WrapPlan Term Life Insurance Coordination Plan
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What It Is Eligibility Features Payment Options How To Apply Contact |
What It IsWhen your term life insurance decreases at pre-set ages, or if it terminates due to retirement or separation, the WrapPlan® can restore full coverage, without higher conversion premiums or additional medical requirements. It's called a WrapPlan because it wraps around an existing term life insurance policy, regardless of whether it's a NYSUT Member Benefits Trust-endorsed policy, a policy provided by your employer or local benefit fund, or any other term life policy. The WrapPlan® is a Group Universal Life Insurance policy underwritten and issued by Transamerica Financial Life Insurance Company and is administered by USI Affinity (formerly Future Planning Associates, Inc.). The Transamerica Financial Life Insurance Company of New York’s WrapPlan is a NYSUT Member Benefits Trust (Member Benefits)-endorsed program. Member Benefits has an expense reimbursement/endorsement arrangement of 6.5% of first-year premium and 0.195% of renewal premium, with a guaranteed annual minimum amount of $100,000 for this program. All such payments to Member Benefits are used solely to defray the costs of administering its various programs and, where appropriate, to enhance them. Member Benefits acts as your advocate; please contact Member Benefits at (800) 626-8101 if you experience a problem with any endorsed program. Agency fee payers to NYSUT are eligible to participate in NYSUT Member Benefits Trust-endorsed programs.
EligibilityNYSUT members and agency fee payers must reside or work in New York state. Retirees who are not New York residents may be eligible by planning a meeting with a registered representative in New York state and having a New York address to receive the certificate. You must be age 65 or under and be actively at work or retired. Members can apply for up to $300,000 of coverage, not to exceed the total current amount of your term life insurance. The plan also offers a level life insurance benefit of up to $300,000 if you have no individual or group term life insurance. Retiree members may apply for up to $100,000 of coverage. Your spouse is also eligible to apply for up to $200,000 of WrapPlan® coverage if he or she has term life coverage through your employer, local benefit fund or NYSUT Member Benefits Trust. Otherwise, your spouse may apply for a level death benefit up to $50,000. Certified domestic partners may also apply for a level death benefit up to $50,000. Dependent child coverage is available for $4,000 per child age 15 days through 25 years. Members will be required to answer a few medical questions, but medical exams are never required.
FeaturesYou may borrow against your certificate account values. Certificate loans are available at a net interest rate of 2%.
Payment OptionsYour premiums can be paid through the convenience of payroll or pension deduction (where available) or automatic bank draft. If you choose payroll or pension deduction as your means of payment, no premiums will be required until deductions begin.
How To ApplyTo apply, contact the Plan Administrator toll-free at (866)NYSUTWP (866-697-8897).
ContactFor further information or to apply, call the Plan Administrator toll-free at (866)NYSUTWP (866-697-8897). The WrapPlan® is a Group Universal Life Insurance policy underwritten and issued by Transamerica Financial Life Insurance Company and is administered by USI Affinity (formerly Future Planning Associates, Inc.). |
