Term Life Insurance

Term Life Insurance Plan Information

SPE Group Insurance Program

Underwritten by New York Life Insurance Company

The SPE Group Term Life Insurance Plan can help make your family's dreams a reality by helping to protect their financial security. With up to $1,000,000 in benefits, no matter what your personal financial situation may be, the SPE Term Life Group Insurance Plan is likely to have a benefit option to fit your needs. With the group buying power of all the cooperating societies; non-smoker rates; a premium discount of approximately 10% on coverage of $220,000 or more; and the Plan’s Inflation Guard Option, the rates are very competitive no matter what level of coverage you choose.

Group Life - 3 Important Reasons

Annually Renewable Comparison

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Plan Information

Eligibility Requirements

You are eligible to apply for the SPE Group Term Life Insurance Plan if:

  • you are a member of the Society of Petroleum Engineers,
  • you are under age 70, and
  • you are a resident of the United States.

You can also apply for coverage for your lawful spouse or domestic partner (under age 70) and any unmarried dependent children ages 15 days to 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.

Plan Features

Schedule of Life Insurance

Member: Options of $25,000 to $1,000,000 * ** (in multiples of $25,000) age 59 and under. Coverage for members between the ages of 60 and 69 who are applying is available in accordance with the "Insurance Coverage After Age 59" section.

Spouse/Domestic Partner: Options of $25,000 to $1,000,000* ** (in multiples of $25,000) age 59 and under. The amount of spouse/domestic partner coverage may not exceed the member’s. Coverage for spouses/domestic partners between the ages of 60 through 69 who are applying is available in accordance with the "Insurance Coverage After Age 59" section.

Children: Each unmarried child age 15 days to 25 years $5,000.

*Coverage remains level until the member or spouse reaches age 60 and then reduces as indicated in the "Insurance Coverage After Age 59" section.

**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.

Inflation Guard Option

On the December 1st renewal after your coverage has been in effect for one year, you will have the opportunity to elect the Plan's Inflation Guard Option. An easy way for your coverage to keep pace with the cost of living, Inflation Guard allows you to increase your coverage by 10% for each of the next 10 years without underwriting, provided you are under age 59, not disabled, and the increased coverage would not exceed the $1,000,000 Plan maximum. Your total premium amount will increase each year according to your then current age to reflect your increased coverage amount. You may elect this option for your spouse, too, if covered.

Waiver of Premium

In the event you are totally and permanently disabled for six consecutive months prior to age 60, coverage for you and your dependents will continue without premium payment provided you remain totally disabled. Evidence of continued total disability will be required from time to time.

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.

Accelerated Death Benefit

The Accelerated Death Benefit has been designed to provide terminally ill insureds the option to have a portion of their life insurance benefit paid while they are still alive. You are then free to use that money any way you choose. This benefit has been added to the Term Life Plan to help enhance your financial security. It can be used to help pay for the high cost of medical and hospital care or for personal expenses.

To qualify for the Accelerated Death Benefit, you or your covered spouse must be insured under the Term Life Insurance Plan, under age 89, and diagnosed as having a life expectancy of 24 months or less.

Proof of terminal illness will consist of a statement from your physician and any other medical information the Insurance Company believes necessary to confirm your status.

If you qualify, the Insurance Company will pay you, in lump sum, 50% of the benefit that would be in force 12 months from the date of your request. Full premiums continue to be payable. The amount of insurance payable upon your death will be reduced by the amount of the Accelerated Death Benefit previously paid.

Some portion of the benefit may be taxable income. Your ability to receive certain government benefits/entitlements may be affected by receipt of this benefit. You should seek advice from a tax advisor and/or attorney if you have any questions about how the benefit may affect your personal situation.

This benefit is not available to residents of Massachusetts.

Discount for Coverage of $220,000 or More

Premium for insureds whose coverage is $220,000 or more will be discounted approximately 10%. This volume discount is available to both members and spouses who are covered.

Discount for Qualified Nonsmokers

You and/or your spouse may qualify for reduced rates if either or 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 Beneficiary

Your beneficiary can be anyone you choose. You may change your beneficiary at any time by written request. You are the beneficiary for your covered spouse and children.

Effective Date

Coverage for you and/or your dependents becomes effective on the date it is approved by the 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 performing the normal activities of a person of like age on the date of approval.

Termination of Coverage

All coverage terminates the December 1st on or after the member reaches age 90, the December 1st on or after you cease to qualify as a member, when the Master Group Policy is terminated by New York Life or the Group Policyholder, or when premiums are not paid. The Plan provides an opportunity to convert to an individual policy with no medical exam when coverage terminates subject to certain conditions which are described in your certificate.

Coverage for dependents terminates when the members coverage terminates, when their premiums are not paid, or when they are no longer eligible.

New York Life cannot terminate coverage or change benefits or premiums on an individual basis; it may do so on a classwide basis.

Premium Information

Current 2018 Semiannual Premiums--Member

Benefit Amounts Less Than $220,000 Benefit Amounts $220,000 or More
Nonsmoker Smoker Nonsmoker Smoker
For each
$25,000 Unit
For each
$25,000 Unit
For each
$25,000 Unit
For each
$25,000 Unit
For each
$25,000 Unit
All Children
$5,000
Under 25 $7.50 $9.00 $6.00 $7.50 $5.00
25-29 10.50 12.00 9.00 10.50 5.00
30-34 12.00 13.50 10.50 12.00 5.00
35-39 15.00 18.00 13.50 16.50 5.00
40-44 24.00 28.50 22.50 25.50 5.00
45-49 39.00 45.00 34.50 40.50 5.00
50-54 60.00 70.50 54.00 63.00 5.00
55-59 93.00 108.00 82.50 97.50 5.00
60-69* 93.00 108.00 82.50 97.50 5.00

Rates increase as the member reaches the next age bracket. Please contact the Administrator at 800-337-3140 for rates over age 69.

*On the Policy anniversary date (December 1) on or after the insured reaches age 60, coverage is reduced as described in the section "Insurance Coverage After Age 59". Full premiums continue to be payable.

Coverage terminates when the member reaches age 90. Dependent coverage terminates when the member's coverage terminates.

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

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



Current 2018 Semiannual Premiums--Spouse

Benefit Amounts Less than $220,000 Benefit Amounts $220,000 or More
Nonsmoker Smoker Nonsmoker Smoker
For each
$25,000 Unit
For each
$25,000 Unit
For each
$25,000 Unit
For each
$25,000 Unit
For each
$25,000 Unit
All Children
$5,000
Under 25 $6.00 $7.50 $4.50 $6.00 $5.00
25-29 9.00 10.50 7.50 9.00 5.00
30-34 10.50 12.00 9.00 10.50 5.00
35-39 12.00 15.00 10.50 13.50 5.00
40-44 19.50 22.50 16.50 19.50 5.00
45-49 30.00 34.50 27.00 31.50 5.00
50-54 45.00 54.00 40.50 48.00 5.00
55-59 70.50 84.00 64.50 75.00 5.00
60-69* 70.50 84.00 64.50 75.00 5.00

Rates increase as the member reaches the next age bracket. Please contact the Administrator at 800-337-3140 for rates over age 69.

*On the Policy anniversary date (December 1) on or after the insured reaches age 60, coverage is reduced as described in the section "Insurance Coverage After Age 59". Full premiums continue to be payable.

Coverage terminates when the member reaches age 90. Dependent coverage terminates when the member's coverage terminates.

New York Life 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 rates New York Life currently charges.

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

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

Insurance Coverage After Age 59

Coverage reduces on the Policy anniversary date (December 1) following the insured's 60th birthday and continues to reduce thereafter according to the table below. Full premiums continue to be payable.

Member or Spouse
Age
Member or Spouse
$25,000 Unit
Children
60 $19,500 $5,000
61 18,000 5,000
62 16,500 5,000
63 15,250 5,000
64 14,000 5,000
65 13,000 5,000
66 12,000 5,000
67 11,000 5,000
68 10,000 5,000
69 9,250 5,000
70-74 8,750 5,000
75-79 7,500 5,000
80-84* 6,250 5,000
85-89** 5,000 5,000

*Maximum coverage at ages 80-84 is $112,500 (18 units). Coverage reduces to a maximum amount of $112,500 on the Policy anniversary date (December 1) following the insured's 80th birthday.

**Maximum coverage at ages 85-89 is $75,000 (15 units). Coverage reduces to a maximum of $75,000 on the Policy anniversary date (December 1) following the the insured's 85th birthday.

Benefit option amounts are not guaranteed and are subject to change by agreement between New York Life and the Group Policyholder.

Understanding Your Certificate of Insurance 30-Day Free Look

This brochure 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 29067 (Policy Form GMR). The Texas forms are as follows: GMR-G29067/FACE. 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.

The Plan is underwritten by New York Life Insurance Company, 51 Madison Avenue, New York, NY 10010 under Group Policy GMR, 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