Group 20-Year Level Term Life Insurance
THE MISSING PIECE TO HELP SECURE THE FUTURE
Your loved ones are counting on you.
Think about what your family would need to maintain their current standard of living if you were no longer there to help provide for them. Take into account the income you bring in each month as well as the benefits you receive from your employer, like health insurance. Do you have outstanding debts such as a home mortgage, school loans, or an auto loan? Life insurance can help cover these monthly expenses, and more, in addition to planning for your children’s college education and your spouse’s retirement even after you’re gone. Don’t skip the chance to help safeguard the ones you love.
With ASCE Group 20-Year Level Term Life Insurance, you'll have access to the following benefits:
- Apply for up to $2,000,000 of member and spouse coverage.
- Affordable, highly competitive rates.
- Expected level premiums for 20 years with no increases due to age and benefits remain level through the term of the policy.
- Portable coverage that stays with you.
- No exclusions after coverage is validly in force for two years; benefits are payable for death from any cause, at any time, anywhere in the world (subject to U.S. government regulations on restricted countries).
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Group 10-Year Level Term Life
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Group 20-Year Level Term Life
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Level Term Life premium is based on the member’s age and the spouse’s age, amount of insurance requested and health status. While the premium rates are expected to remain level for the specific term of the plan you choose (10 or 20 years), the insurance company has the right to change rates on a class-wide basis. For example, a class is a group of insureds with the same age, gender or risk class. For the Level Term Life plans, only non-smokers meeting the highest underwriting standards will qualify for "Preferred" rates. Other non-smokers may qualify for higher "Select" or "Standard" rates. (Note: Smokers may only qualify for "Standard" rates.) Upon approval of your application, you will be notified of the rate classification for each approved person.
The ASCE Group Life Plans are underwritten by New York Life Insurance Company, 51 Madison Avenue, NY, NY 10010, under group policy GMR, Policy Numbers GMR-G-10500-1/FACE, GMR-G-29137-0/FACE, GMR-G-29253/FACE.
You are eligible to apply for $100,000 to $2,000,000 (in multiples of $10,000) of ASCE Group 20-Year Level Term Life Insurance for both you and your lawful spouse if:
- You're an ASCE member in good standing
- You and your spouse (if proposed for insurance) are under age 55
- You and your spouse are able to perform the normal activities of a person in good health and like age (MD and NC residents: perform the normal activities of a person of like age)
- You and your spouse reside in the United States (except territories), Puerto Rico, in Canada (excluding Quebec).* Each unmarried, dependent child from age 14 days through 22 years (24 for full-time students) may also be insured for $10,000.
*Please refer to the plan brochure for more information. Certain state eligibility restrictions apply.
Who is this plan underwritten by?
The ASCE 20-Year Level Term Life Insurance Plan is underwritten by New York Life Insurance Company, under Group Policy No. G-29253-0, on Policy Form G-29253-0/GMR-FACE.
How much life insurance do I need? Some insurance experts suggest that you purchase life insurance equal to seven to ten times your current income. In addition, you should consider how much your dependents will need to maintain their lifestyle.
Who is eligible for this insurance?
ASCE members and their lawful spouses under age 55 may apply. Also, all unmarried dependent children ages 14 days through 22 years (24 if a full-time student). In order to become insured, satisfactory evidence of insurability must be provided and the required premium must be paid. A dependent who is also an ASCE member is eligible for either member or dependent coverage, but not both. If both member and spouse are covered as members, neither may insure the other as spouse and only one may insure any eligible children.
How much insurance can I request?
- Members—$100,000 to $2,000,000 in $10,000 multiples.
- Spouse—$100,000 to $2,000,000 in $10,000 multiples.
- Child(ren)—$10,000 per child.
Note: The total amount of coverage an individual may request under all group life insurance plans underwritten by New York Life Insurance Company may not exceed $2,000,000.
Are any discounts available?
Two discounts may be available:
- Volume Discount—If you or your spouse becomes insured for coverage amounts of $250,000 through $490,000, you'll receive a volume discount; and for amounts of $500,000 through $2,000,000 of coverage, you'll receive an even bigger discount.
- You May Pay Less If You're a Qualified Nonsmoker—Nonsmokers meeting the highest underwriting standards may qualify for the "Preferred" (the Plan's best) rates. Other nonsmokers may qualify for "Select" (higher, but still very competitive) or "Standard" (the Plan's highest) rates.
New York Life Insurance Company (New York Life) is a leader in the association group insurance field, providing life and health insurance plans for associations. The company has an enduring commitment to its customers' financial security. Regardless of the state of the economy or the stock market, New York Life bases its financial decisions on the guiding principle of serving its clients. New York Life Insurance Company has received the highest ratings for financial strength currently awarded to any U.S. life insurer by all four major rating agencies including Moody’s Investor Service (Aaa), Standard & Poor’s (AA+), Fitch Ratings (AAA), and A.M. Best (A++).*
New York Life is licensed/authorized to transact business in all of the 50 United States, the District of Columbia, Puerto Rico, and Canada. However, not all group plans it underwrites are available in all jurisdictions. Please check the Plan details sections for current availability.
New York Life
State of Domicile: New York
NAIC ID #66915
51 Madison Avenue
New York, NY 10010 USA
*Individual Third Party Ratings Reports (as of 9/12/19)
It has never been easier to apply for coverage through the ASCE Member Insurance Program.
Group 20-Year Level Term Life Insurance Plan Application
(download and mail)
This plan is underwritten by New York Life Insurance Company, under Group Policy No. G-29253-0, on Policy Form G-29253-0/GMR-FACE.
New York Life is licensed/authorized to transact business in all of the 50 United States, the District of Columbia, Puerto Rico and Canada. However, not all group plans it underwrites are available in all jurisdictions. Please check the applicable insurance brochures for current availability.
New York Life’s state of domicile is New York, and NAIC ID # is 66915.