Learn more about Highlights, Eligibility, Plan Details, and Coverage Limits and Rates.
FREQUENTLY ASKED QUESTIONS
When is the best time to buy life insurance?
The best time is now, for two good reasons.
Life insurance rates are based on your age. It may never be less expensive for you than it is right now. When you enroll in one of the AIChE Level Term Life Insurance plans, you lock in your rate for a specified term of time.
The other important life insurance rating factor is your health. Right now, you may not have any health problems. As you get older, if you develop a health condition it could either increase your rates or make you uninsurable.
Explore each term life plan to find the one that is right for you. By acting now, you receive the best rate possible and eliminate the chance of one day becoming uninsurable.
Why are these rates so economical?
What you are seeing is the advantage of group insurance rates as compared to the individual insurance rates you would find on the open market.
As an individual you have little buying power. As a member of the AIChE, the group's 40,000 members have substantial buying power in negotiating competitive rates from respected carriers such as New York Life.
How much life insurance coverage can I request?
As an AIChE member, you can select from $100,000 to $2,000,000 of life insurance protection. Your spouse may be insured from $100,000 to $2,000,000, not to exceed 100% of the member's coverage. Coverage for both member and spouse must be in multiples of $10,000.
Each eligible dependent child may be insured for $10,000.
Note: The total amount of coverage an individual may request under all group life insurance plans underwritten by New York Life Insurance Company cannot exceed $2,000,000. A child may not be insured for more than one $10,000 benefit under all policies issued by New York Life Insurance Company to the Trustee of the AIChE Insurance Trust.
Who is eligible for the Group 20 Year Level Term Life Insurance plan?
All AIChE members under age 55, their lawful spouses under age 55, and all unmarried dependent children through 24 years of age.
The member must be a resident of the U.S. (not available in NC, TN, TX, VT, WA and territories) or Puerto Rico.
In order to become insured, satisfactory evidence of insurability must be provided and the required premium must be paid.
A spouse or dependent child who is also an AIChE member is eligible for either member or dependent coverage, but not both. If both member and spouse are covered as members, neither may insure the other as spouse and only one may insure any eligible children.
Non-dependent family members may also apply for coverage if they join the AIChE as an associate member. For membership information, visit http://www.aiche.org/JoinNow/.
How do I apply?
You apply using either of two methods: (1) you can receive a rate quote and apply online or (2) you can download an application that you can complete and return to the program administrator by mail to:
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
What should I consider in naming life insurance beneficiaries?
You may select any person, persons, trust or other legal entity as your beneficiary. If, at the time of your death, there are no surviving beneficiaries, benefits will be paid to the executor or administrator of your estate, or at the option of New York Life, to the surviving relatives in the following order of survival: spouse; children equally; parents equally; or brothers and sisters equally. You are the automatic beneficiary for dependent coverage. Beneficiary's can be changed at any time by contacting the program administrator for the appropriate form.
If you are unsure of what wording to use, please don't hesitate to call the program administrator at 1-800-982-4243 for assistance.
Are there any discounts to help lower my rate?
Two discounts may be available:
Non-Smoker Discount
Non-smokers meeting the highest underwriting standards may qualify for the plan's most economical Preferred rates. Other non-smokers may qualify for higher, but still very affordable, Select rates, or the plan's highest Standard rates.
Volume Discounts
If you or your spouse selects coverage amounts of $250,000 through $490,000, you'll receive a volume discount. For amounts of $500,000 through $2,000,000 of coverage, you'll receive an even bigger discount.
What is the difference between term life and permanent life insurance?
Term life is pure insurance. Your premiums go to provide life insurance protection only.
Permanent life is life insurance plus a savings component. A portion of your premium goes to purchase life insurance and a portion goes into a side fund that accumulates at a low rate of interest. Consequently permanent insurance can be more expensive.
Can I increase or decrease the coverage amount on my AIChE 20-Year Level Term Life insurance?
After your AIChE certificate of insurance is issued, the coverage amount can be reduced at any time. However, the coverage amount cannot be increased within the existing AIChE certificate.
In order to increase the coverage amount, you may apply for an additional term life plan based on your age and eligibility requirements as of the date of application. Total coverage when combined with other life insurance in effect, underwritten by New York Life cannot exceed $2,000,000.
How does the Living Benefit option work?
The Living Benefit or 'Accelerated Death Benefit' option is available to help terminally ill insureds during a difficult, and often financially challenging time. Under this provision you may request one advance payment equal to 50% of a qualified terminally ill person's in force life insurance to be paid while that person is still alive.
This money can be used to help cover medical bills, experimental drugs, debts, modifications to your home or for a family vacation—how the proceeds are spent is entirely up to you.
To qualify, a terminally ill insured must provide the New York Life Insurance Company with proof of terminal illness and anticipated life expectancy (12 months or less), as well as any other necessary medical information requested.
A life insurance benefit will still be payable after the insured's death, though it will be reduced by the Living Benefit payment. (Premium contributions will not be reduced.)
Please note that receipt of Living Benefits may affect your eligibility for public assistance programs and may be taxable. Prior to applying to receive such benefits, you should consult with the appropriate social services agency and seek the advice of a qualified tax advisor.
Note: Not available to residents of Massachusetts.
What is Dependent Child coverage and how do I add it?
Dependent Child coverage provides $10,000 of term life insurance coverage for all dependent children in your household. Children can be covered through age 24.
The annual charge for Dependent Child coverage is $8.20. You pay this one rate regardless of how many children you have.
If you are currently insured and you would like to add this coverage, please contact the administrator requesting that dependent child coverage be added to your certificate. Or, if you are a new applicant, you can request coverage by checking the appropriate box on the application.
What happens if I fail to make the required premium payments?
If you miss a premium billing date, you have a 31-day grace period during which you can still make your payment.
If you fail to pay your premium within the grace period, coverage will terminate. To reinstate your coverage will require a new application, new medical underwriting, along with a new two-year contestability period.
A way to help ensure your term life plan does not cancel is to use the Electronic Funds Transfer (EFT) payment option. Payments are automatically deducted from your bank account on a monthly, quarterly, semiannual or annual basis thereby helping to avoid a potential lapse in coverage.
Does a life insurance salesman have to come to my home?
No. You can review the materials on this web site and either apply online or print an application and mail it to the Plan Administrator without meeting with a sales representative.
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 will my coverage become effective?
Your insurance will take effect on the date your application is approved by New York Life Insurance Company, provided:
- the initial premium contribution is paid within 31 days after the date you are billed (send no money now), and
- any person to be insured is performing the normal activities of a person in good health of like age on the date of approval.
Any person who is not performing his/her normal daily activities as required will not become insured until the day 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.
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 coverage end?
Insurance coverage will end when the insured member or spouse reaches age 75 (25 for children), or earlier if:
- premium contributions are not paid when due
- the group plan is terminated or modified by the Policyholder to end insurance for the group of insureds to which the member belongs
- the insured request to end such coverage
In addition, dependent child coverage will terminate when the child ceases to be an eligible dependent.
Does this life insurance have any exclusions?
No. Benefits will be paid for death from any cause, at anytime, anywhere in the world.
Life insurance also has a two-year contestability period during which the insurance company may contest claims if they discover any misrepresentation on the part of the insured. For example, if someone was dying of cancer and failed to mention it on the application.
After the policy has been in force for two years, a life insurance claim cannot be contested except for eligibility provisions and non-payment of premium contributions.
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 the plan underwriter?
This Plan is underwritten by New York Life Insurance Company, under Group Policy No. G-29251-0, on Policy Form G-29251-0/GMR-FACE.