Learn more about Highlights, Eligibility, Plan Details, and Frequently Asked Questions.
COVERAGE LIMITS
Up to $7,700 Monthly Benefits Available
Members have a choice of monthly benefits from $110 to $7,700 (in $110 increments). Your monthly benefit may not to exceed 60% of your "average monthly income."
How to determine your average monthly income...
- Take your gross wages, salaries, commissions, fees and other amounts received for personal services for the last 24 months,
- Do not include income from interest, dividends, rent, royalties, annuities, other disability insurance or unearned income,
- Do not deduct income and social insurance taxes,
- Deduct your normal business expenses that are deductible for income tax purposes,
- Divide by 24.
Example:
$188,000 gross wages for 24 months
- 20,000 minus business expenses for 24 months
= $168,000 net income
÷ 24 divide by 24 months
= $ 7,000 average monthly income
x 60% percentage of monthly income available for disability coverage
___________________________________________________________
= $4,200 amount available for monthly disability benefits
Monthly benefits are available in $110 unit increments. In the above example, the member would be eligible for a disability income plan with a $4,180 monthly benefit.
Please be advised that:
- Members age 60 through 64 may not request a monthly benefit in excess of $1,650.
- For self-employed members in business for less than one year coverage is limited to a $1,100 of monthly benefits with a 90-day waiting period under the Five-Year Plan (without the Catastrophic Disability option).
Add Additional Protection with the Catastrophic Disability Option
Members who elect the 90 & 180 day waiting period may add coverage for severe disabilities by electing the Catastrophic Disability Option. Using this option you can increase your total monthly benefit to 100% of your pre-disability income. (See PLAN DETAILS) page for a complete description)
How to determine your available Catastrophic Disability Option coverage…
Using our previous example above, a member with a $7,000 average monthly income with a Disability Income plan with a $4,180 monthly benefit may select the following amount of Catastrophic Disability coverage.
$7,000 average monthly income
- $4,180 deduct amount of disability income plan
____________________________________________________________
= $2,820 amount of eligible Catastrophic Disability coverage
The Catastrophic Disability Option is also available in $110 increments. In our example, the member would be eligible for $2,750 of Catastrophic Disability coverage.
RATES
Rates for the AIChE Disability Income Insurance plan are determined by the number of units (or options) you elect and based on your attained age when coverage becomes effective. Your rate increases on the premium due date on or immediately after the date you reach a higher age bracket.
Rating Example
A member age 35 selects a 5-year plan with a 90-day waiting period. Using our example above, they request their maximum eligible monthly benefit of $4,180.
$4,180 divided by $110 = 38 units (or Options)
38 units x $0.75 rate = $28.50 monthly premium
If this same member requested the same benefits using the Career Plan, the rate would be:
38 units x $1.17 rate = $44.46 monthly premium
Please note: Your cost when billed may be slightly different due to rounding.
MONTHLY PREMIUM CONTRIBUTIONS
PER $110 MONTHLY BENEFIT OPTION
As of July 1, 2011
|
Career Plan |
|
Age |
30 Day
Waiting Period |
60 Day
Waiting Period |
90 Day
Waiting Period |
180 Day
Waiting Period |
365 Day
Waiting Period |
|
Under 30 |
$1.25 |
$1.00 |
$0.84 |
$0.75 |
$0.67 |
|
30-34 |
1.84 |
1.42 |
1.17 |
1.09 |
0.92 |
|
35-39 |
1.84 |
1.42 |
1.17 |
1.09 |
0.92 |
|
40-44 |
3.17 |
2.50 |
2.09 |
1.84 |
1.67 |
|
45-49 |
3.17 |
2.50 |
2.09 |
1.84 |
1.67 |
|
50-54 |
5.25 |
4.17 |
3.42 |
3.09 |
2.75 |
|
55-59 |
5.25 |
4.17 |
3.42 |
3.09 |
2.75 |
|
60-64* |
5.59 |
4.25 |
3.42 |
2.84 |
2.25 |
|
65-69*† |
5.42 |
4.09 |
3.17 |
2.59 |
2.09 |
|
Additional Cost for Career Plan's
Catastrophic Disability Option |
|
Age |
90 Day
Waiting Period |
180 Day
Waiting Period |
|
Under 30 |
$0.13 |
$0.12 |
|
30-34 |
0.14 |
0.13 |
|
35-39 |
0.15 |
0.14 |
|
40-44 |
0.19 |
0.18 |
|
45-49 |
0.23 |
0.21 |
|
50-54 |
0.32 |
0.30 |
|
55-59 |
0.49 |
0.45 |
|
60-64* |
0.70 |
0.65 |
|
65-69*† |
$1.39 |
$1.29 |
|
Five-Year Plan Cost |
|
Age |
30 Day
Waiting Period |
60 Day
Waiting Period |
90 Day
Waiting Period |
180 Day
Waiting Period |
365 Day
Waiting Period |
|
Under 30 |
$0.92 |
$0.67 |
$0.59 |
$0.50 |
$0.42 |
|
30-34 |
1.25 |
0.92 |
0.75 |
0.67 |
0.50 |
|
35-39 |
1.25 |
0.92 |
0.75 |
0.67 |
0.50 |
|
40-44 |
2.17 |
1.67 |
1.34 |
1.17 |
0.92 |
|
45-49 |
2.17 |
1.67 |
1.34 |
1.17 |
0.92 |
|
50-54 |
4.00 |
3.09 |
2.50 |
2.09 |
1.67 |
|
55-59 |
4.00 |
3.09 |
2.50 |
2.09 |
1.67 |
|
60-64* |
5.59 |
4.25 |
3.42 |
2.84 |
2.25 |
|
65-69*† |
5.42 |
4.09 |
3.17 |
2.59 |
2.09 |
|
Additional Cost for Five-Year Plan's
Catastrophic Disability Option |
|
Age |
90 Day
Waiting Period |
180 Day
Waiting Period |
|
Under 30 |
$0.11 |
$0.10 |
|
30-34 |
0.12 |
0.11 |
|
35-39 |
0.13 |
0.12 |
|
40-44 |
0.16 |
0.15 |
|
45-49 |
0.20 |
0.19 |
|
50-54 |
0.30 |
0.28 |
|
55-59 |
0.48 |
0.45 |
|
60-64* |
0.70 |
0.65 |
|
65-69*† |
1.39 |
1.29 |
*For disabilities commencing on or after the premium due date on or immediately after reaching ages 60 and 63, the maximum benefit period is reduced as previously described on the PLAN DETAILS page.
†On the premium due date on or immediately after reaching age 65, coverage in excess of $2,200 will reduce to $2,200. (Premiums do not reduce.)
The premium contributions shown reflect the current rate and benefit structure. Premium contributions may be changed by New York Life Insurance Company on any premium due date and 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 insured's. For example, a class of insureds is a group of people with the same issue age, waiting period, Plan and Monthly Benefits. Monthly benefit amounts are not guaranteed and are subject to change by agreement between New York Life Insurance Company and the Trustee of the American Institute of Chemical Engineers Insurance Trust