Underwritten by New York Life Insurance Company
Life Insurance you and your family can count on: One of the ways to provide for your family if you or your spouse were to die prematurely is with term life insurance. No costly savings features, no high administrative expenses … just pure life insurance. The challenge is to find a policy that also includes the backing and stability of a highly rated insurance company in which you can be confident.
With the MAA Group 10–Year Level Term Life Insurance, members may be able to lock in the financial security provided by term life insurance—at a price that’s GUARANTEED to remain the same for a full 10 years, and with a high benefit level that’s GUARANTEED to remain level, while you’re covered under the policy.
The U.S. (except OR, SD and territories) and Puerto Rico.
Visit the Forms section and download a no–obligation application and brochure containing detailed information and provisions, including costs, exclusions, limitations, and terms of coverage.
|Where available||United States (except OR, SD and territories) and Puerto Rico.|
|Notes||Members under age 65, their lawful spouse under age 65, and unmarried dependent children ages 14 days - 22 years (24 if a full-time student).|
|Type of Insurance||Group 10-Year Level Term Life Insurance|
|Underwritten by||New York Life Insurance Company|
|Group Policy Number||G-29194-0|
We're here to help! Please contact us in whatever manner is most convenient for you.
Association Member Benefits Advisors
4050 NW 114th Street
Urbandale, Iowa 50322
M-F 7:30a - 6p CT
Answers about the program, including eligibility, options, customer service and more.
Who is the underwriter?
This policy is underwritten by New York Life Insurance Company, 51 Madison Avenue, New York, NY 10010, under Group Policy No. G–29194–0, on Policy Form G–29194–0/GMR–FACE.
About New York Life Insurance Company
For information on ratings for Association Member Benefits Advisors:
How much life insurance should I consider?
Who is eligible for this insurance?
MAA members under age 65 may request coverage for themselves, their lawful spouses under age 65, and all unmarried dependent children ages 14 days through 22 years (24 if a full–time student). In order to become insured, satisfactory evidence of insurability must be provided and the required premium must be paid.
A dependent who is also an MAA member is eligible for either member or dependent coverage, but not both. If both 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 U.S. (except OR, SD and territories) and Puerto Rico.
How much insurance can I request?
Members—$100,000.00 to $1,000,000.00 in $10,000.00 multiples.
Spouse—$100,000.00 to $1,000,000.00 in $10,000.00 multiples, not to exceed 100% of member’s coverage.
Child(ren)—$10,000.00 per child
Note: The total amount of coverage an individual may request under all group life insurance policies underwritten by New York Life Insurance Company may not exceed $2,000,000.
In addition, the total amount of coverage for a member insured by more than one group policy—or more than one organization participating in such a group policy—issued by New York Life Insurance Company to the Trustee of the Engineering Associations Insurance Trust (of which MAA is a participant) may not exceed the maximum benefit option for any insured person.
Are any discounts available?
Two discounts may be available:
Will I meet with a salesperson?
When is the coverage effective?
Insurance will take effect on the date your application is approved by New York Life Insurance Company, provided the initial premium contribution is paid within 31 days after the date you are billed (send no money now) and any person to be insured is performing the normal activities of a person in good health 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.
Note: Residents of NC: Any reference to “performing the normal activities of a person in good health of like age” are replaced by the requirement that the health status of any proposed insured person remains the same as stated in your application.
When does the coverage end?
Are there any exclusions?
How does the Accelerated Death Benefit work?
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 the 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.
What if I have second thoughts after I apply?