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How secure is your financial future?
Term Life Insurance is pure insurance - without any risky investment or savings frills to increase your costs. It provides the highest level of financial protection for your loved ones at a price you can afford.
Member/Spouse Life Insurance |
You may apply for insurance in amounts of $10,000 to $200,000, in increments of $10,000. You may retain this coverage when you retire, provided you continue your APWU membership. The amount of life insurance for you or your spouse who is now 65 or older or when you attain age 65 will be reduced by 35%. The original amount will be further reduced at age 70 by 75%. Full premiums continue to be payable. The member must be enrolled in this benefit for the Spouse to be eligible for coverage. Spouse coverage may not exceed member's amount of coverage.
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| Children's Life Insurance |
You may apply for insurance on your eligible Children (age 15 days but under 19 years, age 25 if a full-time student).
Children age 15 days but less than 6 months may receive $1,000 insurance, 6 months and over may receive $2,000 insurance.
Insurance ends when eligibility ends. Insurance issued at $1,000 will increase automatically to $2,000 after the eligible Child reaches 6 months of age.
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| Right To Renew |
Your Term Life Insurance protection is renewable provided the group policy remains inforce. Earlier termination can only occur if you (1) fail to pay a premium when due (2) are no longer a member of the APWU.
Spouse and Children's coverage terminates when you cease membership. For Spouses, insurance ends upon divorce or annulment of marriage. Children insurance ends when the child is no longer eligible.
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| Exclusions |
Suicide
If a person commits suicide within 2 years from the effective date, New York Life's liability will be limited to the premiums paid, plus interest.
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| Effective Date |
All coverage is subject to approval by the insurance company. Provided you are accepted based on your answers to the medical questions asked in your application, your insurance will be effective on the first pay day the premium is deducted from your paycheck following the date approved. You must be actively at work on that day, otherwise insurance is effective the day you return to work.
Applicable benefits for your Spouse and Children will also become effective on that pay day, provided they are accepted and are not hospitalized on the date insurance is to take effect. If your Spouse or Child(ren) is hospitalized, insurance will take effect on the day after (s)he is discharged.
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| Who May Apply For Insurance? |
You are eligible if
- You are an active APWU Member in good standing
- You are working 20 or more hours per week
You may also apply to insure your Spouse and dependent Children 15 days but under age 19 (age 25 if a full-time student).
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| Advantages To You |
- You may elect up to $200,000 of Member or Spouse Life Insurance
- Insurance can be retained when you retire, provided you continue your APWU Membership, premiums are paid when due, and the group policy remains inforce.
- Dependent children may also be insured
- Economical APWU Group Rates are payable through payroll deduction
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| How To Figure Your Payroll Deduction |
For Member Coverage: Locate the rate that corresponds to your current age. Multiply that rate by the number of $10,000 increments for which you are applying (i.e. $100,000 = 10, $150,000 = 15).
For Spouse Coverage: Locate the rate that corresponds to your Spouse's age. Multiply that rate by the number of $10,000 increments for which your Spouse is applying.
For Children Coverage: Add the flat rate shown in the Children's column. One rate coverage all of your eligible Children.
For Total Deduction: Add all of the applicable amounts to determine your total per pay period deduction.
CURRENT DEDUCTION PER BI-WEEKLY
PAY PERIOD---TERM LIFE INSURANCE |
| Member or Spouse |
All Children |
| Applicant's Age |
Rate Per $10,000 |
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Under 30
30-34
35-39
40-44
45-49
50-54
55-59
60-64
*65-69
**70-74
**75 & Over |
.42
.46
.81
1.31
2.08
3.27
5.04
7.64
5.74
4.33
7.80 |
.31
.31
.31
.31
.31
.31
.31
.31
.31
.31
.31 |
*Benefits reduced by 35% of the original benefit at age 65
**Benefits reduced by 75% of the original benefit at age 70
Note: Rates will increase as you attain a higher age bracket. The insurancecompany reserves the right to change rates on a class-wide basis.
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| How To Apply |
- Simply complete the GROUP TERM LIFE APPLICATION which includes medical questions and authorizes payroll deductions. Click here for an Application. Please make sure you complete all the information requested. An incomplete application will be returned, resulting in a delay in processing your application. Send no money.
- Return your application to: The Voluntary Benefits Plan, P.O. Box 1471, Waterbury, CT 06721
Once coverage is approved, you will receive a certificate of insurance. Take up to 30 days to review it. If it does not meet your expectations, you may request a refund of any premiums paid and a termination of your coverage back to the effective date.
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| Any Questions? |
Call the following toll-free number 1-800-422-4492
• TDD 1-203-754-4410
Please Note: You must notify the Voluntary Benefits Plan of any address change, employment or union status change, life status change (i.e., marriage, divorce, beneficiary or name change) or benefit changes requested. Notice must be in writing.
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This is a summary of benefits only and is subject to the terms, conditions, exclusions and limitations of Group Policy No. G-29315-0, form no. GMA-PR1. Coverage may not be available in all states. (This plan is not available in VI, GU & AS)
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| Underwritten By: |
New York Life Insurance Company
51 Madison Ave
New York, NY 10010
New York Life Insurance Company has been awarded
an A++ (Superior)
rating from A.M. Best. This rating reflects New York Life's superior overall
financial strength and operating performance when compared to A.M. Best's
standards. The rating is current as of June 16, 2009. For the latest A.M.
Best's Ratings and A.M. Best's Company Reports, please visit the A.M. Best Web
site at www.ambest.com.
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