5-Year Banded Term Life Insurance
Underwritten by New York Life Insurance Company
High-Level Coverage Appropriate For Your Income
You've put in many long, hard years to join the ranks of the legal profession. Now, the ABE-sponsored 5-Year Banded Term Life Insurance Plan is designed to provide protection that will help safeguard both you and your family. It's solid insurance protection and an excellent supplement to your existing life insurance. It is sound coverage that's fully appropriate for your income.
To meet individual Members' needs, we also have available the ABE-Sponsored 10-Year Level Term Life Insurance Plan and the ABE-Sponsored 20-Year Level Term Life Insurance Plan. This website contains information about all of our Term Life Insurance plans. For a brief overview of why the ABE-sponsored Level Term Life Insurance Plans might be right for you and your family, click here for your free whitepaper.
You Can Request Coverage For Yourself And Your Spouse For Up To $750,000
If you are a Member of the ABA, under age 60, and reside in the United States, Puerto Rico, or the U.S. Virgin Islands you are eligible to apply for coverage for yourself and your spouse/Domestic Partner, up to a full $750,000 of coverage. Spouse coverage may not exceed 100% of Member 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 such similar benefits.) Spouse premiums are based on your age. Amounts of insurance decrease with age, see "Amounts of Insurance After Age 59." The total amount of coverage under all ABE Life Insurance Plans may not exceed $2,000,000.
You Can Insure Your Children
For only $10 per year, you can insure all of your dependent children - for $5,000 each. That would include all unmarried children from 6 months through 24 years of age. A child may not be insured for more than the $5,000 benefit under all group policies issued by New York Life Insurance company to the American Bar Endowment.
Note: If both you and your spouse are Members of ABA, both of you may apply for separate Member coverage. In that case, neither of you may insure the other as a spouse, and all dependent children must be carried under only one certificate.
Increased Volume Discounts At Higher Benefit Amounts
To make coverage even more affordable when a higher coverage amount is needed, we’ve included a volume discount for coverage amounts of $100,000 to $290,000, $300,000 to $490,000 and another discount is available for coverage amounts of $500,000 or more. So the more term life insurance you need, the more you can save for each $10,000 option. Premium will vary with the amount of the benefits.
This feature allows you to take advantage of your nonsmoking status and enjoy lower premiums.
Annual 10% Member Insurance Increase
To help keep pace with your increasing life insurance needs, your original insurance amount will be increased automatically by 10% a year for up to 10 years if your total insurance does not go over $750,000, you are under age 60, not totally disabled, and you pay the additional premium contribution. You can stop all future increases at any time, but once you stop them, you cannot start them again. There is no new application or physical exam required for each increase.
Accelerated Death Benefit (Living Benefits) Feature
This feature lets you apply for 50% of your benefits when you may need them most. Should the insured be diagnosed by a physician as terminally ill with 24 months or less to live, this benefit will provide 50% of the in force value of your life insurance. The request must be made at least 12 months prior to the scheduled termination age. If a scheduled reduction will occur within one year of the date the advance payment will be made, the benefit will be 50% of the reduced coverage amount. This benefit can be paid only once, and will reduce your life insurance by such amount. Premiums are not reduced. The Accelerated Death Benefit is not available to residents of Massachusetts. Please note that the receipt of accelerated death benefits may affect eligibility for public assistance programs and may be taxable. Prior to applying for accelerated death benefits, you should consult with the appropriate social services agency and a qualified tax advisor.
Your Life Insurance Comes With Survivor Benefits
If you should die, your spouse and dependent children may continue coverage, provided the children remain eligible, until the spouse remarries or attains age 75, as long as the premium contributions are paid when due (based on your spouse’s age) and the group plan remains in force.
Current Amounts Of Life Insurance After Age 59*
The amount of life insurance for a Member or spouse is based on the Member’s age at last birthday and decreases on the anniversary date on or immediately following the date the Member enters a new age category as shown. Premiums do not reduce. Benefit amounts are not guaranteed and are subject to change by agreement between New York Life and the ABE.
|Current Member||Current Spouse|
|Member's Age||$10,000 Option||$10,000 Option|
|59 & Under||$10,000||$10,000|
+ Coverage terminates at age 75.
* Based on each $10,000 multiple of Member and spouse coverage.
Once your insurance coverage has been in force for two years, it cannot be contested except for nonpayment of premium contribution or if the contest is based on eligibility provisions of the policy.
When Your Insurance Will Begin
If your application is approved, your insurance will become effective on the first day of the month following approval by New York Life, provided the initial premium is paid within 31 days of the date you are billed.
If any person proposed for insurance is confined at home or in a hospital or other medical institution or is disabled on the day insurance would otherwise take effect, insurance will not become effective until the day such person is no longer confined or disabled, provided such day is within three months of the date coverage would otherwise have been effective and such person is still eligible. Spouse and child coverage will not take effect unless Member coverage is in force.
When Insurance Ends
As long as you maintain your Membership in the American Bar Association, make the required premium payments when due, and the group plan is not terminated by the ABE or New York Life, you may continue your ABE Term Life Insurance until the May 31st on or next following your 75th birthday. Coverage for your dependents ceases upon the termination of your coverage, or when your spouse/domestic partner is no longer your lawful married spouse/domestic partner or your child marries, is no longer substantially dependent upon you or reaches age 25.
You cannot be singled out for cancellation. If you should drop your ABA Membership, you can convert this Term Life coverage to an individual policy - no matter what your state of health. Details, including other circumstances governing conversion, are provided in your certificate of insurance.
Exclusions And Limitations
Benefits will be paid for any cause of death except suicide, which is not covered during the first two years.
You May Name Any Beneficiary
You may name one or more beneficiaries on your coverage(s). Your beneficiary is the person last designated by you in writing and recorded as such by, or on behalf of, New York Life. You may assign ownership of your coverage to anyone you wish. Forms are available from the ABE. You are the beneficiary and owner for the Spouse Coverage. If you wish to designate a different beneficiary on the Spouse Coverage, contact the ABE.
30 Day Free Look
Just say "YES" to the ABE-sponsored Term Life Plan. Then try it out for 30 days without claim. You risk nothing. Because if you encounter anything you’re not pleased with, just return the certificate to us, without claim, within 30 days. We’ll invalidate your coverage. No questions asked.
It’s Easy to Apply
- As long as you are an ABA Member, complete the entire application and send it to:
ABE, 321 N. Clark Street, Chicago, IL 60654-7648.
- Send no money now. If approved for coverage, you will be billed at the premium contribution level (Preferred, Select, Standard) determined by medical underwriting of your application. We will notify you of your effective date and premium contribution due with your billing notice.
- Residents of Puerto Rico: Please send your application to:
Global Insurance Agency, Inc., P.O. Box 9023918, San Juan, Puerto Rico 00902-3918.
Term Life Insurance Plan is a group insurance plan, meaning coverage is issued to an ABE Member under a Certificate of Insurance; it is not provided under an individual policy, nor is it employer/ employee insurance. Underwritten by New York Life Insurance Company, 51 Madison Avenue, New York, NY 10010 under Group Policy G-2766-3 on Policy Form GMRFACE/G-2766-3.
IMPORTANT NOTICE: HOW NEW YORK LIFE OBTAINS INFORMATION AND UNDERWRITES YOUR REQUEST FOR GROUP TERM LIFE INSURANCE
In this notice, references to “you” and “your” include any person proposed for insurance. Information regarding insurability will be treated as confidential. In considering whether the person(s) in your request for insurance qualify 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. (“MIB”). MIB is a not-for-profit organization of insurance companies, which operates an information exchange on behalf of its members. If you apply for life or health insurance coverage or a claim for benefits is submitted to an MIB member company, medical or non-medical information may be given to MIB and such information may then be furnished by MIB, upon request, to a member company.
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 New York Life 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.
MIB and other insurance companies may also furnish New York Life, its subsidiaries or the Plan Administrator 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 section, if any, on this application. This information may be used during the underwriting and claims processes, where permitted by law.
New York Life may release this information to the Plan Administrator, 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 test results concerning Acquired Immune Deficiency Syndrome (AIDS) or Human Immunodeficiency Virus (HIV). We may also make a brief report of your protected health information to MIB, but we will not disclose our underwriting decision.
New York Life will not disclose such information to anyone except those you authorize or where required or permitted by law. 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.
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 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 866-346-3642). Information for consumers about MIB may be obtained on its website at www.mib.com.
For NM Residents: Protected persons 1 have a right of access to certain Confidential abuse information 2 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 Administrator at the address listed on the application. Please include your full name, date of birth and address.
1 Protected 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.
2 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; 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 an applicant or insured is known to have a direct, close, personal, family or abuse-related relationship.
How Your Assignment of Dividends to ABE Works - Your Plan's Unique Charitable Giving Feature
Founded by the ABA 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 efforts. Attorneys who enroll in ABE-sponsored insurance programs agree that their share of any dividends paid on the 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 help meet their professional and public responsibilities, as well as obtain valuable coverage for their families. About 85% of Members donate their dividends; these Members are notified each year by late January of the amount, if any, of their dividend donation for the prior year. (Dividends are not guaranteed, and in any given year, a given plan may not pay dividends; 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. 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 ABE receives your refund request, it will send a confirmation. Retain this for your records as proof your request was timely received. If you do not receive a confirmation within 3 weeks, contact the ABE promptly to obtain another copy. (Special instructions for new applicants are contained in the application and apply to dividends, if any, during the first policy year only.)
Dividend checks and/or contribution notices for your tax return are mailed by late January. 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.
Please note: Members who do not want to contribute dividends to ABE must make a written request for refund 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.
THIS BROCHURE IS A SUMMARY of the principal provisions of the group insurance program offered through the American Bar Endowment for its Members. IT IS NOT TO BE CONSIDERED A CONTRACT OF INSURANCE. The complete terms of the group program are set forth in the Group Policy G-2766-3 issued by New York Life Insurance Company to the American Bar Endowment.
Bonny Czarny is licensed in AR, Ins. Lic. #404091 and in CA., Ins. Lic. #0H99426.
We will be happy to answer your questions. Just call 1-800-621-8981 or e-mail us at firstname.lastname@example.org
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.
FOR RESIDENTS OF D.C., WARNING: It is a crime to provide false or misleading information to an insurer for the purpose of defrauding the insurer or any other person. Penalties include imprisonment and/or fines. In addition, an insurer may deny insurance benefits if false information materially related to a claim was provided by the applicant.
RESIDENTS OF FL: Any person who knowingly and with intent to injure, defraud, or deceive any insurer files a statement of claim or an application containing any false, incomplete, or misleading information is guilty of a felony of the third degree.
RESIDENTS OF KS: 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 may be guilty of insurance fraud as determined by a court of law.
RESIDENTS OF ME: It is a crime to knowingly provide false, incomplete, or misleading information to an insurance company for the purpose of defrauding the company. Penalties may include imprisonment, fines or a denial of insurance benefits.
RESIDENTS OF NJ: WARNING: Any person who includes any false ormisleading information on an application for an insurance policy is subject to criminal and civil penalties.
RESIDENTS OF OK: WARNING: Any person who knowingly, and with intent to injure, defraud or deceive any insurer, makes any claim for the proceeds of an insurance policy containing any false, incomplete or misleading information is guilty of a felony.
RESIDENTS OF PUERTO RICO: Any person who, knowingly and with the intent to defraud, presents false information in an insurance request form, or who presents, helps or has presented a fraudulent claim for the payment of a loss or other benefit, or presents more than one claim for the same damage or loss, will incur a felony, and upon conviction will be penalized for each violation with a fine no less than five thousand (5,000) dollars nor more than ten thousand (10,000) dollars, or imprisonment for a fixed term of three (3) years, or both penalties. If aggravated circumstances prevail, the fixed established imprisonment may be increased to a maximum of five (5) years; if attenuating circumstances prevail, it may be reduced to a minimum of two (2) years.
RESIDENTS OF TN/WA: It is a crime to knowingly provide false, incomplete, or misleading information to an insurance company for the purpose of defrauding the company. Penalties include imprisonment, fines, and denial of insurance benefits.
RESIDENTS OF VA: Any person who, with the intent to defraud or knowing that he is facilitating a fraud against an insurer, submits an application or files a claim containing false or deceptive statements may have violated state law.