Group 20-Year Level Term Life Insurance provides important financial security for loved ones with a premium that does not increase for a longer period: 20 years. During the initial 20-year period, your premiums will not go up. Moreover, your benefit amount will never go down, making it reliable and efficient. It’s perfect for families with younger children who need protection for a long time (for example, until kids are out of college) and don’t want to worry about the possibility of annual coverage increases impacting their budget.
Term coverage is the purest kind of life insurance, with no costly savings features. Here is term life insurance you can depend on for a full twenty years, for premiums that will not go up and benefit options that will not go down. You can renew coverage up to age 75, subject to all termination of coverage provisions.
Available to ASME members and spouses under age 55 and is not a resident of the excluded state, the Group 20-Year Level Term Life Insurance helps you protect your family from the financial burdens of your or your spouse’s premature death. Your coverage is guaranteed until age 75, provided you pay premiums when due, remain a member of ASME, and the group policy remains in force.
You can select a coverage amount to help meet your needs, from $100,000 up to $2,000,000 (in $10,000 units). The Policy features “Preferred," "Select" and “Standard” Rates and you can benefit from volume discounts when you apply for higher amounts of insurance. Plus, send no money until you are approved.
ELIGIBILITY
ASME members under age 55 and is not a resident of the excluded state may request coverage for themselves, their lawful spouse under age 55 and all unmarried dependent children ages 14 days to 23 years (25 if a full-time student). In order to become insured, individuals must provide satisfactory evidence of insurability and the required premium must be paid.
A dependent who is also a member is eligible for either member or dependent coverage, but not both. If both the member and spouse are covered as members, neither may insure the other as spouse and only one may insure any eligible children.
This coverage is available only for residents of the United States (except territories) and Puerto Rico.
APPLY FOR UP TO $2,000,000 OF COVERAGE
Choose the amount of 20-Year Level Term Life Insurance you need to help protect you and your family for the next twenty years—without the worry of premiums that could go up or benefits that could go down.
Amounts of Insurance:
Members–$100,000 to $2,000,000 in $10,000 multiples.
Spouse–$100,000 to $2,000,000 in $10,000 multiples, not to exceed 100 percent of member’s coverage.
Child(ren)–$10,000
The total amount of coverage an individual may have under all group life insurance polices underwritten by New York Life Insurance Company may not exceed $2,000,000. In addition, the total amount of coverage an individual may have under all group policies issued by New York Life Insurance Company to the Trustee of the ASME Life Insurance may not exceed the maximum benefit option for any insured person.
FEATURES
Premium Credits May Reduce Your Cost A money-saving feature of the ASME Level Term Life Insurance Policies is the opportunity to receive a premium credit. Premium credits reduce the total cost of insurance by 10 percent. The premium credit is currently in effect through April 30, 2025. And in the future, the program's experience warrants, the Trustee may continue to grant premium credit that can reduce your cost to renew coverage. Although not promised or guaranteed, this premium credit was granted in 2019.
Pay Less If You’re a Qualified Nonsmoker Nonsmokers meeting the highest underwriting standards may qualify for “Preferred” (the Policy’s best) rates. Other nonsmokers may qualify for “Select” (higher, but still specially negotiated) or “Standard” (the Policy’s highest) rates. (Smokers may only qualify for Standard rates.)
Save with Volume Discounts on Higher Amounts of Insurance 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.
Continuing Insurance After the 20-Year Term Ends Premiums are guaranteed to remain level for the first twenty years of coverage. At the end of the 20-year period, you may elect to reapply for 20-year level term rates then in effect for a subsequent 20-year period, provided the insured person is under age 55 and otherwise eligible. If your application for a subsequent 20-year term of guaranteed rates is approved, your premium contribution will be based on your age, health and tobacco/nicotine use at the time coverage becomes effective and will be guaranteed for a new 20-year term.
If you and your spouse are not approved for a subsequent 20-year term of guaranteed rates, or you do not apply for a subsequent 20-year term, coverage will continue in force on non-guaranteed rate basis, under which premium contributions increase annually as the insured ages.
Help Keep Your Cost Manageable Rates have been provided on an annual basis per $1,000 of coverage to make it easier for you to compare this policy to other insurance policies on the market today. Two modes of payment are available to suit your budget: semiannual billing and our semiannual or monthly Electronic Funds Transfer (EFT) option (your cost would be approximately one-half or one-twelfth, respectively, the amount you calculate from the rate chart).
OTHER IMPORTANT INFORMATION
Valuable Living Benefit Provision “Accelerated Death Benefit” The “Accelerated Death Benefit” option is available to help terminally ill insureds during a difficult and often financially challenging time. Under this provision you may request one advance payment equal to 50 percent of your (or an insured dependent’s) in force life insurance to be paid while the terminally ill person is still alive. The request must be made at least 12 months prior to the insured person’s scheduled coverage termination age and the amount of insurance payable after the insured’s death will be reduced by this payment. (Premium contributions will not be reduced.)
This money can be used to help cover high prescription drug costs...medical bills...outstanding debts...to help pay for experimental treatments...the cost of modifications to your home...or for a family vacation—the choice is yours.
To qualify, a terminally ill insured must provide New York Life Insurance Company with proof of terminal illness and anticipated life expectancy (12 months or less), as well as any other necessary medical information requested. For additional details and limitations, please see the Certificate of Insurance.
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 with the appropriate social services agency and seek the advice of a qualified tax advisor.
Benefits are paid for death from any cause, at anytime, anywhere in the world* Subject to U.S. government regulations on restricted countries. The validity of any amount of your life insurance which has been in force for two years during an insured’s lifetime will not be contested except for insurance eligibility provisions and non-payment of premium contributions.
You may select any person, persons, trust or other legal entity as your beneficiary. If, at the time of your death, there are no surviving beneficiaries, benefits will be paid to the executor or administrator of your estate, or at the option of New York Life Insurance Company, to the surviving relatives in the following order of survival: spouse; children equally; parents equally; or brothers and sisters equally.
Ownership of Insurance “Owner” means the person or entity with rights of ownership of this insurance as described in the Certificate of Insurance. If a transfer of ownership has been recorded by or on behalf of New York Life Insurance Company, or if initial ownership is by other than the member according to the information provided on the application, references throughout this Policy Information to “you” or “member” will mean “owner,” as applicable.
Insurance will take effect on the date your application is approved by New York Life Insurance Company provided the initial contribution is paid within 31 days after the date you are billed (send no money now) and any person to be insured is actively performing the normal activities of a person in good health of like age [Note: Residents of NC: a person of like age] on the date after approval. Any person who is not performing his/her normal daily activities as required will not become insured until the day he/she is performing such activities, provided such date is within three months of the date insurance would have been effective and the person is still eligible. Dependent insurance will not take effect unless the member is insured on a premium-paying basis.
Coverage will end when the insured person reaches age 75 (23 for children, or 25 for children who are full-time students) or earlier if: (a) premium contributions are not paid when due, (b) ASME membership ends, (c) the group policy is terminated or modified by the Policyholder to end insurance for the group of insured’s to which the member belongs, and (d) if the insured requests to terminate insurance. In addition, dependent child coverage will terminate when the dependent spouse or child ceases to be an eligible dependent. Upon your death, coverage for your insured dependents may continue as described in the Certificate of Insurance.
Once you are approved into the Policy, you will have a 31-day grace period for your payment of renewal premium contributions. When you want to submit a claim, call or write the administrator for claim forms.
HOW TO APPLY
Before you request coverage, you must be a member in good standing of ASME. Please wait until your application for membership is approved before initiating your insurance requests. If you have any questions regarding membership, please call ASME directly at 1-800-289-2763.
The information provided when you fill out your application can make the medical underwriting process quicker and easier. By providing complete and accurate information, you avoid delays that may occur while we wait for missing information to be received and shorten the time needed for underwriting decisions and approvals.
New York Life Insurance Company relies on your answers and statements. Misstatements or failures to report information on your application may be used as the basis for rescinding your insurance.
The 20-Year Level Term Life Insurance is medically underwritten based on the information provided by you on the application. It is important that you complete the form truthfully and completely. Your application is subject to New York Life Insurance Company’s approval and more medical information may be requested. A physical exam, EKG, blood test or other information may be required. If so, we will arrange for an independent professional paramedic to contact you to perform these simple tests at your convenience. The exam and blood test will be paid for by the policy.
Please submit your completed application to:
Global Insurance Agency, Inc.
P.O. Box 9023918
San Juan, PR 00902–3918
IMPORTANT NOTICE
How New York Life Obtains Information and Underwrites Your Request for Group 20 Year Level Term Life Insurance
In this notice, references to “you” and “your” include any person proposed for insurance. Information regarding insurability will be treated as confidential. In considering whether the person(s) in your request for insurance qualify for insurance, we will rely on the medical information you provide, and on the information you AUTHORIZE us to obtain from your physician, other medical practitioners and facilities, other insurance companies to which you have applied for insurance and MIB, LLC (“MIB”). MIB is a not-for-profit organization of insurance companies, which operates an information exchange on behalf of its members. If you apply for life or health insurance coverage or a claim for benefits is submitted to an MIB member company, medical or non-medical information may be given to MIB and such information may then be furnished by MIB, upon request, to a member company.
Your AUTHORIZATION may be used for a period of 24 months from the date you signed the application for insurance, unless sooner revoked. The AUTHORIZATION may be revoked at any time by notifying New York Life in writing at the address provided. Your revocation will not be effective to the extent New York Life or any other person already has disclosed or collected information or taken other action in reliance on it, or to the extent that New York Life has a legal right to contest a claim under an insurance certificate or the certificate itself. The information New York Life obtains through your AUTHORIZATION may become subject to further disclosure. For example, New York Life may be required to provide it to insurance, regulatory or other government agencies. In this case, the information may no longer be protected by the rules governing your AUTHORIZATION.
MIB and other insurance companies may also furnish New York Life, its subsidiaries or the Plan Administrator with non-medical information (such as driving records, past convictions, hazardous sport or aviation activity, use of alcohol or drugs, and other applications for insurance). The information provided may include information that may predate the time frame stated on the medical questions section, if any, on this application. This information may be used during the underwriting and claims processes, where permitted by law.
New York Life may release this information to the Plan Administrator, other insurance companies to which you may apply for life and health insurance, or to which a claim for benefits may be submitted and to others whom you authorize in writing. However, this will not be done in connection with test results concerning Acquired Immune Deficiency Syndrome (AIDS) or Human Immunodeficiency Virus (HIV). We may also make a brief report of your protected health information to MIB, but we will not disclose our underwriting decision.
New York Life will not disclose such information to anyone except those you authorize or where required or permitted by law. Information in our files may be seen by New York Life and Plan Administrator employees, but only on a “need to know” basis in considering your request. Upon receipt of all requested information, we will make a determination as to whether your request for insurance can be approved.
If we cannot provide the coverage you requested, we will tell you why. If you feel our information is inaccurate, you will be given a chance to correct or complete the information in our files. Upon written request to New York Life or MIB, you will be provided with non-medical information. Generally, medical information will be given either directly to the proposed insured or to a medical professional designated by the proposed insured. Your request is handled in accordance with the Federal Fair Credit Reporting Act procedures. If you question the accuracy of the information provided by MIB, you may contact MIB and seek a correction. MIB’s information office is: MIB, LLC, 50 Braintree Hill Park, Suite 400, Braintree, MA 02184-8734, telephone 866-692-6901(TTY 866 346-3642). Information for consumers about MIB may be obtained on its Web site at www.mib.com.
For NM Residents: PROTECTED PERSONS1 have a right of access to certain CONFIDENTIAL ABUSE INFORMATION2 we maintain in our files and they may choose to receive such information directly. You have the right to register as a PROTECTED PERSON by sending a signed request to the Administrator at the address listed on the application. Please include your full name, date of birth and address.
1PROTECTED PERSON means a victim of domestic abuse; who has notified us that he/she is or has been a victim of domestic abuse; and who is an insured or prospective insured person.
2CONFIDENTIAL ABUSE INFORMATION means information about: acts of domestic abuse or abuse status; the work or home address or telephone number of a victim of domestic abuse; or the status of an applicant or insured family member, employer or associate of a victim of domestic abuse or a person with whom the applicant or insured is known to have a direct, close, personal, family or abuse-related relationship.
7/15 ed.
If we can provide the coverage you requested, we will inform you as to when such coverage will be effective. Under no circumstances will coverage be effective prior to this date. Payment of a premium contribution with your application does not mean that there is any insurance in force before the effective date as determined by New York Life Insurance Company.
This information is only a brief description of the principal provisions and features of the policy. The complete terms and conditions are set forth in the policy issued by New York Life Insurance Company to the Trustee of the Life Insurance for Member of the American Society of Mechanical Engineers. When you become insured, you will be sent a Certificate of Insurance summarizing your benefits under the policy.
If you’re not completely satisfied with the terms of your Certificate of Insurance, you may return it, without claim, within 30 days. Your coverage will be invalidated, and you will be sent a full refund, no questions asked!
ASME Insurance Trust is compensated in connection with this group policy to provide and maintain this valuable membership benefit, it is reimbursed for these costs. ASME also receives a fee for the license of its name and logo for use in connection with this policy.
Underwritten by New York Life Insurance Company, under Group Policy No. G-29249-0, on Policy Form GMR-FACE /G-29249-0.
About New York Life Insurance Company
76206
These form(s) are in Adobe Acrobat Reader (PDF) format and are available for downloading and printing.
Answers about the program, including eligibility, options, customer service and more.
How do I apply?
Do I have to meet with an insurance agent?
What if I have second thoughts after I apply?
How much insurance should I consider?
Are there any exclusions?
When is the coverage effective?
Insurance will take effect on the date your application is approved by New York Life Insurance Company provided the initial contribution has been paid within 31 days after the date you are billed and any person to be insured is actively performing the normal activities of a person in good health of like age on the date of approval.
Any person who is not performing his/her normal daily activities as required will not become insured until the day he/she is performing such activities, provided such date is within three months of the date insurance would have been effective and the person is still eligible
When does coverage end?
Insurance for you can remain in force until: (a) premium contributions are not paid when due, (b) ASME membership ends, (c) the group plan is terminated or modified by the Policyholder or New York Life Insurance Company to end insurance for the group of insureds to which you belong, and (d) you request to terminate insurance. In addition, dependent coverage will terminate when your coverage terminates, or when the eligibility requirements are no longer being met. Upon your death, coverage for your insured dependents may continue as described in the Certificate of Insurance.
If you’re an Active Member, your coverage will end when you are no longer ACTIVELY-AT-WORK, as defined. However, if your insurance ends due to your retirement, you may elect to continue your life insurance under one of the available options.
We're here to help! Please contact us in whatever manner is most convenient for you.
Program Administrator
| Address Program Administrator AMBA Administrators, Inc. 4050 114th Street Urbandale, Iowa 50322 |
|---|
| Phone 1-800-289-2763 |
| Hours M-F 7:30am-6pm CT |
| Email [email protected] |
Application Mailing Address
| Address Administrator, ASME Insurance Program Customer Service AMBA PO Box 14533 Des Moines, IA 50306 |
|---|
Payment Mailing Address
| Address Administrator, ASME Insurance Program AMBA PO Box 77115 Minneapolis, MN 55480 |
|---|