Learn more about Highlights, Eligibility, Plan Details, and Coverage Limits and Rates.
FREQUENTLY ASKED QUESTIONS
Do I need Accidental Death and Dismemberment (AD&D) Insurance?
Although benefits can be paid for loss of life, it is important not to confuse AD&D with life insurance. Use the AIChE Group Term Life Insurance products to build the foundations of your life insurance portfolio, and the AD&D plan to help supplement it with additional protection—particularly when you are young and the financial impact of an accident can be the most devastating.
AD&D insurance provides benefits to your beneficiary if a covered accident results in death or other covered losses, such as the loss of a limb or loss of sight. Because AD&D pays for claims resulting from accidents only, it is a cost effective way to supplement your life insurance program with additional benefits at an extremely economical rate.
Just how economical is AD&D insurance?
Eligible members pay only $48 a year for $100,000 of coverage. For an additional $24 a year, you can add $50,000 of protection for your spouse and $10,000 for all dependent children.
Who is eligible for AD&D insurance?
An AIChE member under age 70 is eligible to apply for coverage for yourself, your lawful spouse under age 70, and unmarried dependent children under age 19 (26 if a full-time student).
Coverage is available to residents of the U.S. (not available in FL, NC, TN, VT, WA and territories) and Puerto Rico.
To become insured, an application must be submitted and the required premium contribution must be paid when due.
Can I get coverage if I have a health problem?
Yes. The application does not ask any questions about your health. Nor will you have to take a medical exam. Your acceptance into the plan is guaranteed as long as you are an AIChE member under age 70. Please see the ELIGIBILITY page for additional details.
Do AD&D insurance rates increase over time?
No. Unlike some life insurance plans, your rate will not increase just because you get older.
However, rates are not guaranteed for the life of the plan. Premium contributions may be increased by New York Life.
How do I apply?
It’s easy to apply, simply download an application that you can complete and return to the program administrator by mail:
AIChE Insurance Program Administrator
159 E. County Line Road
Hatboro, PA 19040
Residents of Puerto Rico please send your completed application to:
Global Insurance Agency, Inc.
P.O. Box 9023918
San Juan, PR 00902-3918
Does my coverage automatically decrease at a certain age?
AD&D insurance is designed to help protect members during their working years, when the risk of an accident is high and the financial results can have an adverse impact on your family.
When the insured member reaches age 70, any coverage over $100,000 will automatically be reduced to $100,000, and the plan is converted to Common Carrier Travel Accident Insurance. If spouse coverage is still in place it too will reduce and convert along with your coverage (premiums do not reduce). Although you can keep this coverage after age 70, benefits are only payable for a covered loss which is the result of an accident while traveling as a passenger in a common carrier (such as a train, bus or aircraft).
Are AD&D proceeds taxable?
The benefits from AD&D proceeds are not taxable. Please note that you should consult your own personal tax advisor for further information.
Does a salesman have to come to my home?
No. Issuing this coverage can be handled without meeting with a sales representative. You can review the materials on this web site and apply for coverage by mailing in your application to the program administrator.
If you would like, you can talk to a licensed representative over the phone by calling the program administrator toll free at 800-982-4243.
When is the coverage effective?
The coverage for you and your eligible dependents will become effective on the date specified by New York Life Insurance Company. For coverage to become effective:
- the initial premium contribution must be paid, and
- you and your dependents must be actively performing the normal activities of a person in good health of like age on that date.
Dependent insurance will not take effect unless your insurance is in effect on a premium paying basis, and any person who is not performing his/her normal activities as required will not become insured until the date he/she is performing such activities, provided such date is within three months of the date insurance would have been effective and the person is still eligible. (Payment of a premium contribution for insurance does not mean there is any coverage in force before the effective date as specified by New York Life Insurance Company.)
Note: Residents of MD and NC: Any reference to “performing normal activities” is replaced by the requirement that the health status of any proposed insured person remain the same as stated in your application.
When does the coverage end?
Your AD&D insurance will terminate at the onset of the earliest of these conditions:
- if premium contributions due are not paid,
- if the Group Policy is terminated or modified by the Trustee or New York Life,
- for any insured person to whom the principal sum has been paid,
- for dependent spouse and/or child coverage, if member coverage ends (however dependent coverage may be continued if the member’s principal sum has been paid),
- for a dependent spouse, when he/she is no longer a lawful married spouse,
- for a dependent child, upon reaching age 19 (26 if a full-time student).
A member’s surviving spouse and children may continue coverage if it was in force at the time of the member’s death, as described in the certificate of insurance.
Are there any exclusions?
Yes. No benefit will be paid for losses resulting from:
- suicide or intentionally self-inflicted injury
- war
- participation in a felony or illegal activity
- voluntary or illegal use of drugs, narcotics or intoxicants, unless prescribed by a physician
- operating, riding in or descending from any aircraft except when riding as a passenger
- physical or mental sickness
- medical/surgical treatment
Please see the ‘Exclusions and Limitations’ section on the PLAN DETAILS page for more information.
What if I have second thoughts after I apply?
When you become insured, you will be sent a certificate of insurance summarizing your benefits under the plan. If you are not completely satisfied with the terms of your certificate you may return it, without claim, within 30 days. Your coverage will be invalidated and you will be sent a full refund, without the need to explain your action.
Who is this plan underwriter?
Underwritten by New York Life Insurance Company, under Group Policy No. G- 29343-0, on Policy Form GMR-FACE /G- 29343-0.