Disability Insurance Plan

Disability Income Insurance

SPE Group Insurance Program

Underwritten by New York Life Insurance Company

The SPE Disability Income Insurance Plan can help reduce the financial impact of a disabling illness or injury by providing you and your family with a continuing income. The amount of Disability Income Plan insurance for which you're eligible is determined by your monthly income and any other disability insurance coverage you may presently have. Many financial planners recommend getting from 50% to 70% of your monthly income in disability insurance.

Group Disability Insurance Overview

Group Disability Insurance Benefits Explained

To enroll now, please click here

Plan Information

Eligibility Requirements

You are eligible to apply for the SPE Disability Income Group Insurance Plan if:

  • you a member of the Society of Petroleum Engineers and actively engaged in your occupation on a full-time basis (at least 20 hours per week), and
  • you are under age 60.
  • you are a resident of the United States*.

*Note: Certain state restrictions may apply. Due to state regulations, the Plan is not available in SD. Filing approval is pending for IN and WA. Please call 1-800-337-3140 or e-mail speinsurance@agia.com for the status of approval.

Plan Features

Choice of Plans

You can choose from three plans according to how long you want to receive monthly payments.

Plan 1: Two-Year Accident, Two-Year Sickness

When you are totally disabled by a covered accident or sickness, you will receive monthly payments for 24 months if you are unable to perform the duties of your own occupation and under age 63. For disabilities beginning while age 63, benefits will be paid until you turn 65. For disabilities beginning at age 64 or over, benefits will be paid for 12 months.

Plan 2: Accident to Age 65, Sickness to Age 65*

When you are totally disabled by a covered accident or sickness, you will receive monthly payments for 5 years if you are unable to perform the duties of your occupation. After 5 years, you must be unable to perform the duties of any occupation for which you are suited by reason of training, education, and experience. As long as you continue to meet the definition of disability and are under the regular care of a licensed physician, the monthly benefits will continue to age 65. On the November 1st on or after you reach age 63, coverage under Plan 2 automatically transfers to Plan 1: This Plan comes with an option for a cost of living adjustment (COLA) which provides for increasing benefits while an insured is on claim. If you select this option, benefits would increase a maximum of 5% after the first 12 months of disability, may never exceed 150% of the pre-adjusted monthly benefit, and are not subject to the overall maximum monthly benefit. When the covered disability ends as defined in the "When the Benefit Ends" section of the Disability Insurance page of your Certificate of Insurance, the monthly benefit will be reduced to the pre-adjusted monthly benefit. There is an additional cost for this option. Please see the section titled "Current 2010 Semiannual Premiums."

Plan 3: Five-Year Accident, Five-Year Sickness

When you are totally disabled by a covered accident or sickness, you will receive monthly benefits for 5 years if you are unable to perform the duties of your own occupation and are under age 63. For disabilities beginning while age 63, benefits will be paid until you turn 65. For disabilities beginning at age 64 or over, benefits will be paid for 12 months.

For all three plans, benefits will continue until the earlier of a) the day the insured ceases to be disabled, or b) the end of the maximum benefit period.

* Maximum benefit for mental/nervous, drug and alcohol is 24 months.

Choice of When Benefits Begin

There is a waiting period from the day you become disabled to the day your monthly payments begin. A waiting period is the number of days the insured must be continuously disabled by a covered illness or injury before benefits commence. How long is up to you.

You can choose between:

  • Monthly payments beginning on the 61st day after disability.
  • Monthly payments beginning on the 181st day after disability.

Here's How Residual Benefits Can Work for You

If you are an insured who returns to work after a covered disability which began before age 64, you may be entitled to a residual benefit if:

  • A total disability income benefit was paid for the disability for at least 30 consecutive days;
  • You did not receive benefits for the full maximum period applicable to the disability; and
  • Your current average earnings during the most recent 6 months after the total disability ends are no more than 75% of your pre-disability income. (Pre-disability income is the member's average "earned income" for the 12 months or 24 months prior to the onset of total disability, whichever is higher.)

The residual benefit is a percentage of the total disability benefit equal to the percentage reduction of monthly earnings. However, for each month that the percentage reduction is 75% or more, the plan will pay the full total disability benefit.

For example, if your last monthly total disability income benefit was $2,000 and you have a 40% reduction in current earnings, the residual benefit would be 40% of $2,000 or $800 a month. No residual benefit will be payable until the waiting period has been satisfied.

The residual benefit will be paid for as long as the total disability income benefit would have been paid if the underlying total disability had continued, or until 6 consecutive months elapse without your qualifying for residual benefits, whichever comes first.

Rehabilitation Benefits

If you are receiving disability benefits and wish to enroll in a vocational rehabilitation program, New York Life may approve participation for three consecutive months with possible extensions up to 24 months. A benefit of $10,000 for workplace modification as part of vocational rehabilitation is also available. These benefits are subject to evaluation and approval by New York Life.

Special Organ Transplant Donor Benefit

If you undergo surgery for organ donation, the Plan will pay benefits from the first day of total disability with no waiting period.

Benefits for Recurring Disability

Successive periods of disability that are due to the same or related causes and are not separated by return to full-time work of six months or more will be considered one period of disability.

Premium Payment During Total Disability

If you receive benefits for six consecutive months and you are under age 60, you will not have to make additional premium payments for as long as you receive benefits for that total disability.

When Insurance Ends

Once coverage is in force, it cannot be terminated by the insurance company until the anniversary date on or after the date you reach age 75, retire, cease to be a member, cease to be actively engaged in full-time employment (at least 20 hours per week), fail to pay premiums when due, or when the group policy is terminated by New York Life or the Group Policyholder.

Exclusions and Limitations

The policy does not provide benefits for any disability caused by or resulting from: intentionally self-inflicted injuries while sane or insane (Missouri residents: the exclusion for intentionally self-inflicted injury is not applicable to injuries caused by an attempted suicide while insane); pregnancy, childbirth except complications of pregnancy; declared or undeclared war or any act of either; disability beyond 24 months after the waiting period if it is due to alcoholism or drug addiction; participation in an illegal occupation or attempt to commit a felony; any condition which is the subject of a waiver or impairment rider attached to your Certificate; any period of a disability during which time the insured is not under the direct care and treatment of a licensed physician.

The Plan does not cover any loss commencing while an insured is in the armed services of any country. Orders to active military service for training purposes of 2 months or less shall not, for the purposes of this exclusion, constitute service in the armed forces of any country. Upon notification to us of entering the armed forces of any country, we will return to the insured pro-rata any premium paid for the period during which the insured is in such service.

Effective Date

Your coverage becomes effective on the date it is approved by the Insurance Company, provided your first premium payment has been received within 31 days of the date you are billed and you are working full-time (20 hours per week) on the date coverage is approved. If you are not at full-time work, insurance will not become effective until the day you return to work full-time provided such date is within three months of the date insurance would have been effective and you are still eligible for insurance.

Benefit Amount

The benefit amount you choose, alone or with any other disability income insurance you have, cannot exceed 60% of your "earned income." Coverage is available from $300 to $10,000 in units of $150. The maximum monthly benefit amount of insurance you may have under the SPE Insurance Disability Plan is $10,000. For all of your disability coverages combined, the maximum monthly benefit must not exceed 60% of your Average Monthly Income.

On the November 1st on or after you reach age 70, monthly benefits are reduced to $300.
Full premiums continue to be payable.

How Much Disability Do You Need?

This Simple SPE Disability Income Insurance Plan Worksheet Can Help You Decide How Much Coverage You May Need.

This worksheet can provide you with a guide to how much disability income insurance you need to cover your monthly expenses - the expenses that will not stop if you become disabled and are unable to work.
Your Monthly Expenses...

A. Mortgage/rent $
B. Transportation - car payment, insurance $
C. Food $
D. Loans and credit cards $
E. School Tuition $
F. Other - phone, utilities, etc. $
Total of Your Monthly Expenses:
The maximum monthly benefit available to you under the SPE Disability Income Plan (Total x 60%):

Although your insurance needs may vary depending on your individual finances and additional income such as royalties, rent or dividends, your Total in Monthly Expenses is the approximate disability insurance benefit you will need to have during your disability.

Premium Information

Current 2018 Semiannual Premiums

Your cost is based on your age when coverage becomes effective and increases each November 1st on or after you enter a higher age bracket. If you wish to pay quarterly, divide the premiums shown in half. The annual payment is twice the amount shown.

Plan 1: Two-Year Accident or Sickness

Benefits Begin on the 61st Day After Disability

Member's
Age
$150
Base
Increment
$2,250
Per Month
$3,000
Per Month
$4,500
Per Month
$6,000
Per Month
$9,000
Per Month
Under 30 2.50 37.50 50.00 75.00 100.00 150.00
30-39 2.75 41.25 55.00 82.50 110.00 165.00
40-49 4.75 71.25 95.00 142.50 190.00 285.00
50-59 9.00 135.00 180.00 270.00 360.00 540.00
60-63* 17.00 255.00 340.00 510.00 680.00 1020.00
64-69* 18.60 279.00 372.00 558.00 744.00 1116.00
70-74 28.50          

Benefits Begin on the 181st Day After Disability

Member's
Age
$150
Base
Increment
$2,250
Per Month
$3,000
Per Month
$4,500
Per Month
$6,000
Per Month
$9,000
Per Month
Under 30 1.60 24.00 32.00 48.00 64.00 96.00
30-39 1.90 28.50 38.00 57.00 76.00 114.00
40-49 3.40 51.00 68.00 102.00 136.00 204.00
50-59 6.25 93.75 125.00 187.50 250.00 375.00
60-63* 13.00 195.00 260.00 390.00 520.00 780.00
64-69* 14.00 210.00 280.00 420.00 560.00 840.00
70-74 20.00          

*Renewal only.

On the November 1st on or after your 70th birthday, monthly benefit reduces to $300.
Full premiums continue to be payable.


Rates are subject to change on a classwide basis on any premium due date and on any date on which benefits are changed. However, your rates may change only if they are changed for all others in the same class of insureds under this group policy. For example, a class of insureds is a group of people with all the same issue age or benefit amount. Rates increase as you enter the next higher age bracket. Future benefits are subject to change by agreement between New York Life and the Policyholder.


Premiums may be paid quarterly, semi-annually, or annually.

Note: A $2.00 administrative fee is added for billing modes other than annual.

Questions? Please call the SPE Administrator at 800-337-3140 or email speinsurance@agia.com

Plan 2: Accident or Sickness to Age 65

Plan 2 includes an optional Cost of Living Adjustment (COLA) benefit. Benefits for insureds who elect this option will increase according to the Consumer Price Index after the first year of a covered disability, subject to an annual maximum of 5% and an overall maximum of 150% of their original issued benefit amount.

Benefits Begin on the 61st Day After Disability

$150 Base Increment $1,500 Per Month $3,000 Per Month $6,000 Per Month
Member's
Age
Without
COLA
With
COLA
Without
COLA
With
COLA
Without
COLA
With
COLA
Without
COLA
With
COLA
Under 30 5.15 6.62 51.50 66.20 103.00 132.40 206.00 264.80
30-39 6.00 7.85 60.00 78.50 120.00 157.00 240.00 314.00
40.49 11.00 13.76 110.00 137.60 220.00 275.20 440.00 550.40
50-59 17.75 20.76 177.50 207.60 355.00 415.20 710.00 830.40
60-63* ** 18.60 21.61 186.00 216.10 372.00 432.20 744.00 864.40

Benefits Begin on the 181st Day After Disability Day

$150 Base Increment $1,500 Per Month $3,000 Per Month $6,000 Per Month
Member's
Age
Without
COLA
With
COLA
Without
COLA
With
COLA
Without
COLA
With
COLA
Without
COLA
With
COLA
Under 30 4.00 5.47 40.00 54.70 80.00 109.40 160.00 218.80
30-39 4.75 6.60 47.50 66.00 95.00 132.00 190.00 264.00
40.49 8.75 11.51 87.50 115.10 175.00 230.20 350.00 460.40
50-59 13.75 16.76 137.50 167.60 275.00 335.20 550.00 670.40
60-63* ** 14.00 17.01 140.00 170.10 280.00 340.20 560.00 680.40

*Renewal only.

**On the November 1st on or after your 63rd birthday, coverage transfers to Plan 1.

Rates are subject to change on a classwide basis on any premium due date and on any date on which benefits are changed. However, your rates may change only if they are changed for all others in the same class of insureds under this group policy. For example, a class of insureds is a group of people with all the same issue age or benefit amount. Rates increase as you enter the next higher age bracket. Future benefits are subject to change by agreement between New York Life and the Policyholder.

Premiums may be paid quarterly, semi-annually, or annually.

Note: A $2.00 administrative fee is added for billing modes other than annual.

Plan 3: Five-Year Accident or Sickness

Benefits Begin on the 61st Day After Disability

Member's Age $150 Base Increment $2,250 Per Month $3,000 Per Month $4,500 Per Month $6,000 Per Month $9,000 Per Month
Under 30 3.34 50.10 66.80 100.20 133.60 200.40
30-39 4.12 61.80 82.40 123.60 164.80 247.20
40-49 7.92 118.80 158.40 237.60 316.80 475.20
50-59 15.40 231.00 308.00 462.00 616.00 924.00
60-63* ** 18.60 279.00 372.00 558.00 744.00 1116.00

Benefits Begin on the 181st Day After Disability Day

Member's Age $150 Base Increment $2,250 Per Month $3,000 Per Month $4,500 Per Month $6,000 Per Month $9,000 Per Month
Under 30 2.47 37.05 49.40 74.10 98.80 148.20
30-39 3.35 50.25 67.00 100.50 134.00 201.00
40-49 6.58 98.70 131.60 197.40 263.20 394.80
50-59 12.00 180.00 240.00 360.00 480.00 720.00
60-63* ** 14.00 210.00 280.00 420.00 560.00 840.00

*Renewal only.

**On the November 1st on or after your 63rd birthday, coverage transfers to Plan 1.

Rates are subject to change on a classwide basis on any premium due date and on any date on which benefits are changed. However, your rates may change only if they are changed for all others in the same class of insureds under this group policy. For example, a class of insureds is a group of people with all the same issue age or benefit amount. Rates increase as you enter the next higher age bracket. Future benefits are subject to change by agreement between New York Life and the Policyholder.

Premiums may be paid quarterly, semi-annually, or annually.

Note: A $2.00 administrative fee is added for billing modes other than annual.

Definitions

For Plan 1:
During the waiting period and thereafter, you will be considered totally disabled if you are unable to perform the substantial and material duties of your regular occupation or occupational specialty for up to a maximum of 24 months.

For Plans 2 and 3:
During the waiting period and thereafter, you will be considered totally disabled if you are unable to perform the substantial and material duties of your regular occupation or occupational specialty for up to a maximum of 5 years. After the first 5 years, you must be unable to perform the duties of any occupation for which you are suited by reason of training, education, and experience to continue receiving disability benefits. The insured must be under the care of a licensed physician and not working at any gainful occupation.

If you engage in a new occupation during the 5 years following the beginning of your total disability, benefits under the Plan will continue provided your earnings from the new occupation do not exceed 75% of your average monthly income before your disability commenced.

Definition of Earned Income

If the insured is self-employed, or wholly or partially compensated by commissions, your earned income is the monthly average of your earned income as reported in the preceding years Federal Income Tax Return. Otherwise, the insureds earned income is the basic rate of monthly compensation.

Understanding Your Certificate of Insurance-30 Day Free Look

This information contained in this website is only a partial description of the provisions of this insurance coverage. Once approved, you will receive a Certificate of Insurance as evidence of coverage provided under the Group Policy of 29066 (Policy Forms GMR). The Texas form numbers are GMR-FACE/G29066. It is important that you understand your coverage. Please read your Certificate thoroughly when it arrives and contact us with any questions.

We want you to get the coverage that's right for your insurance needs. That's why we give you a thirty day period to review your Certificate. If you return your Certificate without claim within thirty days, we will refund your full premium and the Certificate will be null and void, as if it were never issued.

The Association incurs certain administrative expenses in connection with this sponsored program. To provide and maintain this valuable membership benefit, it is reimbursed for such expenses.


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.

It is extremely important that you fully answer the questions about medical history on all forms submitted. The Insurance Company relies on your answers, and failure to supply complete information may invalidate coverage.

Your acceptance into the Plan is subject to Insurance Company approval. The Company may offer coverage at the same premium by eliminating benefits for a specified condition.

Questions? Please call the SPE Administrator at 800-337-3140 or email speinsurance@agia.com.

The Plan is underwritten by New York Life Insurance Company, 51 Madison Avenue, New York, NY 10010 under Policy No. G-29066-D/FACE.

Complete details, including features, costs, eligibility, renewability, limitations and exclusions are found in the Certificate of Insurance.

Licensed Agent J. Christopher Burke No. 8876308

092015

G-29066-0-Aw