10 year level term life insurance plan

10 year level premium life insurance

SPE Group Insurance Program

Underwritten by New York Life Insurance Company

The SPE Group 10-Year Level Term Life Insurance Plan can give you a flexible, way to help plan for your family’s financial future. The Group 10-Year Level Term Life Insurance Plan is an exceptional planning tool—you’ll know exactly how much you’ll pay for life insurance protection for a full ten years.

Your Premiums and Your Benefit Stay the Same for 10 Years

The idea behind the SPE Group 10-Year Level Term Life Insurance Plan is simple—take term life insurance coverage and add a premium feature to keep the rates level for the initial term of 10 years. It’s simple, there are no costly savings or investment features, and rates don’t move up or down. You’ll know exactly how your life insurance can fit into your family’s financial plan.

Plan Information

Eligibility Requirements

Members of the Society of Petroleum Engineers under age 65 residing in the United States*, who are in good health and are actively performing the normal, everyday activities commonly associated with someone of their like age are eligible to apply for coverage. (Residents of Maryland and North Carolina: Any reference to "performing normal activities of a person in good health of like age" is replaced by the requirement that the health status of any proposed insured person remain the same as stated in your application.)

A member's lawful spouse or domestic partner (under age 65) and any unmarried, dependent children ages 15 days to age 25 years.

A dependent that is also a member is eligible for either member or dependent coverage, but not both. If both spouses/domestic partners are covered as members, neither may insure the other as spouse/domestic partner and only one may insure eligible children.

*Note: Due to state regulations, this plan is not available in SD. Please contact the Administrator at 1-800-337-3140 or e-mail speinsurance@agia.com for the status of approval.

Plan Features

Coverage of $100,000 to $1,000,000 is Available

Coverage is available for members, spouses or domestic partners, and children.

Member: With benefits of $100,000 to $1,000,000 available to members in increments of $10,000, you can tailor your coverage to meet your family’s specific needs. Coverage is available to members under the age of 65.

Spouse or Domestic Partner: Spouses or domestic partners age 65 and under are eligible for coverage, not to exceed the member’s level of coverage, in increments of $10,000.

Children: Your dependent children age 15 days to 25 years are eligible for coverage of up to $5,000.

Please note: The maximum amount of life insurance in force for combined New York Life Insurance Company group policies may not exceed $1,000,000 per insured association member.

You can tailor the Plan’s coverage to meet your family's specific needs. Please use the Insurance Worksheet below to help determine your family's coverage.

Insurance Worksheet

How much life insurance should you and your family consider? For years, financial planners have recommended 5 to 8 times your annual income*. But these days, with more mobile and two-income families, life insurance needs can vary widely. So, how do you determine how much coverage your family needs? Completing the simple worksheet below can give you a better idea of your family's unique life insurance needs.

Add the following expenses:

Final Expenses
(Medical bills, funeral costs, attorney, probate or estate planning fees, also any estate taxes)
$
-PLUS-
Debt
(Credit cards, auto loans, your mortgage or mortgages, home equity loans, property taxes due)
$
-PLUS-
Living Expenses
(Food, clothing and other day-to-day living expenses and home maintenance, child care expenses, college costs)
$
Subtotal of Your Financial Needs $
-SUBTRACT-
Current Financial Assets
(Savings, cash, investments, any equity in your home, IRAs, any life insurance you already have)
$
Life Insurance Needs
(Your financial responsibilities and needs minus your current assets equal life insurance you may need.)
*Insurance Information Institute: http://www.iii.org/individuals/life/basics/how much/
$

Amounts of Insurance:

Members--$100,000 to $1,000,000 in $10,000 multiples.

Spouse--$100,000 to $1,000,000 in $10,000 multiples, not to exceed 100% of member's coverage.

Children--$5,000


Discounts on Higher Amounts of Coverage

Volume discounts are included for coverage amounts of $250,000-$499,000. Even greater discounts are available for coverage of $500,000 to $1,000,000.

Premium Savings for Non-Smokers

Only non-smokers meeting the highest underwriting standards will qualify for "Preferred" rates. Other non-smokers may qualify for higher "Select" or "Standard" rates. (Note: Smokers may only qualify for "Standard" rates.) Upon approval of your application, you will be notified of the rate classification for each approved person.

Your Coverage Can Continue After the Initial 10 Year Term

Premiums are guaranteed to remain level for the first 10 years of coverage. Then, if still eligible, you may reapply for the 10-year level rates in effect for a subsequent 10-year term; rates for the subsequent term would be determined based on your then current age, health, and smoking status and guaranteed for 10 years. If you're not approved for a subsequent 10-year term of guaranteed rates, or do not apply for a subsequent 10-year term, coverage will continue in force on a conventional, non-guaranteed rate basis with increasing premiums as the insured ages. Please call the Administrator at 800-337-3140 for details.

Effective Date

Coverage for you and any dependents who applied for this Plan becomes effective on the date it is approved by New York Life Insurance Company, provided your first contribution is paid within 31 days after the date you are billed and you and any of your approved dependents are in good health and performing the normal activities of a person of like age on the date of approval. (Residents of MD and NC: Any reference to "performing normal activities of a person in good health of like age" is replaced by the requirement that the health status of any proposed insured person remain the same as stated in your application.)

When Coverage Ends

Coverage will end when the insured member or spouse reaches age 75 (25th birthday for children) or earlier if: a) the premium is not paid within the 31-day grace period following the due date, b) the Policy ends or is changed to end insurance for the group of insureds to which the insured belongs, c) the insured member ceases to be a member of the Association, or d) the insured requests in writing to cancel the insurance. Coverage for dependent children will terminate when the child ceases to become an eligible dependent.

Accelerated Death Benefit

A terminal illness can be emotionally devastating and financially draining. The last thing you and your family need to worry about is how to pay the bills. The SPE Group 10-Year Level Term Life Insurance Plan has a provision that pays up to 50% of your (or an insured dependent's) life insurance benefit if a terminal illness has been diagnosed. Full premiums continue to be payable. For terms, conditions, and limitations, please see the Certificate of Insurance.

Note: The Accelerated Death Benefit is not available to residents of Massachusetts

Exclusion

Death by suicide during the first two years coverage is in force, whether the insured person was sane or insane, is not covered. (MO residents: Suicide is not excluded unless intended when the applicant applied.)

You Name Your Beneficiary

Your beneficiary can be anyone you choose. Your may change your beneficiary at any time by written request. You are the automatic beneficiary for your covered spouse and children. If you wish to name another beneficiary for spouse insurance, please contact the Administrator for the appropriate forms.

Certificate of Insurance

The information contained in this website is only a partial description of the provisions of this insurance coverage. When you become insured, you will be sent a Certificate of Insurance as evidence of coverage provided under the Group Policy underwritten by New York Life Insurance Company, 51 Madison Ave., New York, NY 10010 on Form GMR-G29195/FACE.

Premium Information

Current 2018 Annual Premium Contributions

Rates have been provided on an annual basis per $1,000 of coverage to make it easier for you to compare this plan to other insurance plans on the market today.

The cost of this life insurance is based upon the member and spouse's gender*, amount of insurance requested, usage of tobacco/nicotine products, health status, and attained age on the date coverage is issued.

Non-smokers meeting the highest underwriting standards may qualify for the "Preferred" premium rates. Other non-smokers may qualify for higher "Select" or "Standard" rates. Upon approval of your application, you will be notified of the rate classification for each approved person.

Premium Contribution Tables

The premium contributions shown above reflect the current rate and benefit structure for an initial 10-year term. Premiums are guaranteed to remain level for the first 10 years of coverage. Then, if still eligible, you may reapply for the 10-year level rates in effect for a subsequent 10-year term; rates for the subsequent term would be determined based on your then current age, health, and smoking status and guaranteed for 10 years. If you are not approved for a subsequent 10-year term of guaranteed rates, or do not apply for a subsequent 10-year term, coverage will continue in force on a non-guaranteed rate basis with increasing premiums as the insured ages. An alternative at the end of a 10-year period would be to request an exchange to enter into the SPE Traditional Term Life Policy. Please call the Administrator at 800-337-3140 for details.

Premiums will be billed semi-annually June 1 and December 1. A $2.00 administrative charge is added for the convenience of semi-annual billing. Premiums may be paid annually to eliminate the $2.00 charge.

Understanding Your Certificate of Insurance 30-Day Free Look

Please read your Certificate thoroughly when it arrives and contact the Administrator with any questions. If you are not completely satisfied with the terms of your Certificate, you may return it, without claim, within 30 days for a full premium refund. No questions asked.


How to Apply for Coverage

It is important to read the General Information section of this website before applying for coverage. You have two options to enroll: To enroll online, click here. To download a paper application and complete application instructions, click here.

The SPE Group 10-Year Level Term Insurance Plan is underwritten by New York Life Insurance Company, 51 Madison Avenue, New York, NY 10010, under Policy Form GMR-G29195/FACE.

For complete details, including features, costs, eligibility, renwability, limitations and exclusions, please see the Certificate of Insurance.

Licensed Agent J. Christopher Burke No. 8876308

092015