Group Term Life Insurance
Apply For Up to $500,000 of Protection
Who Is Eligible?
Eligible members working full-time (30 hours per week) and their eligible spouses under age 60 may apply for $50,000 to $500,000 in $50,000 increments. Spouse coverage may not exceed the member’s benefit amount.
Coverage is currently available in the following states: CA, CT, FL, MA, MD, NJ, NY, PA
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Complete Coverage, Renewable to Age 70
Benefits are payable in the event of death from any cause, except suicide during the first 2 years, anywhere in the world.
Accelerated Death Benefit
This benefit is designed to help terminally ill insureds and their families during a difficult and often financially challenging time. Under this provision, a qualified terminally ill person may request one advance payment equal to 50% of their in force life insurance to be paid while that person is still alive.
This money is payable directly to the insured member and can be used to help cover high prescription drug costs, medical bills, outstanding debts, experimental treatments, modifications to your home, or even a family vacation—it's up to you.
To qualify, a terminally ill insured must provide the insurance company with proof of terminal illness and anticipated life expectancy (12 months or less), as well as any other medical information New York Life believes is necessary to confirm the person's status.
Please note that receipt of Accelerated Death Benefits may affect your eligibility for public assistance programs and may be taxable. Prior to applying to receive such benefits, you should consult a qualified tax advisor.
This benefit is not available to residents of Massachusetts
Premiums may be Waived
If you become totally disabled (as defined by the policy) before you reach age 60, no further premiums may be required so long as total disability continues or until policy termination at age 70. This benefit becomes effective after 4 consecutive months of total disability.
Under certain circumstances or reductions in coverage, as described in the Certificate of Insurance, the Group Term Life plan provides conversion privileges without medical evidence to an individual plan. Conversion is not available if premiums are being waived.
Choose Your Beneficiary
You may select any person(s), trust or legal entity as your beneficiary.
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.
30-Day Free Look
When you receive your Certificate of Insurance, examine it carefully. If you are not completely satisfied with your coverage for any reason, 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.
This website provides a general description of the insurance plan offered and is not a contract. Complete terms, conditions, definitions, exclusions, limitations, and renewability requirements are detailed in Group Policy G-29493-0/GMR-FACE issued to the Insurance Trust of the Professions. When you become insured, you will be sent a Certificate of Insurance summarizing your benefits under the plan.
Applying is Easy!
Simply click below to apply 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 selct the best time that works with your schedule for a medical underwriting professional to contact you for medical history. Send no money now. Your insurance will take effect upon the date of approval by The New York Life Insurance company provided the requested premium is paid when due. Medical testing is normally not required for amounts of $100,000 or less.
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Questions? Call: 877-867-1982
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-29493-0/GMR-FAC