5-Year Banded Term Life Insurance
Underwritten by New York Life Insurance Company
High-Level Coverage Appropriate For Your Income
You put in many long, hard years to join the ranks of the legal profession. 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.
You Can Request Coverage For Yourself And Your Spouse/Domestic Partner For Up To $2,000,000
If you are a member of the ABA, under age 76, and reside in the United States, Puerto Rico (see It's Easy to Apply, below), or the U.S. Virgin Islands, you are eligible to apply for coverage for yourself and your spouse/Domestic Partner, up to a full $2,000,000 of coverage. Spouse coverage may not exceed 100% of member's coverage. A Domestic Partner (DP) 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/DP premiums are based on your age. The total amount of coverage under all ABE Life Insurance Plans may not exceed $2,000,000.
You Can Insure Your Children
You can also insure all unmarried, dependent children from 14 days through 25 years for up to $25,000, in $5,000 increments; a child may not be insured under more than one plan under all group life insurance 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.
NEW! Chronic Care Rider Option
The NEW! Chronic Care Rider (CCR) is available to members and spouses under age 65 (except residents of CT, FL, ID, LA, MA, MN, MO, MT, NC, OH, SD, TX, UT, and WA) and lets you accelerate up to 50% of the portion of your life insurance benefit amount subject to this rider in cash – while you’re alive – to help provide financial security in the event you develop a chronic illness. (See definition below.) This money is paid directly to you and can be used to pay for any costs related to your illness, such as in- or out-of-home care, transportation costs, medical supplies, or any other expenses you may have. See rates.
How It Works
When selected as a part of your life insurance, this rider allows insureds under age 80 to accelerate 12.5% of the portion of life insurance that is subject to the rider. You can request this acceleration once a year for up to four years for a maximum acceleration of 50%. The rider will apply to the lesser of the amount of life insurance purchased (excluding any future amounts from an Automatic Benefit Increase) and $1 million. The death benefit will be reduced by the amount of accelerated benefits paid.
Terminal Illness Benefit
This plan also provides a terminal illness acceleration provision. The total acceleration cannot exceed 75% of your life insurance. If terminal illness acceleration is requested first, the CCR will terminate. The CCR will also terminate on the earliest of the date a terminal illness acceleration is made, the date the full payment is made, or age 80. Receipt of the acceleration benefit may be taxable, so please consult with your tax advisor. Coverage, including the CCR may be subject to medical underwriting.
Chronic Illness Definition
A “chronic illness” is one that occurs after coverage is effective, lasts for a continuous period of 90 days and one for which a licensed health care practitioner other than the insured or a family member of the insured, certifies that the insured is permanently unable to perform 2 out of 6 activities of daily living (eating, bathing, dressing, toileting, transferring, or continence) or has a permanent severe cognitive impairment requiring substantial supervision.
CCR coverage is currently not available to residents of CT, FL, ID, LA, MA, MN, MO, MT, NC, OH, SD, TX, UT, and WA. If you are interested in the CCR, contact ABE and we will advise you as soon as it becomes available in your state.
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; 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 $1,000,000, you are under age 75, 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 in force death benefit 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 feature 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. 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. The Accelerated Death Benefit is not available to residents of Massachusetts.
Your Life Insurance Comes With Survivor Benefits
If you should die, your spouse/DP and dependent children may continue coverage, provided the children remain eligible, until the spouse/DP remarries or attains age 85, as long as the premium contributions are paid when due (based on your spouse/DP’s age) and the group plan remains in force.
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 85th birthday. Coverage for your dependents ceases upon the termination of your coverage, or when your spouse/DP is no longer your lawful married spouse/DP or your child marries, is no longer substantially dependent upon you or reaches age 25.
You cannot be singled out for cancellation. 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.
Chronic Care NoticeThis rider is not intended to be a federally tax-qualified long-term care insurance contract under Internal Revenue Code (IRC) Section 7702B. Therefore,the premiums payable for this rider do not qualify as long-term care insurance premiums and are not deductible from gross income for federal income tax purposes. This rider is subject to the federal per diem limits set forth in IRC 7702B. Under this rider, New York Life will not pay clients more than the federal per diem limits. If the benefit option elected exceeds the current IRC per diem limits, the benefit period will be extended accordingly. Clients should consult with their tax advisors to determine the impact of accelerating more than the maximum per diem benefit under IRC 7702B.
Receipt of an accelerated death benefit may affect client eligibility for Medicaid or other government benefits or entitlements and may have income tax consequences. Accelerating benefits before applying for these programs, or while you are receiving government benefits, may affect your initial or continued eligibility. Clients can contact the appropriate social service agency (e.g., the Medicaid Unit of your local Department of Public Welfare or the Social Security Administration Office) for more information.
Known as the Chronic Illness Rider in CA.
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, apply online or 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 Nonsmoker or Smoker) 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
Global Insurance Agency, Inc., P.O. Box 9023918, San Juan, Puerto Rico 00902-3918.
Underwritten by New York Life Insurance Company, 51 Madison Avenue, New York, NY 10010 under Group Policy G-2766-3 on Policy Form GMR-FACE/G-2766-3.
New York Life's state of domicile is New York and its NAIC ID# is 66915.
ABE-Sponsored 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.
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.
MIB and other insurance companies may also furnish New York Life, its subsidiaries or ABE 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 ABE, 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 ABE 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 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 Administrator 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.
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.
|New York Life Insurance Company||
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 (ABE) is a §501(c)(3) not-for-profit organization composed of members of the American Bar Association. ABE fulfills its charitable purpose of improving the administration of justice, one of our profession’s highest obligations, by making annual grants to support legal research, public service and educational projects in the field of law, including those conducted by ABA’s Fund for Justice and Education (FJE) and the American Bar Foundation (ABF). ABE also maintains the Legal Legacy Fund for the support of its grantees. By participating in ABE’s group insurance programs, designed for and available only to ABA members, members can contribute to these efforts. ABA members who enroll in ABE-sponsored insurance programs agree that their share of any dividends payable on the group policies may be retained by ABE for its charitable purposes unless reclaimed as outlined below. The Internal Revenue Service has ruled that members who donate their dividends to ABE are eligible for a charitable contribution deduction on their individual income tax returns. Contributions to ABE are tax deductible under Section 170(c) of the U.S. Internal Revenue Code, in accordance with IRS regulations and the March 1987 ruling provided to ABE by the IRS.
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 obtaining 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 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. 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 email to firstname.lastname@example.org) must be made each year and must reach ABE 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 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.
Bonnie Czarny (ABE), is licensed in AR, Ins Lic. #404091 and in CA., Insurance License #0H99426.
We will be happy to answer your questions. Just call 800-621-8981 or email us at email@example.com