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 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

To enroll now, please click here.

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 30 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 30 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 Contribution Benefit

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. Proof of disability must be received within one year after the date such total disability began. 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 is available to a COVERED PERSON who has a Terminal Illness ("Terminal Illness" is a medical condition where the patient has a life expectancy of 24 months or less).

The Death Benefit is the benefit payable for a COVERED PERSON'S death.

For the Accelerated Death Benefit to be paid, the INSURED MEMBER must give:

  1. the Policyholder a completed, written request for the benefit on a form satisfactory to New York Life; and
  2. New York Life satisfactory medical proof, in writing, that the COVERED PERSON has a Terminal Illness, no later than 12 months before such COVERED PERSON'S TERMINATION AGE DATE.

For the Death Benefit to be paid, New York Life must receive satisfactory proof of the COVERED PERSON'S death.

The Accelerated Death Benefit will be paid to the INSURED MEMBER, except that: If New York Life has received satisfactory proof of the INSURED MEMBER'S death before such payment is made, payment will be made in accordance with the Death Benefit subsection of the Beneficiary section.

The Death Benefit will be reduced by 50% if the Accelerated Death Benefit is paid. CONTRIBUTIONS will remain unchanged. New York Life will send the INSURED MEMBER a statement which will specify the effect the payment of the Accelerated Death Benefit will have on the Death Benefit and CONTRIBUTIONS. Receipt of the Accelerated Death Benefit may be taxable. The INSURED MEMBER should seek assistance from a personal tax advisor.

Choice of Beneficiary

One or more beneficiaries can be designated, and 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.

Termination By The Policyholder
The Policyholder may terminate the Policy, only after the first Anniversary Date, by giving written notice to New York Life at least 30 days in advance.

Termination By New York Life
New York Life can terminate the Policy, only after the first Anniversary Date, by giving written notice to the Policyholder at least 90 days in advance.

Premium Information

Current 2021/2021 Semiannual Premiums--Members

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 $8.25 $10.00 $6.50 $8.25 $5.00
25-29 11.50 13.25 10.00 11.50 5.00
30-34 13.25 14.75 11.50 13.25 5.00
35-39 16.50 19.75 14.75 18.25 5.00
40-44 26.50 31.25 24.75 28.00 5.00
45-49 43.00 49.50 38.00 44.50 5.00
50-54 66.00 77.50 59.50 69.25 5.00
55-59 102.25 118.75 90.75 107.25 5.00
60-69*/** 102.25 118.75 90.75 107.25 5.00

Rates increase as the member reaches the next age bracket. Premium rates are for illustrative purposes and may vary due to rounding.

*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.

**For premiums age 70 and over (renewal only) please contact the Administrator at 800-337-3140. Coverage terminates when the members reaches age 90. Dependent coverages terminates when the member’s coverage terminates.

Premiums may be paid semiannually to annually. To pay annually, multiple the above premiums by two.

New York Life reserves the right to change rates on the 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.

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



Current 2021/2021 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 $6.50 $8.25 $5.00 $6.50 $5.00
25-29 10.00 11.50 8.25 10.00 5.00
30-34 11.50 13.25 10.00 11.50 5.00
35-39 13.25 16.50 11.50 14.75 5.00
40-44 21.50 24.75 18.25 21.50 5.00
45-49 33.00 38.00 29.75 34.75 5.00
50-54 49.50 59.50 44.50 52.75 5.00
55-59 77.50 92.50 71.00 82.50 5.00
60-69*/** 77.50 92.50 71.00 82.50 5.00

Rates increase as the member reaches the next age bracket. Premium rates are for illustrative purposes and may vary due to rounding.

*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.

**For premiums age 70 and over (renewal only) please contact the Administrator at 800-337-3140. Coverage terminates when the members reaches age 90. Dependent coverages terminates when the member’s coverage terminates.

Premiums may be paid semiannually to annually. To pay annually, multiple the above premiums by two.

New York Life reserves the right to change rates on the 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.

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 $18,750 $5,000
61 18,750 5,000
62 18,750 5,000
63 18,750 5,000
64 18,750 5,000
65 12,500 5,000
66 12,500 5,000
67 12,500 5,000
68 12,500 5,000
69 12,500 5,000
70-74 7,500 5,000
75-79 5,000 5,000
80-84* 3,750 5,000
85-89** 2,500 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.

A.G.I.A., Inc. is licensed/authorized to transact business in all 50 United States, and the District of Columbia. Their state of domicile is California. J. Christopher Burke CA Insurance License #0F70947. J. Christopher Burke AR Insurance License #8876308.

The Group Term Life Insurance Plan is underwritten by:
New York Life Insurance Company
51 Madison Avenue, New York, NY 10010
Under Group Policy G-29067-0/FACE, on
Policy Form G-29067-1/FACE.

New York Life is licensed/authorized to transact business in all 50 United States, District of Columbia, Puerto Rico and Canada. However, not all group plans it underwrites are available in all jurisdictions. Please check the plan details for current availability.

New York Life Insurance Company's state of domicile is New York and their NAIC ID # is 55915.

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

092015