Group 10-Year Level Term Life Insurance
Underwritten by New York Life Insurance Company
Apply By Mail
Who is Eligible?
This plan is offered to medical and dental professions who are actively at full-time work (30 hours per week), and their lawful spouses under age 65. Spouse coverage cannot exceed the member’s benefit amount.
*Products are available in New York, New Jersey, Connecticut, Pennsylvania, Maryland, California and Massachusetts.
- Coverage options from $100,000 to $500,000 (in $50,000 increments)
- Portable coverage that stays with you even if you change jobs
- Level Rates
- Accelerated Death Benefit
- Volume Discounts if you apply for $250,000 or more in coverage.
Exclusions and Limitations
If death is the result of suicide and/or attempt at suicide or intentionally injuring himself or herself; and occurs within the 24 months from the Issue Date; whether covered person is sane or insane. The only amount payable is a return of the applicable contributions. Also, If a person’s age, sex or any other data is misstated, the correct data will be used to determine if insurance is in force. If insurance is in force, the premium and/or benefits will be adjusted according to the facts.
Accelerated Death Benefit *
The Accelerated Death Benefit feature can help with the financial burdens of a terminal illness. The Accelerated Death Benefit feature is available to an insured person who has been diagnosed by a physician to be terminally ill and has 24 months or less to live (provided the member is under age 70). The insured approved for the benefit can receive 50% of the amount that would be payable 12 months after the date of approval of the request for the Accelerated Death Benefit. The benefit is paid only once, and the future death benefit payment will be reduced by such amount. Receipt of Accelerated Death Benefits may affect eligibility for public assistance programs and may be taxable. Prior to applying for Accelerated Death Benefits, insureds should consult with the appropriate social services agency, and assistance should be sought from a qualified tax advisor.
*This benefit is not available to residents of Massachusetts.
The member may name anyone they choose as the beneficiary for coverage on their life. The member may also change their beneficiary at any time by written request. The member is the beneficiary for spouse coverage.
Convertible to Individual Life Insurance
If your insurance ends for a reason other than non-payment of premium, you may convert to an individual policy from New York Life during the conversion period, 31 days after the group insurance ends without evidence of insurability
Renewability After Your First 10-Year Term
This plan is guaranteed renewable while the group policy remains in force, subject to payment of premiums. The 10-year premium guarantee period will end on the premium due date coinciding with or next following the 10-year anniversary of the coverage effective date. At the end of the 10-year period, provided the insured is under age 65 and otherwise remains eligible; you may apply for a subsequent 10-year term of guaranteed level rates. If the application is approved, your premium contribution will be based your current age, health, and tobacco/nicotine use at the time the coverage becomes effective, and will be guaranteed for a new 10-year term. If you or your spouse are not approved for a new 10-year term, coverage will continue in force on a non-guaranteed rate basis, under which premium contributions increase as the insured ages.
When Insurance Becomes Effective
Insurance will take effect on the date the New York Life approves your application, provided the initial contribution for insurance is paid in a timely manner and any person to be insured is performing the normal activities of a person in good health of like age and sex on the date coverage is effective.
The validity of any amount of insurance which has been in force for two years during the insured’s life will not be contested except for non-eligibility or non-payment of premium contributions.
When Coverage Ends
Coverage will end when the covered member reaches age 75 or earlier if:
a. Premiums are not paid when due,
b. The group plan is terminated by the Policyholder.
30-Day Free Look
When you receive your Certificate of Insurance, examine it carefully. If you are not completely satisfied with the terms of your coverage, simply return your certificate, without claim, within 30 days with your request for a full refund of any premium paid.
No questions will be asked and there will be no further obligation.
Certificate of Insurance
Upon approval, each insured will be provided a Certificate containing full and complete details of coverage. This website provides a general description of the insurance plan offered and is not a contract. Complete terms, conditions, exclusions, limitations, and renewability requirements are detailed in Group Policy No. G-29489-0/GMR-FACE issued to the Insurance Trust of the Professions.
Applying is easy!
Simply click below to apply online in a matter of minutes. You may also download an application and return the completed form to the address provided below or if you prefer, scan and email it to the address noted below. You will not be asked any medical questions and will be able to select the best time that works for you for a medical underwriting professional to contact you for medical history. Medical testing is normally not required for amounts of $100,000 or less.
Apply By Mail
Questions? Call: 877-867-1892
Sidney A. Sass and Associates
4400 HWY 9, Suite 2800
Freehold, NJ 07728
CA License #0549790
New York Life Insurance Company
51 Madison Avenue, New York, NY 10010
On Policy Form G-29489-0/GMR-FACE