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CAP Home > CAP Members > Group Insurance Coverage for Members > CAP 10 Year Level Term Life Insurance

dsCAP Group 10-Year Level Term Life Insurance

 

Updated Aug 28, 2013

bullet CAP 10-Year Level Premium

Download Plan Rates (PDF, 53 K)

bullet Help Safeguard Your Financial Future

10-Year Level Term Life Insurance was designed to help protect you from unnecessary financial burdens and insure your family’s financial security. Initial premiums are guaranteed not to change for the first 10 years with level amounts of insurance until termination at age 70. At the end of 10 years, you have the choice of how to continue your coverage. You may apply (up to age 59) for a new 10 year period of guaranteed rates, based on your attained age, or you can continue your coverage (regardless of your health status) up to age 75 on an annually renewable basis with reasonable non-guaranteed group rates that increase as you age.

bullet Choose the Coverage That’s Best for You

As a CAP Junior Member or Fellow who resides in the U.S., (except territories) or Puerto Rico, and is under the age of 60, you may apply for benefit amounts between $100,000 and $1,000,000 in units of $10,000. Coverage ends at age 70.

bullet Life Insurance for Your Family

At your option, you may apply for coverage for your lawful (not legally separated) spouse under age 60 as well as your dependent children. You may apply for amounts from $100,000 to $1,000,000 in $10,000 units for your spouse. Children are eligible if they are unmarried, dependent, and between the ages of 14 days and 25 years. Each child can be covered for either $5,000 or $10,000. The annual premium is $6.00 for $5,000 of coverage or $12.00 for $10,000 of coverage. One premium covers all of your children. A dependent who is also a CAP member must apply for member coverage. If both parents are insured as members, only one may request child coverage.

bullet Only One Exclusion

You and your insured dependents are covered 24 hours a day, every day of the year, no matter where you are. However, suicide within two years after coverage becomes effective is the only exclusion. In that event, the benefit payable will be equal to premiums paid. (For Missouri residents: Benefits will not be paid for death resulting from suicide within the first two years of coverage if New York Life can show that suicide was intended at the time of application.)

bullet Contestability

The validity of any amount of insurance that has been in force for more than 2 years during an insured’s life will not be contested except for eligibility and non-payment of premiums.

bullet What does this coverage cost?

Your premiums are based on your gender, current age and your health. If you are healthy and lead a healthy lifestyle you may also qualify for Preferred Rates at substantial savings over our already affordable Standard and Select rates. Preferred rates are not available to individuals who smoke or who have high risk occupations or hobbies like scuba diving or skydiving.

Remember, even if you can’t qualify for Preferred rates, you may still be eligible for our Standard or Select rates. Either way, you get quality life insurance coverage at an affordable price.

Premium Volume Discounts

If you request $100,000 to $250,000 you’ll enjoy already affordable group rates. There is a volume discount for coverage amounts beginning at $250,000 and an additional discount available for amounts $500,000 and higher. These discounts can have a significant impact on reducing your insurance.

bullet Multi-Coverage Discount

If you are insured in both the CAP 10-Year Level Term Life Insurance and Long Term Disability Income Plans at the same time, you can receive a five percent discount off the premium for both plans as long as you retain coverage in both plans. If you drop one of the plans, the discount ceases. This discount applies to member rates only.

bullet Accelerated Death Benefit

This benefit is designed to provide terminally ill life insureds the option to have a portion of their life insurance paid while they are still alive. The insured is then free to use that money any way he or she desires. To qualify for the Accelerated Death Benefit, an individual must be insured under the CAP 10-Year Level Term Life Insurance Plan and diagnosed as having a life expectancy of 24 months or less. Proof of terminal illness will consist of a statement from the insured’s physician and any other medical information that New York Life believes necessary to confirm the insured’s status.

If the insured qualifies, he or she will be paid in a lump sum, up to 50 percent of the amount that would be payable, on the date of approval of the request. Only one Accelerated Death Benefit will be made during the insured’s lifetime, and any benefit payable for loss of life will be reduced by the amount paid under the accelerated death benefit.

Receipt of the accelerated death benefit may affect eligibility for public assistance programs and may be taxable. You may wish to consult a tax advisor before using this benefit.

(The Accelerated Death Benefit is not available to residents of Massachusetts.)

bullet Effective Date of Coverage

All applications are subject to New York Life’s approval. Insurance will take effect on the first day of the month on or next following the date the request for coverage is approved, provided the initial contribution is paid within 31 days of such date 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 of approval.

Any person who is not performing his or her normal activities as required will not become insured until the day he/she is performing such activities, provided such date is within 3 months of the date insurance would have been effective and the person is still eligible.

Note: Residents of NC: Any reference to “performing normal activities” is replaced by the requirement that the health status of any proposed insured person remain the same as stated in your application.

bullet Renewal to Age 70

Your 10 Year Level Term Life Plan is renewable to age 70 provided you remain a member, you pay premiums when due and the master group policy is not terminated or modified. Insurance for your dependents can continue through spouse age 69 and child age 24, provided they remain otherwise eligible, premiums are paid when due, your coverage remains in force and the group policy is not terminated. Coverage for your dependents can continue if you die. Details are described in the Certificate of Insurance.

bullet Choice of Beneficiary

Name anyone you wish to receive your life insurance benefits. You may change your beneficiary at any time by writing to the plan administrator. The member is automatically the beneficiary for spouse and child coverage.

bullet Your Right of Conversion

You may convert your coverage that involuntarily ends, to a permanent plan offered by New York Life, regardless of physical condition or history, under the conditions stated in your certificate. This right of conversion is also available to your covered family dependents. Conversion must be requested within 31 days of the date you become eligible for this provision.

bullet Right to Change Benefits or Rates or Terminate the Plan

Changes to the group policy are subject to agreement between New York Life and the policyholder. Rates after the first 10 years may be changed by New York Life on any premium due date and on any date on which benefits are changed, but only on a classwide basis. A class is a group of insureds with the same age or gender. The policyholder or New York Life may terminate the plan on any premium due date by giving 90 days advance notice.

bullet 30 Day Free Look

Once your application is approved, you will receive a personalized Certificate of Insurance summarizing your benefits. Examine your certificate of coverage carefully when it arrives in the mail. If you are not completely satisfied with your CAP Group 10-Year Level Term Life Insurance coverage, simply return your Certificate to the plan administrator within 30 days of receipt, without claim, to cancel the coverage and receive a prompt, full refund of any premium paid. You’ll be under no further obligation and no questions will be asked.

bullet How to Apply

  1. Simply complete, date, sign, and return the application the plan administrator. Send no money now. You will be billed once coverage has been approved.
  2. Send to:
    Affinity Insurance Services, Inc.
    159 E. County Line Road
    Hatboro, PA 19040-1218

This information is only a brief description of the principal provisions and features of the plan. The complete terms and conditions are set forth in Master Policy GMR-FACE/G-5389-0issued to the College of American Pathologists. For complete details, see your certificate of coverage.

bullet Questions?

Call toll-free: 800-509-6023

Administered by:
Affinity Insurance Services, Inc.
159 E. County Line Road
Hatboro, PA 19040-1218

Aon Affinity is the brand name for the brokerage and program administration operations of Affinity Insurance Services, Inc. (AR 244489); in CA, MN & OK, AIS Affinity Insurance Agency, Inc. (CA 0795465), Aon Affinity Insurance Services, Inc., (0G94493), Aon Direct Insurance Administrator and Berkely Insurance Agency in NY and NH, AIS Affinity Insurance Agency.

Underwritten by:
New York Life Insurance Company
51 Madison Avenue
New York, NY 10010
(policy form GMR)

New York Life’s state of domicile is New York (NAIC# 66915). 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. See eligibility for details.




CAP-TLWEB-0713

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