Term Life Insurance is pure insurance - without any risky investment or savings frills to increase your costs. It can provide a high level of financial protection for your loved ones at a price you can afford.
You are eligible if:
You may also apply to insure your Spouse and dependent Children 15 days but under age 19 (age 25 if a full-time student).
You may apply for insurance in amounts of $10,000 to $200,000, in increments of $10,000. You may retain this coverage when you retire, provided you continue your APWU membership. The amount of life insurance for you or your spouse who is now 65 or older or when you attain age 65 will be reduced by 35%. The original amount will be further reduced at age 70 by 75%. Full premiums continue to be payable. The member must be enrolled in this benefit for the Spouse to be eligible for coverage. Spouse coverage may not exceed member's amount of coverage.
You may apply for insurance on your eligible Children (age 15 days but under 19 years, age 25 if a full-time student).
Children age 15 days but less than 6 months may be covered for $1,000 insurance, 6 months and over may be covered for $2,000 of insurance.
Insurance ends when eligibility ends. Insurance issued at $1,000 will increase automatically to $2,000 after the eligible Child reaches 6 months of age.
Your Term Life Insurance protection is renewable provided the group policy remains in force. Earlier termination can only occur if you (1) fail to pay a premium when due (2) are no longer a member of the APWU.
Spouse and Children's coverage terminates when you cease membership. For Spouses, insurance ends upon divorce or annulment of marriage. Children insurance ends when the child is no longer eligible.
SuicideIf a person commits suicide within 2 years (12-months for Missouri residents) from the effective date, New York Life's liability will be limited to the premiums paid, plus interest.
All coverage is subject to approval by the insurance company. Provided you are accepted based on your answers to the medical questions asked in your application, your insurance will be effective on the first pay day the premium is deducted from your paycheck following the date approved. You must be actively at work on that day, otherwise insurance is effective the day you return to work.
Applicable benefits for your Spouse and Children will also become effective on that pay day, provided they are accepted and are not hospitalized on the date insurance is to take effect. If your Spouse or Child(ren) is hospitalized, insurance will take effect on the day after (s)he is discharged.
For Member Coverage: Locate the rate that corresponds to your current age. Multiply that rate by the number of $10,000 increments for which you are applying (i.e. $100,000 = 10, $150,000 = 15).
For Spouse Coverage: Locate the rate that corresponds to your Spouse's age. Multiply that rate by the number of $10,000 increments for which your Spouse is applying.
For Children Coverage: Add the flat rate shown in the Children's column. One rate covers all of your eligible Children.
For Total Deduction: Add all of the applicable amounts to determine your total per pay period deduction.
*Benefits reduced by 35% of the original benefit at age 65. Premiums do not reduce.**Benefits reduced by 75% of the original benefit at age 70. Premiums do not reduce.
Note: Rates will increase as you attain a higher age bracket.
Children age 15 days but less than 6 months may receive $1,000 insurance, 6 months and over may receive $2,000 insurance.
Child(ren)'s insurance ends when eligibility ends. Insurance issued at $1,000 will increase automatically to $2,000 after the eligible Child reaches 6 months of age.
How To Apply
Your Evidence of Insurance
Once insured, you will receive a certificate of insurance evidencing coverage which is provided under group Policy G-29315-1/FACE (Policy Form GMR).
Once you receive your
certificate of insurance, if you're not 100% satisfied within the first 30
days, we'll send you a full refund of any premiums paid during that period and
your certificate will be considered never issued. You will be under no further
Call the following toll-free number:
Please Note: You must notify the Voluntary Benefits Plan of any address change, employment or union membership status change, life status change (i.e., marriage, divorce, beneficiary or name change) or benefit changes requested. Notice must be in writing.
This benefit is designed to provide you with the option to have a portion of your life insurance benefit paid to you while you are still alive if you become terminally ill while insured. You would then be free to use that money any way you wish.
To qualify for the Accelerated Death Benefit an individual must be insured under the APWU Term Life Insurance Plan and diagnosed as having a life expectancy of 24 months or less. Proof of terminal illness will consist of a statement from the insured’s physician and any other medical information that New York Life believes necessary to confirm the insured’s status.
If the insured qualifies, he or she will be paid, in a lump sum, 50% of the amount of insurance in force on the date of approval of the request. Only Accelerated Death Benefit will be made during the insured’s lifetime and any benefit payable for loss of life will be reduced by the amount paid under the Accelerated Death Benefit.
Receipt of Accelerated Death Benefits may affect eligibility for public assistance programs. This benefit is not available to residents of Massachusetts.
The plan provides conversion privileges under certain circumstances of involuntary termination, as described in the Certificate of Insurance.
The validity of any amount of insurance which has been in force for two years during the insured’s life will not be contested except for non-payment of premium contributions.
To find out more about your member benefits today, click here.