Learn more about Highlights, Eligibility, Coverage Limits and Rates and Frequently Asked Questions.
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.
Preferred Rates for Qualified Non-Smokers
The Group 20-Year Level Term Life plan features three rating tiers: Preferred, Select and Standard. Only non-smokers meeting the highest underwriting standards may qualify for the Preferred rates. Depending on their health, other non-smokers may qualify for the Select or Standard rates. Standard rates apply for all smokers.
Volume Discounts
Members applying for coverage amounts of $100,000 through $240,000 receive the base rates. You receive a volume discount when you select coverage amounts between $250,000 through $490,000. Receive an even further discount when you select coverage limits between $500,000 through $2,000,000. See COVERAGE LIMITS AND RATES page for complete rate chart.
Continuing Your Insurance After the 20-Year Term
For the first twenty years of coverage, premiums are guaranteed to remain level. At the end of the 20-year period, you and your insured spouse may reapply for a successive 20-year term of coverage at the rates in effect at that time. When doing so you must continue to meet the eligibility guidelines as outlined on the ELIGIBILITY page.
If your application for a subsequent 20-year term of guaranteed rates is approved, the premium contribution will be based on the insured person's attained age, health and smoking status at the time coverage becomes effective and will be guaranteed for a new 20-year term.
If you or your spouse are not approved for a subsequent 20-year term, or you do not apply for a subsequent 20-year, coverage will continue in force on a non-guaranteed rate basis at your then attained age, under which premium contributions increase as the insured ages.
Living Benefit Provision
The Living Benefit or "Accelerated Death Benefit" is designed to help terminally ill insureds and their families during a difficult and often financially challenging time. Under this provision, a qualified terminally ill person may request one advance payment equal to 50% of their in force life insurance to be paid while that person is still alive.
This money is payable directly to the insured member and can be used as they see fit. The Living Benefit can help cover high prescription drug costs, medical bills, outstanding debts, experimental treatments, modifications to your home, or even a family vacation—it's up to you.
To qualify, a terminally ill insured must provide the insurance company with proof of terminal illness and anticipated life expectancy (12 months or less), as well as any other medical information New York Life believes is necessary to confirm the person's status.
The request must be made at least 12 months prior to the insured person's scheduled coverage termination age and the amount of insurance payable after the insured's death will be reduced by this payment. (Premium contributions will not be reduced.)
Please note that receipt of Accelerated Death 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 counsel.
Note: The Accelerated Death Benefit is not available to residents of Massachusetts.
Send No Money Now
All you need to do is return the completed application. You will be billed for the appropriate premium upon approval of your application.
Choose Your Beneficiary
You may select any person(s), trust or legal entity as your beneficiary. At the time of a claim, if 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.
Claims Incontestable After Two YearsAfter the policy has been in force for two years, a life insurance claim cannot be contested except for non-payment of premium contributions and plan provisions relating to eligibility.
Effective Date
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 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 or her normal activities as required will not become inured 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 Coverage Ends
Coverage will end when the insured member or spouse reaches age 75 or earlier if:
- the premiums 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, or
- if the insured requests to terminate insurance.
Dependent child coverage will terminate when the child reaches age 25.
Payment Options
Two payment modes are available to suit your needs and budget: Electronic Fund Transfer (EFT) and direct billing.
If you choose to have your premiums deducted electronically from your checking or savings account, you can select from monthly, quarterly, semiannual or annual EFT options. Bills sent to you directly can be mailed on a quarterly, semiannual or annual basis.
Premiums on the Rate page are shown monthly. When paying quarterly multiply the monthly rate by 3; semiannually, multiply the monthly rate by 6; or annually, multiply the monthly rate by 12.
30-Day "Free Look"
If approved, you will be sent a Certificate of Insurance summarizing your benefits under the Group 20-Year Term Life plan. If you are not completely satisfied, you may return your Certificate of Insurance, without claim, within 30 days. Your coverage will be invalidated and you will receive a full refund—no questions asked.
Renewal Payments And Claims
Once you are accepted into the plan, you will have a 31-day grace period for your payment of renewal premium contributions.
When you want to submit a claim, call or write the Administrator for claim forms.
Certificate Of Insurance
This information is only a brief description of the principal provisions and features of the Plan. The complete terms and conditions are set forth in the group policy issued by New York Life Insurance Company to the Trustee of the American Institute of Chemical Engineers Insurance Trust on policy form GMR.
When you become insured, you will be sent a Certificate of Insurance summarizing your benefits under the Plan.
IMPORTANT NOTICE: How New York Life Obtains Information and Underwrites Your Request for Group 20-Year Level Term Life Insurance
Information regarding insurability will be treated as confidential. In considering your request for insurance, we will rely on the medical information you provide, and on the information you authorize us to obtain from your physician, other medical practitioners and facilities, other insurance companies to which you have applied for insurance and MIB, Inc. (formerly known as Medical Information Bureau). MIB and other insurance companies may also furnish New York Life, its subsidiaries or the plan administrator with non-medical information (such as driving records, past convictions, hazardous sport or aviation activity, use of alcohol or drugs, and other application for insurance). The information provided may include information that may predate the time frame stated on the medical questions section, if any, on this application. This information may be used during the underwriting and claims processes, where permitted by law.
Your AUTHORIZATION may be used for a period of 24 months from the date you signed the application, unless sooner revoked. The AUTHORIZATION may be revoked at any time by notifying the Administrator in writing at the address provided. Your revocation will not be effective to the extent New York Life or any other person already has disclosed or collected information or taken other action in reliance on it, or to the extent that New York Life has a legal right to contest a claim under an insurance certificate or the certificate itself. The information New York Life obtains through your Authorization may become subject to further disclosure. For example, New York Life may be required to provide it to insurance, regulatory or other government agencies. In this case, the information may no longer be protected by the rules governing your AUTHORIZATION.
New York Life may release this information to the plan administrator, MIB, other insurance companies to whom you may apply for insurance, or to whom a claim for benefits may be submitted and to others whom you authorize in writing. However, this will not be done in connection with information concerning Acquired Immune Deficiency Syndrome (AIDS) or Human Immunodeficiency Virus (HIV).
New York Life will not disclose such information to anyone except those you authorize or where required or permitted by law. We may make a brief report to MIB; however, we will not disclose our underwriting decision. Information in our files may be seen by New York Life and Plan Administrator employees, but only on a "need to know" basis in considering your request. Upon receipt of all requested information, we will make a determination as to whether your request for insurance can be approved.
MIB is a not-for-profit organization of insurance companies, which operates an information exchange on behalf of its members. When you apply for insurance or submit a claim for benefits to a MIB member company, medical or non-medical information may be given to the Bureau, which may then be furnished to member companies.
If we cannot provide the coverage you requested, we will tell you why. If you feel our information is inaccurate, you will be given a chance to correct or complete the information in our files. Upon written request to New York Life or MIB, you will be provided with non-medical information. Generally, medical information will be given either directly to the proposed insured or to a medical professional designated by the proposed insured. Your request is handled in accordance with the Federal Fair Credit Reporting Act procedures. If you question the accuracy of the information provided by MIB, you may contact MIB and seek a correction. MIB's information office is: MIB, Inc., 50 Braintree Hill Park, Suite 400, Braintree, MA 02184-8734, telephone (866) 692-6901 (TTY 866-346-3642). For Canadian residents, the address is: MIB Information Office, 330 University Avenue, Suite 501, Toronto, Ontario, Canada M5G 1R7, telephone (416) 597-0590. Information for consumers about MIB may be obtained on its website at www.mib.com.
For NM Residents: PROTECTED PERSONS1 have a right of access to certain CONFIDENTIAL ABUSE INFORMATION2 we maintain in our files and they may choose to receive such information directly. You have the right to register as a PROTECTED PERSON by sending a signed request to the Administrator at the address listed on the application. Please include your full name, date of birth and address.
1PROTECTED PERSON means a victim of domestic abuse: who has notified us that he/she is or has been a victim of domestic abuse; and who is an insured person or prospective insured person.
2CONFIDENTIAL ABUSE INFORMATION means information about: acts of domestic abuse or abuse status; the work or home address or telephone number of a victim of domestic abuse; or the status of an applicant or insured as family member, employer or associate or a victim of domestic abuse or a person with whom an applicant or insured is known to have a direct, close, personal, family or abuse-related relationship.
New York Life Insurance Company 2.09 (s)ed.
This website is only a brief description of the principal provisions and features of the plan. The complete terms and conditions are set forth in the group policy issued by New York Life Insurance Company to the Trustee of the American Institute of Chemical Engineers Insurance Trust.
The AIChE incurs costs in connection with this sponsored program. To provide and maintain this valuable membership benefit, it is reimbursed for these costs.
This Group 20-Year Level Term Life Insurance Plan is underwritten by New York Life Insurance Company, 51 Madison Ave., New York, NY 10010 under Group Policy G-29251-0 on Policy Form GMR-FACE/G-29251-0.