First to Die Insurance Plan

First to Die Life Insurance

SPE Group Insurance Program

Underwritten by New York Life Insurance Company

If your family depends on two incomes to maintain the lifestyle you want for them, the Group First-to-Die Term Life Insurance may be the solution to your financial security needs.

The Group First-to-Die Term Life Insurance provides the same amount of protection--up to $500,000 each--for lawfully married spouses. The benefit you select is paid out when the first of you loses your life.

The Group First-to-Die Term Life Insurance costs less than the SPE Term Life Plan* and may be less expensive than paying for separate policies for both of you. This group plan is particularly beneficial for two-income families with children to support.

* Some benefit provisions differ between Plans. The Group First-to-Die Term Life Insurance does not include Waiver of Premium and Accelerated Death Benefit Provisions. Also, please see the section on Exclusions.

Plan Information

Eligibility Requirements

You are eligible to apply for the SPE Group First-to-Die Term Life Insurance if:

  • you a member of the Society of Petroleum Engineers,
  • You are legally married or have a domestic partner,
  • you and your lawful spouse or domestic partner are between 18 and 59 years of age, and
  • you are a resident of the United States, except territories*.

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

Schedule of Life Insurance

Options of $50,000 to $500,000 in increments of $50,000 are available. What benefit level is best for you? One good way to decide is to determine how many years your family would have to rely on these benefits to replace the loss of one partner's paycheck.

One Certificate is issued which provides the same coverage for both marriage partners. The benefit selected is paid when the first one dies. Joint coverage ends at that point. The surviving spouse can then convert to the SPE Group Term Life Insurance Plan.

Simultaneous Loss Benefit

The full benefit amount will be paid to the beneficiary for each insured if both die within thirty days of a common accident.

A "common accident" is one accident affecting the joint insured resulting in the death of both insured within 30 days of each other. So, if you had selected a $200,000 benefit, your beneficiaries would receive $400,000.

Conversion to the SPE Group Term Life Plan

The surviving spouse has the right to enroll in the SPE Group Term Life Insurance Plan within 60 days of the first spouse's death with no medical underwriting when enrolling for benefits equal to or less than the amount insured under the First-to-Die Plan. To apply for additional benefits or after 60 days, underwriting will be necessary.

Combined First-to-Die Life Insurance and SPE Term Life Insurance Coverage

The combined benefit from both plans for you, the member can be a maximum of $1,000,000. That's the maximum of both plans added together. Your spouse can have coverage up to or equal to yours.

Incontestability

Incontestability

The validity of any amount of insurance which has been in force for two years during your lifetime will not be contested except for non-payment of premium.

Discount for Non-Smokers

You and your spouse may qualify for reduced rates if both of you can certify on the application form that you have not used tobacco or nicotine in any form during the past 12 months.

Choice of Beneficiaries

You and your spouse can each choose your own beneficiaries. Name each other, your children, or anyone you wish.

Effective Date

Coverage starts on the date your application is approved by New York Life Insurance Company, provided the premium has been paid within 31 days after the date you are billed and you and your spouse are performing your normal activities on the later of the date of approval and the date the contribution is paid.

Termination of Coverage

Coverage will terminate for both you and your spouse on the earliest of the following:

  • the premium due date after you reach age 90 or cease to be a member,
  • if you fail to pay premiums when due,
  • when the group policy is terminated,
  • upon the death of either the member or spouse, or
  • the date of divorce or dissolution of marriage.

Remember, the surviving spouse can convert to the SPE Group Term Life Insurance Plan. In the case of divorce or dissolution, the member can convert to the SPE Term Life Insurance Plan or request an individual policy.

The insurance company cannot increase your rates, reduce your benefits or cancel your coverage individually for health reasons. Rates can only be increased on a classwide basis. A class is a group of people with the same age or gender.

Premium Information

Current 2018 Semiannual Premiums for the First-to-Die Term Life Plan

Member's Age Ages
Age 25
Ages
25-29
Ages
30-34
Ages
35-39
Ages
40-44
Ages
45-49
Ages
50-54
Ages
55-59
$500,000 Benefits*
Non-Smoker$244.40$300.80$378.20$477.20$695.20$1,085.20$1,674.40$2,591.00
Smoker$316.80$383.90$490.20$617.10$899.60$1,401.60$2,167.20$3,353.00
$450,000 Benefits*
Non-Smoker$219.96$270.72$340.38$429.48$625.68$976.68$1,506.96$2,331.90
Smoker$285.12$345.51$441.18$555.39$809.64$1,261.44$1,950.48$3,017.70
$400,000 Benefits*
Non-Smoker$195.52$270.40$302.56$381.76$556.16$868.16$1,339.52$2,072.80
Smoker$253.44$307.12$392.16$493.68$719.68$1,121.28$1,733.76$2,682.40
$350,000 Benefits*
Non-Smoker$171.08$210.56$264.74$334.04$486.64$759.64$1,172.08$1,813.70
Smoker$221.76$268.73$343.14$431.97$629.72$981.12$1,517.04$2,347.10
$300,000 Benefits*
Non-Smoker$146.64$180.48$226.92$286.32$417.12$651.12$1,004.64$1,554.60
Smoker$190.08$230.34$294.12$370.26$539.76$840.96$1,300.32$2,011.80
$250,000 Benefits*
Non-Smoker$122.20$150.40$189.10$238.60$347.60$542.60$837.20$1,295.50
Smoker$158.40$191.95$245.10$308.55$449.80$700.80$1,083.60$1,676.50
$200,000 Benefits*
Non-Smoker$97.76$120.32$151.28$190.88$278.08$434.08$669.76$1,036.40
Smoker$126.72$153.56$196.08$246.84$359.84$560.64$866.88$1,341.20
$150,000 Benefits*
Non-Smoker$73.32$90.24$113.46$143.16$208.56$325.56$502.32$777.30
Smoker$95.04$115.17$147.06$185.13$269.88$420.48$650.16$1,005.90
$100,000 Benefits*
Non-Smoker$48.88$60.16$75.64$95.44$139.04$217.04$334.88$518.20
Smoker$63.36$76.78$98.04$123.42$179.92$280.32$433.44$670.60
$50,000 Benefits*
Non-Smoker$24.44$30.08$37.8$47.72$69.52$108.52$167.44$259.10
Smoker$31.68$38.39$49.02$61.71$89.96$140.16$216.72$335.30

Premiums may be paid semiannually or annually. To pay annually, multiply the premiums listed above by two.

*Premiums are based on the member's age. Rates increase on the Policy anniversary date (December 1) following a member's entry into each new age bracket. To qualify for the lower non-smoker rates, both the member and spouse must be non-smokers. New York Life Insurance Company reserves the right to change rates 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. The rates shown above are the current rates.

Please note: An Administrative fee of $2.00 is added for the semiannual billing mode.

Insurance Coverage After Age 59

On the Policy anniversary date (December 1) on or after the insured member turns age 60, benefits will be reduced to a percentage of the benefits in force immediately preceding the member's 60th birthday, as shown in the table below. Benefits for both insured and spouse reduce when the member turns age 60. Premiums are not reduced when coverage reduces. (Benefit options are not guaranteed and are subject to agreement between New York Life Insurance Company and the Policyholder.)

Age of Insured Member Percentage of Member Benefit
60 78%
61 72%
62 66%
63 61%
64 56%
65 52%
66 48%
67 44%
68 40%
69 37%
70 35%
75 30%
80 25%
85 20%

*Please contact the Administrator at 800-337-3140 for rates over 59.

Understanding Your Certificate of Insurance-30 Day Free Look

The information contained in this website is only a partial description of the provisions of the SPE Group First-to-Die Term Life Insurance Plan. Once approved, you will receive a Certificate of Insurance evidencing coverage provided under Group Policy G-29067-1 on Policy Form GMR. The Texas form numbers are GMR-FACE/G29067-0. It is important that you understand your coverage. Please read your Certificate of Insurance thoroughly when it arrives and contact us with any questions.

We want you to get the coverage that's right for you. That's why we give you a 30-day period to review your Certificate. If you return your Certificate without claim within 30 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, the Association 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.

The Plan is underwritten by New York Life Insurance Company, 51 Madison Avenue, New York, NY 10010 under Group Policy Forms GMR, Policy Nos. G-29067-0/FACE and G-29067-1/FACE.

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

John Wigle, California Agent insurance license number: 0482924. John Wigle, Arkansas Agent insurance license number: 46424.

092015