All ACP Members, Associates, Medical Students, Physician Affiliates, Non-Physician Affiliates, Fellows and Masters under age 55, may request coverage for themselves, their lawful spouse under age 55 and all unmarried dependent children ages 15 days to 23 years (25 if a full–time student). In order to become insured, individuals must provide satisfactory evidence of insurability and pay the required premium.
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 Group 20–Year Level Term Life Insurance you need to help protect you and your family for the next 20 years – without the worry of premiums that could go up or benefits that could go down.
Amounts of Insurance:
- Members --$100,000 up to $2,000,000 in $10,000 multiples.
- Spouse --$100,000 up to $2,000,000 in $10,000 multiples, not to exceed 100% of member’s coverage.
- Child(ren) -- $5,000 each ($500 for eligible children under age 6 months).
The total amount of coverage an individual may have under all group life insurance plans 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 Trustees of the American College of Physicians, Inc. Insurance Trust may not exceed the maximum benefit option for any insured person.
Pay Less If You’re a Qualified Non–Smoker
Non–smokers meeting the highest underwriting standards may qualify for "Super-Preferred" (the Plan’s best) rates. Other non–smokers may qualify for "Preferred Non Smoker" (higher, but still very competitive) or "Non Smoker" rates. Smokers may only qualify for "Preferred Smoker" or "Smoker rates.
Save with Volume Discounts on Higher Amounts of Insurance
If you or your spouse becomes insured for coverage amounts of $250,000 through $999,999, you’ll receive a volume discount; and for amounts of $1,000,000 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 20 years of coverage. At the end of the 20–year period, you may 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 the insured person’s 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 a non–guaranteed rate basis, under which premium contributions increase as the insured ages.
Help Keep Your Cost Manageable
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% 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.
Note: The Accelerated Death Benefit is not available to residents of Massachusetts.
Benefits are paid for death from any cause, at anytime, anywhere in the world except suicide within 24 months from the issue date. The only amount payable will be a return of applicable contributions.
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 nonpayment of premium contributions.
You Name Your Beneficiary
Your beneficiary is the person(s) last designated by you in writing and recorded by or on behalf of New York Life Insurance Company. You may change this beneficiary designation at any time by written request. You are the automatic beneficiary for dependent insurance as described in the Certificate of Insurance. If you wish to name another beneficiary for spouse insurance, contact the Administrator for the applicable forms. 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, 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 Plan 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 [NC residents: a person 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 Coverage Ends
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) ACP membership ends, (c) the group plan is terminated or modified by the Policyholder to end insurance for the group of insureds to which the member belongs, and d) if the insured requests to terminate insurance. In addition, dependent coverage will terminate when your coverage ends, or 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.
Renewal Payments And Claims
Once you are accepted into the Plan, 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.
Certificate Of Insurance
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 the group policy issued by New York Life Insurance Company to the Trustees of the American College of Physicians, Inc. Insurance Trust. When you become insured, you will be sent a Certificate of Insurance summarizing your benefits under the Plan.
To see the rate charts for this product, select the Insurance Application and Brochure PDF at the right.