10 and 20-Year Level Term Life Insurance Plan

10 and 20 - Year Level Term Life

Nothing is more valuable than your life and all that you provide for those who depend on you. And, with each passing day ... each dollar you earn ... each life event ... you grow even more valuable. That’s why ample life insurance is a must for you. 10 and 20-Year Level Term Life Insurance was designed to help protect you from unnecessary financial burdens and insure your family’s financial security for a ten or twenty year period. Premiums are guaranteed for an initial term, with level amounts of insurance until termination at age 75. At the end of the 10 or 20-year period you may apply for a new 10 term if you are under age 65 or for the 20- year term if you are under age 55. You will be subject to submission of satisfactory evidence of insurability (provided you are eligible). Or, coverage can be automatically renewed without evidence of insurability. If coverage is automatically renewed, renewal premiums are not guaranteed, and are based on your attained age and increase as you attain a higher age bracket.

As a professional, you need high-value life insurance to protect the lifestyle you work hard to provide ... to ensure a good education for your children ... to resolve your final debts ... to ensure proper estate planning ... and even as collateral for bank loans.

And, this coverage is underwritten by New York Life, one of the top insurance companies in the country committed to providing AAO members with more protection for your money.

Who Is Eligible?
How Much Do You Need?
Are Your Spouse and Children Covered?
Exclusions and Limitations
You're Protected With These Important Features
10 and 20-Year Level Premium Rates
How Will You Know You're Approved for Coverage?
When Will Coverage Become Effective?
How and When Could Your Coverage End?
IMPORTANT NOTICE
For More Information

Who Is Eligible?
If you are an orthodontist under age 65 for 10-year, or under age 55 for 20-year term, residing in the U.S. or Canada (except Quebec), and an AAO member who regularly works at least 20 hours a week or a full-time student member, then you are eligible for coverage.
How Much Do You Need?
Just choose the amount of life insurance that best suits your needs–from $100,000 to $2,000,000 in increments of $10,000. While your coverage remains in force, your benefits will stay constant and not reduce in amount until age 75, at which time coverage terminates. All coverage is subject to approval by New York Life.
Are Your Spouse and Children Covered?
You may also apply for your lawful spouse (under age 65 for 10-year, under age 55 for 20-year), for up to $1,000,000, provided that amount does not exceed your own. All your dependent unmarried children can also be insured for either $5,000 or $10,000 if they are between the ages of 15 days and 25 years in age.

No matter how many eligible children you may have, one annual premium of $17.50 for $5,000 or $35 for $10,000 covers them all. All dependent coverage is subject to approval by New York Life.
Exclusions and Limitations
Death resulting from suicide is not covered within 1 year after coverage begins. In that event, premiums paid for the coverage will be returned.

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.

For NY Residents Only:
Important Replacement Information
It may not be in your best interest to replace existing life insurance policies or annuity contracts in connection with the purchase of a new life insurance policy. A replacement will occur if, as part of your purchase of a new life insurance policy, existing coverage has been lapsed, surrendered, forfeited, assigned, terminated, changed or modified into paid-up or other forms of benefits, loaned against or withdrawn from, reduced in value by use of cash or other policy values, changes in time or amount of insurance that would continue in the reduction or stoppage of premium paid. Prior to completing a replacement transaction, you may want to contact the insurance company or agent who sold you the policy that will be replaced in order for you to make the best decision.
You're Protected With These Important Features
What Is the Accelerated Death Benefit*?

This benefit is designed to provide terminally ill life insureds the option to have a portion of their life insurance benefit paid while they are still alive. The insured is then free to use that money any way he/she desires. To qualify for the Accelerated Death Benefit you must be insured under the AAO endorsed 10 or 20 -Year Level Term Life Insurance Plan, under age 74, and diagnosed as having a life expectancy of 12 months or less. Proof of terminal illness will consist of a statement from your physician and any additional 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, 50% of the benefit in force 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 by the Accelerated Death Benefit. Prior to applying for the Accelerated Death Benefit, insureds should consult with the appropriate social services agency and tax advisor. Receipt of the Accelerated Death Benefit may affect eligibility for public assistance programs and may be taxable.

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

• Your Right of Conversion

You may convert your coverage to an individual 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.

• Choose Your Own Beneficiary
You may name anyone you choose as the beneficiary for coverage on your life. The member is automatically the beneficiary for spouse and child coverage. You may also change your beneficiary at any time by written request.

• At Death Of Member

If an insured member dies, life insurance then in force on his dependents may be continued as long as they otherwise remain eligible and make timely premium payments.
10 and 20-Year Level Premium Rates
Click here to view Female Rates.
Click here to view Male Rates.
How Will You Know You're Approved for Coverage?
Once you are approved for coverage, you will receive a Certificate describing your coverage, issued by New York Life on Policy Form GMR.
When Will Coverage Become Effective?
In order to become insured, you must provide satisfactory evidence of insurability and pay the required premium. Insurance will take effect on the first day of the month on or following the date your coverage and any dependent coverage is approved by New York Life provided the initial premium deposit is paid to the Plan Administration Office within 31 days of that date and any person who is to be insured is performing the normal activities of a person in good health of like age and sex on the later of the date of approval and the date the premium is paid. (Dependent children must be at least 15 days old and not hospitalized before life insurance can become effective.)
How and When Could Your Coverage End?
New York Life cannot change benefits, terminate coverage or change premiums on an individual basis; it may do so on a class-wide basis. The benefits provided under the group policy may be changed upon agreement with New York Life and AAO. New York Life has agreed not to exercise its right to terminate the group policy as long as AAO continues to endorse only the New York Life plan. While the group policy continues in force, you may renew your coverage until age 75. You must also continue to be an AAO member and pay your premium on time to renew your coverage.

In the event of your death, your insured dependents may continue coverage provided the appropriate premium is paid and they remain eligible. Also, a dependent’s coverage ends when your spouse divorces or legally separates from you, when your coverage ends due to AAO membership ending, when a child marries, becomes self supporting or reaches age 25 or your spouse reaches age 70. All insurance terminates when you: (1) fail to make premium payments; (2) cease your AAO membership; or (3) the group policy is terminated.
IMPORTANT NOTICE
How New York Life Underwrites Your Request for Insurance

Information regarding insurability will be treated as confidential. In considering your request for insurance, we will rely on the medical information you provide, and on the information you authorize us to obtain from your doctor, other medical practitioners and facilities, other insurance companies to which you have applied for insurance and MIB, Inc. (Medical Information Bureau). New York Life will not disclose such information to anyone except those you authorize or where required or permitted by law. We may make a brief report to MIB; however, we will not disclose our underwriting decision. 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 coverage can be approved.

MIB is a nonprofit, membership organization of life insurance companies, which operates an information exchange on behalf of its members. When you apply for insurance or submit a claim for benefits to a MIB member company, medical or non-medical information may be given to the Bureau, which may then be furnished to member companies.

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 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 P.O. Box 105, Essex Station, Boston, MA 02112. For Canadian residents, the address is 330 University Avenue, Suite 403, Toronto, Canada M5G 1R7. You may also MIB by phone, toll-free at 1-866-692-6901, or for the hearing impaired, TTY-1-866-346-3642.

For NM residents, PROTECTED PERSONS (1) have a right of access to certain CONFIDENTIAL ABUSE INFORMATION (2) 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.
(1) PROTECTED 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.
(2) CONFIDENTIAL 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 as family member, employer or associate of a victim of domestic abuse or a person with whom an applicant or insured is known to have a direct, close personal, family or abuse-related counseling relationship.

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 is determined by New York Life.
For More Information
For more information, please contact us at the Plan Administration Office:

159 E. County Line Road
Hatboro, PA 19040-1218

Or call toll-free: 1-800-622-0344

Find out more about your member benefits today!


Administered by:

Affinity Insurance Services, Inc.
Michael Loughran licensed in Arkansas (License#: 233963)

 

© 2006 Affinity Insurance Services, Inc.