Learn more about Highlights, Eligibility, Plan Details, and Frequently Asked Questions.
COVERAGE LIMITS
Apply for up to $1,000,000 of Coverage for You and Your Spouse
Member $10,000 to $1,000,000* (in $10,000 options)
Spouse $10,000 to $1,000,000* (in $10,000 options, not to exceed 100% of
member coverage)
Child(ren) $10,000 each child regardless of how many
The total amount of coverage an individual may request under all group life insurance plans underwritten by New York Life may not 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.
*Coverage per option starts to decrease at age 60. See 'Insurance Amounts Ages 60 to 99' on PLAN DETAILS page.
RATES
The initial cost of insurance for you and your spouse is based on that person's age on the day insurance becomes effective, the amount of insurance requested and tobacco/nicotine use.
- To qualify as a non-smoker, the member/spouse must not have used tobacco or nicotine in any form, including nicotine patches or nicotine chewing gum, for the past 12 months.
- The cost increases as you and your spouse grow older and enter a higher age bracket.
- The monthly premium for $10,000 of life insurance on all dependent children is $0.69 ($0.55 with the 20% premium credit).
20% Savings Through October 31, 2011
The AIChE Group Term Life Insurance plan has generated premium credits based on the plan's favorable experience each year since 1971. Owing to the current premium credit, the first chart below includes a 20% discount. These discounted rates are effective through October 31, 2011.
The second chart below contains the rates without the 20% premium credit.
Rating Sample
Based on a new application, including the 20% premium credit. Member is age 32, spouse 28. Both are non-smokers, each with a face amount of $500,000. Two children, ages 2 and 4 are covered for $10,000 each. (Please note that the premium is calculated per $10,000 option of coverage. $500,000 of coverage is 50 options.)
$0.33 x 50 options = $16.50 member
$0.29 x 50 options = $14.50 spouse
$ 0.55 children
________________________________________________________
= $31.55 family total monthly premium
Please note: Your cost when billed may be slightly different due to rounding.
Monthly Premium Contributions (Current as of July 1, 2011)
|
Current 2011 Monthly Rates per $10,000 Option of Coverage
Including 20% Discount Effective through 10/31/11 |
|
|
$10,000 to $290,000 |
$300,000 to $540,000 |
$550,000 to $1,000,000 |
|
Member/Spouse Issue Age |
Non-Smoker |
Smoker |
Non-Smoker |
Smoker |
Non-Smoker |
Smoker |
|
Under 30 |
$0.32 |
$0.40 |
$0.29 |
$0.36 |
$0.28 |
$0.34 |
|
30-34 |
0.36 |
0.46 |
0.33 |
0.42 |
0.31 |
0.40 |
|
35-39 |
0.49 |
0.64 |
0.44 |
0.57 |
0.42 |
0.54 |
|
40-44 |
0.84 |
0.98 |
0.76 |
0.89 |
0.71 |
0.84 |
|
45-49 |
1.34 |
1.58 |
1.21 |
1.42 |
1.14 |
1.34 |
|
50-54 |
2.08 |
2.44 |
1.87 |
2.20 |
1.77 |
2.08 |
|
55-59 |
3.18 |
3.74 |
2.87 |
3.37 |
2.71 |
3.19 |
|
60-64+ |
4.74 |
5.58 |
4.27 |
5.02 |
4.03 |
4.74 |
|
65-69+* |
3.61 |
4.24 |
3.25 |
3.82 |
3.07 |
3.61 |
Child(ren): $10,000 coverage for each child: $.55 monthly (one premium covers all dependent children).
|
Current 2011 Monthly Rates per $10,000 Option of Coverage |
|
|
$10,000 to $290,000 |
$300,000 to $540,000 |
$550,000 to $1,000,000 |
|
Member/Spouse Issue Age |
Non-Smoker |
Smoker |
Non-Smoker |
Smoker |
Non-Smoker |
Smoker |
|
Under 30 |
$0.40 |
$0.50 |
$0.37 |
$0.45 |
$0.35 |
$0.42 |
|
30-34 |
0.45 |
0.58 |
0.41 |
0.52 |
0.39 |
0.50 |
|
35-39 |
0.61 |
0.80 |
0.55 |
0.72 |
0.52 |
0.68 |
|
40-44 |
1.05 |
1.23 |
0.94 |
1.11 |
0.89 |
1.05 |
|
45-49 |
1.68 |
1.97 |
1.51 |
1.78 |
1.43 |
1.68 |
|
50-54 |
2.60 |
3.05 |
2.34 |
2.75 |
2.21 |
2.60 |
|
55-59 |
3.98 |
4.68 |
3.58 |
4.21 |
3.38 |
3.98 |
|
60-64* |
5.93 |
6.97 |
5.33 |
6.27 |
5.04 |
5.93 |
|
65-69* |
4.51 |
5.30 |
4.06 |
4.78 |
3.84 |
4.51 |
Child(ren): $10,000 coverage for each child: $.69 monthly (one premium covers all dependent children).
*See "Amounts of Insurance at Ages 60 Through 99." All coverage terminates on the premium due date on or immediately after reaching age 100. See the "Group Conversion Privilege" described later. Call the Administrator for current rates at ages 70-99.
The premium contributions shown reflect the current rate and benefit structure. Premium contributions may be changed by New York Life 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 all with the same issue age and tobacco/nicotine usage. Benefit option amounts are not guaranteed and are subject to change by agreement between New York Life and the Trustee of the American Institute of Chemical Engineers Insurance Trust.