Learn more about Highlights, Eligibility, Coverage Limits and Rates and Frequently Asked Questions.
Who is eligible for the Group Term Life Insurance plan?
All AIChE members under age 70, their lawful spouses under age 70, and all unmarried dependent children through 24 years of age.
Premium Credits May Reduce Your Net Cost
When the AIChE Group Term Life Insurance plan experience is favorable, the plan Trustee may grant a credit to reduce members' premiums.
Because this credit is dependent upon actual plan experience, it cannot be promised or guaranteed. They are not paid in cash and will be applied in the form of a credit on your premium contribution due. They will not be made after coverage has terminated.
In previous years, premium credits have helped members reduce their net life insurance cost and save money. A 20% premium credit was approved for The AIChE Group Term Life Plan through October 2011.
Non-Smoker Discount
Qualified non-smoking members and their spouses receive reduced rates. A person must not have used tobacco or nicotine in any form, including nicotine patches or nicotine chewing gum, for the past 12 months to qualify as a non-smoker.
Volume Discounts
Members applying for coverage amounts of $10,000 through $290,000 receive the base rates. You receive a volume discount when you select coverage amounts between $300,000 through $540,000. Receive an even further discount when you select coverage limits between $550,000 through $1,000,000. See COVERAGE LIMITS AND RATES page for complete rate chart.
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.) If a scheduled reduction in coverage will occur within one year of the date the Accelerated Death Benefit will be paid, the benefit payable will be 50% of the reduced coverage amount. See Insurance Amounts Ages 60 to 99.
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.
Premiums Waived When Totally Disabled
Should you become totally disabled before age 60 and the disability continues for at least six months, your life insurance will be continued (for you and your insured family members) for as long as you remain totally disabled, until coverage terminates when you reach age 100.
The amount of life insurance continued will be based on the coverage limits you and your dependents were insured for at the time your disability began. This amount of insurance is subject to the scheduled decreases shown in the section describing Insurance Amounts Ages 60 to 99. On occasion, you may be asked to provide evidence of your total disability.
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 Years
After a two year period benefits will be paid for death from any cause, at anytime, anywhere in the world. The validity of your life insurance claim will not be contested except for non-payment of premium contributions and plan provisions relating to eligibility.
Effective Date
You and your dependents will become insured on the date specified by New York Life Insurance Company provided:
- the first premium contribution has been paid,
- satisfactory evidence of insurability has been submitted, and
- you and your dependents are performing the normal activities of a person in good health of like age on that date.
Coverage for any person who is not performing his/her normal activities as required will not become effective until the date he/she is performing such activities, provided such date is within three months of the date insurance would otherwise have been effective and the person is still eligible for insurance. (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.
Insurance Amounts Ages 60 to 99
The amount of life insurance for you and your spouse is based on that person's age at their last birthday and decreases on the premium due date after he/she enters a new age category.
After age 59, each $10,000 member and spouse Option reduces to:
- $7,500 at age 60-64
- $3,750 at Ages 65-69
- $1,875 at ages 70-79
- $1,500 at ages 80-99
For example, a policy with a $100,000 face amount has 10 Options. $100,000 would reduce to $75,000 ($7,500 x 10) at age 60 and to $37,500 ($3,750 x 10) at age 65. Premiums do not reduce. All coverage terminates on the premium due date on or after a member turns 100. See also Group Conversion Privilege.
Regardless of the age of the member or spouse, the amount of childrens' insurance remains fixed at $10,000.
When Coverage Ends
Your member coverage will terminate at the earliest of the following dates:
- you reach age 100,
- the premiums are not paid when due,
- your AIChE membership ceases,
- the group plan is terminated or modified by the Policyholder or New York Life Insurance Company to end coverage for the group of insureds to which you belong, or
- you request to terminate the coverage.
Your dependent coverage will terminate when your coverage ends, or earlier if:
- the termination age is reached -- age 100 for spouse, age 25 for child;
- the spouse ceases to be your lawful spouse; or
- your child ceases to be you unmarried, dependent child.
Upon your death, coverage for insured dependents may continue as described in the Certificate of Insurance.
Group Conversion Privilege
Under certain circumstances of involuntary termination, as described in the Certificate of Insurance, the Group Term Life plan provides conversion privileges to an individual plan.
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 monthly rate by 6; 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 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.
IMPORTANT NOTICE: How New York Life Obtains Information and Underwrites Your Request for Group 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 plan is underwritten by New York Life Insurance Company, 51 Madison Avenue, New York, NY 10010 under Group Policy No. G-11082-0 on Policy Form GMR-FACE/G-11082-0.