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5-Year Banded Group 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 Group 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 Group Term Plus Life Insurance Plan and the ABE-Sponsored 20-Year Level Group Term Plus Life Insurance Plan. This website contains information about all of our Term 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.

All of the applications for this Plan have been created using Adobe Acrobat and are saved as Portable Document Format (PDF) files. They are best viewed using Adobe Acrobat Reader version 6.0 or later. If you do not have the Adobe Acrobat Reader, download and install the reader by pushing the "Get Acrobat" Reader button below.

If you are having problems installing the Adobe Acrobat Reader, consult with Adobe Technical Support.

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 (except Vermont or Washington), Puerto Rico, or the U.S. Virgin Islands you are eligible to apply for coverage for yourself and your lawful spouse, up to a full $750,000 of coverage. Spouse coverage may not exceed 100% of member coverage. In California, a Domestic Partner is defined as an eligible dependent. 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 Group 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. In addition, a child may not be insured for more than one $5,000 benefit under all policies issed by New York Life Insurance Company to the American Bar Endowment.
Note: If both you and your spouse are members of ABA/ABE, 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 benefit amount is needed, we've included a volume discount for benefit amounts of $100,000 to $290,000, $300,000 to $490,000 and another discount is available for benefit 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.

Nonsmoker Rates.

This feature allows you to take advantage of your nonsmoking status and enjoy lower premiums. If you or your spouse have not used tobacco or nicotine in any form within the past 12 months, you qualify for this valuable discount.

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 special feature lets you apply for 50% of your benefits when you may need them most. Should you 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.

Group Accidental Death And Dismemberment (AD&D) Insurance Plan.

This separate plan provides up to an additional $500,000 of benefits if death is due to an accident. Members under age 72 may apply for $100,000 to $500,000 in coverage for themselves and their lawful spouse (subject to the same residency requirements as for Group Term Life Insurance). Spouse coverage may not exceed 100% of the member's coverage. Coverage amounts of $25,000 or $50,000 for unmarried dependent children up to age 19, (under age 25 if a full-time student) are also available. The member and spouse principal sum amounts reduce 50% at member age 72. A separate Certificate of Insurance will be issued for coverage under this plan.

Note: If both you and your spouse are members of the ABA/ABE, both may apply for member coverage, but neither of you may insure the other as a spouse, and only one of you may insure dependent children. Benefits will be payable for covered losses…up to 365 days after the date of the accident. If more than one loss results from the same covered accident, benefits will be payable for each loss, up to the amount of the principal sum.

Schedule of Benefits

Accidental Death	Full Amount
*Loss of two hands or two feet	Full Amount
*Loss of sight of both eyes	Full Amount
*Loss of one foot and one hand	Full Amount
*Loss of one hand and one eye or loss of one foot and one eye	Full Amount
*Loss of speech and hearing	Full Amount
Loss of one foot or one hand or one eye	One-half Amount
Loss of speech or hearing	One-half Amount
Loss of thumb and index finger of the same hand	One-fourth Amount

*Benefits for these losses will be payable only when such double loss occurs as a result of a single accident.

Loss of hand or hands, or foot or feet, means severance at or above the wrist joint or ankle joint respectively. Loss of one eye or eyes means the total and irrecoverable loss of the entire sight thereof. Loss of speech or hearing means the total and irrecoverable loss thereof. Loss of hearing which can be corrected by the use of any hearing aid or device shall not be considered an irrecoverable loss. Loss of thumb and index finger of the same hand means severance of two or more entire phalanges of both the thumb and index finger. To receive benefits, loss must be independent of sickness and all other causes.

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, whichever occurs first, 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. Benefit amounts are not guaranteed and are subject to change by agreement between New York Life and the ABE.

	Member Amount	Spouse Amount
Member's Age	$10,000 Option	$10,000 Option
59 & Under	$10,000	$10,000
60-64	$6,600	$6,600
65-69	$4,600	$4,600
70-74+	$3,000	$3,000

+ Coverage terminates at age 75.

* Based on each $10,000 multiple of member and spouse coverage.

Incontestability.

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.

Exclusions and Limitations

Group Term Life Insurance: Benefits will be paid for any cause of death except suicide, which is not covered during the first two years. Missouri Residents: Benefits will not be paid for death resulting from suicide within the first two years if New York Life can show that suicide was intended at the time of application. Otherwise, benefits are payable for death from any cause.

Group Accidental Death and Dismemberment Insurance: The exclusions are:

1. A loss that occurs during or results from travel in, on, or descent from an in flight aircraft, unless traveling solely as a passenger on a licensed, commercial, nonmilitary aircraft;
2. A loss that occurs during or is due or related to participation in or incarceration resulting from - in a role other than as victim - the commission of a crime or illegal occupation or activity;
3. A loss due to or related to sickness or disease or medical or surgical treatment thereof, except bacterial infection which occurs as a result of accidental cut, wound, or ingestion of contaminated materials;
4. A loss that occurs during or is due or related to military service or war or any act of war, whether declared or undeclared;
5. A loss due or related to suicide, attempted suicide, or intentionally self inflicted injury while sane or insane; Missouri Residents: Benefits will not be paid for death or dismemberment resulting from suicide, attempted suicide or self-inflicted injury if New York Life can show that such act was intended at the time of application.
6. A loss that occurs during or is due or related to any medical, dental or surgical treatment unrelated to the accident.

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 you are alive on that day and the initial premium has been paid, and you are alive when it is paid. 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. For Group AD&D Insurance, if the member, or any dependent is hospital-confined on the date insurance would have taken effect, coverage will not be effective until the first day of the month following release. Dependent coverage will not become effective prior to the effective date of member insurance.

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 Group Term Life Insurance until the May 31st on or next following your 75th birthday and the Group Accidental Death and Dismemberment Insurance coverage as long as you live. Coverage for your dependents ceases upon the termination of your coverage, or when they no longer meet the eligibility requirements (whichever comes first). You cannot be singled out for cancellation. If you should drop your ABA/ABE membership, you can convert this group 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.

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 Group Term Life and AD&D Insurance Plans. Then try them out for 30 days. You risk nothing. Because if you encounter anything you're not pleased with, just return the certificates to us within 30 days. We'll invalidate your coverage. No questions asked.

Important Notice: How New York Life Underwrites Your Request For Group Term Life Insurance

Information regarding insurability will be treated as confidential. In considering whether the persons in your request for insurance qualify for coverage, we will rely on the medical information you provide, and on the information you authorize us to obtain from your doctor, other medical practitioners and facilities, other insurance companies to which you have applied for insurance, and MIB Inc. (Medical Information Bureau). 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 regarding your application; however, we will not disclose our underwriting decision. 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. MIB is a non-profit membership organization of life insurance companies which operates an information exchange on behalf of its 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 Fair Credit Reporting Act procedures. MIB's information office is at P.O. Box 105, Essex Station, Boston, Massachusetts 02112, 1-866-692-6901 (TTY 1-866-346-3642). For Canadian residents, the address is 330 University Avenue, Suite 403, Toronto, Ontario, Canada M5G 1R7.

For NM residents: In addition, 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 ABE 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.

If we can provide the coverage you requested, we will inform you as to when such coverage will be effective. Under no circumstances will coverage be effective prior to this date. Payment of a premium contribution with your Application does not mean there is any insurance in force before the effective date as determined by New York Life.
New York Life Insurance Company 0905ed

 

Group Term Life Rate Chart

Group Term AD&D Rate Chart

The Group Term Life, and Group Accidental Death & Dismemberment Plans are underwritten by New York Life Insurance Company, 51 Madison Avenue, New York, NY 10010, under Group Policy G-2766-3 and G-11461-0 on Policy Form GMR-FACE/G-2766-3 (Group Term Life) and GMR-FACE/G-11461 (Group Accidental Death and Dismemberment). Domiciled and principal place of business in New York; NAIC identification number 66915.
ABE is licensed in Louisiana.

Assignment of Dividends

How Your Assignment of Dividends Works– your policy’s Unique Charitable giving Feature

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’s 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 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/ABE members, members can contribute to these funding efforts. Lawyers 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 insured 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. They also add to the 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 90% 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’s 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, for each year. To request that dividends be paid to you rather than donated to ABE: For each year after the first policy year of your participation, a written request for refund (by mail, fax, e-mail to dividends@abendowment.org or online at www.abendowment.org) 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. If your confirmation is not received within 3 weeks, contact the Endowment promptly to obtain another. Instructions for new applicants can be found on the bottom or back of the application and apply to dividends, if any, during the first policy year only.

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. Please do not sign the application if you do not agree with these procedures.

To fill out the request for dividend refund form, please click here

The 5-Year Banded Group 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-2766-3 on Policy Form GMR-FACE/G-2766-3 and under Group Policy G-11461-0 on Policy Form GMR-FACE/G-11461-0. Domiciled and principal place of business in New York; NAIC identification number 66915.

ABE is licensed in Louisiana.

We will be happy to answer your questions. Just call 1-800-621-8981 or e-mail us at information@abendowment.org