Term Life Insurance
|
What It Is Eligibility Features Payment Options How To Apply Contact Educational Info |
 |
What It IsNYSUT Member Benefits Trust-endorsed Term Life Insurance is an economical way to provide extra protection for your family. You can purchase coverage up to $1 million, if under age 65, at premiums negotiated especially for NYSUT members. Reduced coverage amounts are available for members between the ages of 65 and 84. NYSUT Member Benefits Trust-endorsed Term Life Insurance and the no-cost Accidental Death and Dismemberment Insurance are underwritten by The United States Life Insurance Company in the City of New York. The plan is administered by Marsh Affinity Group Services. The United States Life’s Term Life Insurance Plan is a NYSUT Member Benefits Trust (Member Benefits)-endorsed program. Member Benefits has an expense reimbursement/endorsement arrangement of 5% of direct bill and 5.88% of payroll deduction premiums 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. The Insurer pools the premiums of Member Benefits participants who are insured for the purposes of determining premium rates and accounting. Coverage outside of this plan may have rates and terms that are not the same as those obtainable through Member Benefits. The Insurer or Member Benefits may hold premium reserves that may be used to offset rate increases and/or fund such other expenses related to the plan as determined appropriate by Member Benefits. 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 and their spouses or certified domestic partners who are under age 85 are eligible to apply. Each dependent child age 15 days to age 23 is also eligible for $10,000 of coverage.
FeaturesYou can apply to purchase Term Life Insurance in units of $5,000, from a minimum of $25,000 up to a maximum of $1 million up to age 65. Ages 65-69 may apply for $30,000; ages 70-74 may apply for $20,000; ages 75-79 may apply for $10,000; and ages 80-84 may apply for $5,000. Coverage terminates at age 85.
Payment OptionsOptions include payroll or pension deduction (where available) and direct billing on a semi-annual basis. Your spouse or certified domestic partner may have his or her premiums deducted from your paycheck or monthly pension benefit.
How To ApplyTo request a brochure and application, call the Plan Administrator, Marsh Affinity Group Services, toll-free at (888) 38-NYSUT (888-386-9788), weekdays from 9:15 a.m. to 6 p.m. Eastern Time. You can click on the Marsh Affinity link below to download a brochure and application.
ContactFor specific information on the plan, complete rate charts, an application or to speak with a representative, call the Plan Administrator toll-free at (888) 38-NYSUT (888-386-9788), weekdays from 9:15 a.m. to 6 p.m. Eastern Time. NYSUT Member Benefits Trust-endorsed Term Life Insurance and the no-cost Accidental Death and Dismemberment Insurance are underwritten by The United States Life Insurance Company in the City of New York. The plan is administered by Marsh Affinity Group Services.
Educational InfoThe Life Insurance Consumer’s Guide can be downloaded below (in pdf format), is available to all members and agency fee payers, and provides clear, objective information. This guide answers such questions as “Do I really need it?” “What exactly is it?” “What should I look for in a policy?” and more. |