321 North Clark Street
Group Office Overhead Expense Insurance Program
Schedule of Monthly Benefits and Quarterly Premiums
Current as of 2007
Current Quarterly Premium Rates
| Monthly Benefits | ||||||||
|---|---|---|---|---|---|---|---|---|
| Age | Base Premium Per $100 | $500 | $1,000 | $2,000 | $4,000 | $6,000 | $8,000 | $10,000 |
| Under 35 | $1.00 | 5.00 | 10.00 | 20.00 | 40.00 | 60.00 | 80.00 | 100.00 |
| 35-39 | $1.13 | 5.63 | 11.25 | 22.50 | 45.00 | 67.50 | 90.00 | 113.00 |
| 40-44 | $1.65 | 8.25 | 16.50 | 33.00 | 66.00 | 99.00 | 132.00 | 165.00 |
| 45-49 | $2.38 | 11.87 | 23.75 | 47.50 | 95.00 | 142.50 | 190.00 | 238.00 |
| 50-54 | $3.75 | 18.75 | 37.50 | 75.00 | 150.00 | 225.00 | 300.00 | 375.00 |
| 55-59 | $5.00 | 25.00 | 50.00 | 100.00 | 200.00 | 300.00 | 400.00 | 500.00 |
| 60-64 | $7.50 | 37.50 | 75.00 | 150.00 | 300.00 | 450.00 | 600.00 | 750.00 |
| 65-69* | $11.00 | 55.00 | 110.00 | 220.00 | 440.00 | 660.00 | 880.00 | 1,100.00 |
* For renewal purposes only.
If you desire a benefit level that is not listed, simply use the BASE PREMIUM PER $100 OF COVERAGE column. Find the base premium at your current age and multiply it by the number of $100 coverage units you desire, up to a maximum of 100 coverage units.
In any rate and benefit comparison, keep in mind that the intent of this plan is to generate dividends. Dividends are not promised or guaranteed. We ask that you leave these dividends with the Endowment. If you do so, you will be eligible for a charitable contribution deduction on your individual tax return. Members may also annually request that experience credits be refunded to them. (See Assignment of Dividends section for further details.)
Premiums are based on the Member's age when coverage becomes effective and increase on the July 1, on or next following, attainment of ages 35, 40, 45, 50, 55, 60 and 65. Coverage terminates at age 70.
Benefits options are not guaranteed and are subject to change by agreement between New York Life and the ABE. Premium contributions may be changed by New York Life on any premium due date and on any date on which benefits are changed. However, your rate, may change only if they are changed for all others in the same class of insureds under this group policy. For example, a class of insureds is a group of people with the same issue age and gender. Premiums will vary depending on the benefit chosen.
Due to rounding, premiums may differ by pennies when billed.
This is a summary of the principal provisions of the ABE Group Office Overhead Expense Insurance Plan. It is not to be considered a contract of insurance. Complete terms and conditions are in Group Policy G-5381-0 issued by New York Life to the ABE. Due to rounding, premiums may differ by pennies when billed.
Underwritten by
New York Life Insurance Company
51 Madison Ave, New York, NY 10010 under Group Policy G-5381-0 on policy form GMR-FACE/G-5381-0
We will be happy to answer your questions. Just call 1-800-621-8981 or e-mail us at information@abendowment.org