Insurance plan is not terminated by the ABE or New York Life, you may continue your ABE Group Ten-Year Level Term Plus Life Insurance Plan until the May 31st on or next following your 75th birthday. Coverage for your dependents ceases upon the termination of your coverage, or when they no longer meet the eligibility requirements, whichever is earlier.
Our 30-Day Free Look
When you receive your Certificate(s) of Insurance, please read carefully. If you decide not to participate, simply return it within 30 days without claim, and coverage will be invalidated. There is no other obligation.
After two years from the effective date, your coverage is incontestable, except for provisions related to eligibility and nonpayment of premium contributions. Benefits are payable for death from any cause except suicide during the first two years of the policy. Missouri residents: Benefits will not be paid for death resulting from suicide within the first 2 years if New York Life can show that suicide was intended at the time of application.
Important Notice: How New York Life Obtains Information and Underwrites Your Request For Group Term Life Insurance
Information regarding insurability will be treated as confidential. In considering your request for insurance, we will rely on the medical information you provide, and on the information you authorize us to obtain from your physician, other medical practitioners and facilities, other insurance companies to which you have applied for insurance, and MIB, Inc. (formerly known as Medical Information Bureau). MIB and other insurance companies may also furnish New York Life, its subsidiaries or the Endowment with non-medical information (such as driving records, past convictions, hazardous sport or aviation activity, use of alcohol or drugs, and other applications for insurance.) The information provided may include information that may predate the time frame stated on the medical questions sections, if any, on the enclosed application. This information may be used during the underwriting and claims processes, where permitted by law.
Your AUTHORIZATION may be used for a period of 24 months from the date you signed the application for insurance, unless sooner revoked. The AUTHORIZATION may be revoked at any time by notifying the Endowment in writing at the address provided. Your revocation will not be effective to the extent New York Life or any other person already has disclosed or collected information or taken other action in reliance on it, or to the extent that New York Life has a legal right to contest a claim under an insurance certificate or the certificate itself. The information New York Life obtains through your AUTHORIZATION may become subject to further disclosure. For example, New York Life may be required to provide it to insurance, regulatory or other government agencies. In this case, the information may no longer be protected by the rules governing your AUTHORIZATION.
New York Life may release this information to the Endowment, MIB, or other insurance companies to which you may apply for insurance or to which a claim for benefits may be submitted, and to others whom you authorize in writing. However, this will not be done in connection with information concerning Acquired Immune Deficiency Syndrome (AIDS) or Human Immunodeficiency Virus (HIV).
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 the Endowment 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 not-for-profit organization of life insurance companies which operates an information exchange on behalf of 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.
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. Upon written request to New York Life or MIB, you will be provided with non-medical information. Generally, medical information will be given either directly to the proposed insured or to a medical professional designated by the proposed insured. Your request is handled in accordance with the Federal Fair Credit Reporting Act procedures. If you question the accuracy of the information provided by MIB, you may contact MIB and seek a correction. MIB’s information office is: MIB, Inc., 50 Braintree Hill Park, Suite 400, Braintree, MA 02184-8734, telephone: (866) 692-6901 (TTY 866-343-3642). Information for consumers about MIB may be obtained on its website at www.mib.com
For NM residents: 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 Endowment at the address listed on the application. Please include your full name, date of birth and address.
1PROTECTED PERSON means a victim of domestic abuse: who has notified us that he/she is or has been a victim of domestic abuse; and who is an insured person or prospective insured person.
2CONFIDENTIAL 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; or the status of an applicant or insured as family member, employer or associate of a victim of domestic abuse or a person with whom the applicant or insured is known to have a direct, close, personal, family or abuse-related relationship.
New York Life Insurance Company 0209ed.
FRAUD NOTICE: For Residents of all states except those listed below and New York: Any person who knowingly and with intent to defraud any insurance company or other person files an application for insurance or statement of claim containing any materially false information or conceals for the purpose of misleading, information concerning any fact material thereto commits a fraudulent insurance act, which may be a crime and may subject such person to criminal and civil penalties. Residents of CO, the following also applies: Any insurance company or agent who defrauds or attempts to defraud an insured shall be reported to the Colorado Division of Insurance within the Department of Regulatory Agencies.
FOR RESIDENTS OF AR/LA/MD/RI: Any person who knowingly presents a false or fraudulent claim for payment of a loss or benefit or knowingly presents false information in an application for insurance is guilty of a crime and may be subject to fines and confinement in prison.
Group 10-Year Level Term Plus Life Insurance Rates
Assignment of Dividends
Founded in 1942, the American Bar Endowment is a §501(c)(3) not-for-profit organization composed of members of the American Bar Association. ABE makes annual grants to the American Bar Foundation and ABA Fund for Justice and Education to fulfill ABE’s charitable purpose of improving the administration of justice, one of our profession’s highest obligations, by funding research, public service and educational projects in the field of law. ABE also maintains a Legal Legacy Fund for the permanent support of its grantees. By participating in the Endowment’s group insurance programs, designed for and available only to ABA members, members can contribute to these funding efforts. Attorneys who enroll in ABE-sponsored group insurance programs agree that their share of any dividends payable on the group policies may be retained by the Endowment for its charitable purposes unless reclaimed as outlined below. The Internal Revenue Service has ruled that members who leave their dividends with the Endowment are eligible for a charitable contribution deduction on their individual income tax returns.
Members who donate dividends to ABE make a difference. These funds, after administrative expenses, are the primary source of ABE’s charitable grants and additions to the Legal Legacy Fund. Insured members who donate their dividends are helping to meet their professional and public responsibilities, as well as obtaining valuable coverage for their families. About 85% of members donate their dividends, and these members are notified each year in late January of the amount, if any, of the dividend donation for the prior year. (Dividends are not guaranteed, and in any given year, a given plan may not pay a dividend; dividends will vary from year to year.)
Members who wish to request a refund of their dividends may do so. The approximate percentage of premium available for refund (if any) on each plan will be published in each November issue of the ABA Journal along with ABE’s Annual Report. You do not need to wait for this information as refund requests are accepted beginning January 1. To request that dividends be paid to you rather than donated to ABE: After the first policy year of your participation, a written request for refund (by mail, fax, or e-mail to email@example.com) must be made each year and must reach the Endowment by December 15. When your refund request is received, a confirmation will be sent. Retain this for your records as proof your request was timely received. If your confirmation is not received within 3 weeks, contact the Endowment promptly to obtain another copy.
If you receive a contribution notice and you did not intend to make a contribution, you may request a one-time waiver of the December 15 deadline by asking for a refund, if you have not previously requested such a waiver. Each member is entitled to one and only one exception to the deadline requirement.
Please note: Members who do not want to contribute dividends to ABE are required to “opt out” each year, using the procedures above. When members sign the application, they are agreeing to make an annual decision whether to contribute. Do not sign the application if you do not agree with these procedures.
The Group 10-Year Level Term Life Insurance Plan and the Group Accidental Death & Dismemberment Plan are underwritten by New York Life Insurance Company, 51 Madison Avenue, New York, NY 10010, under, respectively, Group Policy G-29104-0 on Policy Form GMR-FACE/G-29104-0 and under Group Policy G-11461-0 on Policy Form GMR-FACE/G-11461-0. Domiciled and principal place of business in New York; licensed in all States. NAIC identification number 66915.
Bonny Czarny is licensed in AR, Ins. Lic. #404091 and in CA., Ins. Lic. #0H99426.
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