Group 10-Year Level Term Life Insurance Plan
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Underwritten by New York Life Insurance Company
The SPE 10-Year Level Term Life Insurance Plan can give you a flexible, affordable way to help plan for your family’s financial future. The Group 10-Year Level Term Life Insurance Plan is an exceptional planning tool—you’ll know exactly how much you’ll pay for life insurance protection for a full ten years.
Your Premiums and Your Benefit Stay the Same for 10 Years
The idea behind the SPE Group 10-Year Level Term Life Insurance Plan is simple—take term life insurance coverage and add a premium feature to keep the rates level for the initial term of 10 years. It’s simple, there are no costly savings or investment features, and rates don’t move up or down. You’ll know exactly how your life insurance can fit into your family’s financial plan.
Eligibility
Members of the Society of Petroleum Engineers under age 65 residing in the United States*, who are in good health and are actively performing the normal, everyday activities commonly associated with someone of their like age are eligible to apply for coverage.
A member's lawful spouse or domestic partner (under age 65) and any unmarried, dependent children ages 15 days to age 25 years.
A dependent that is also a member is eligible for either member or dependent coverage, but not both. If both spouses/domestic partners are covered as members, neither may insure the other as spouse/domestic partner and only one may insure eligible children.
*Note: Certain state restrictions may apply. Due to state regulations, this plan is not available in SD. Filing approval is pending for WA. Please contact the Administrator at 1-800-337-3140 or e-mail speinsurance@agia.com for the status of approval.
Coverage of $100,000 to $1,000,000 is Available
Coverage is available for members, spouses or domestic partners, and children.
Member: With benefits of $100,000 to $1,000,000 available to members in increments of $10,000, you can tailor your coverage to meet your family's specific needs. Coverage is available to members under the age of 65.
Spouse or Domestic Partner: Spouses or domestic partners age 65 and under are eligible for coverage, not to exceed the member's level of coverage, in increments of $10,000.
Children: Your dependent children age 15 days to 25 years are eligible for coverage of up to $5,000.
Please note: The maximum amount of life insurance in force for combined New York Life Insurance Company group policies may not exceed $1,000,000 per insured association member.
You can tailor the Plan's coverage to meet your family's specific needs. Please use the Insurance Worksheet below to help determine your family's coverage.
Insurance Worksheet
How much life insurance should you and your family consider? For years, financial planners have recommended 5 to 8 times your annual income*. But these days, with more mobile and two-income families, life insurance needs can vary widely. So, how do you determine how much coverage your family needs? Completing the simple worksheet below can give you a better idea of your family's unique life insurance needs.
Add the following expenses:
Amounts of Insurance:
Members--$100,000 to $1,000,000 in $10,000 multiples.
Spouse--$100,000 to $1,000,000 in $10,000 multiples, not to exceed 100% of member's coverage.
Children--$5,000
Plan Features
Discounts on Higher Amounts of Coverage
Volume discounts are available for coverage amounts of $250,000-$499,000. Even greater discounts are available for coverage of $500,000 to $1,000,000.
Premium Savings for Non-Smokers
Only non-smokers meeting the highest underwriting standards will qualify for "Preferred" rates. Other non-smokers may qualify for higher "Select" or "Standard" rates. (Note: Smokers may only qualify for "Standard" rates.) Upon approval of your application, you will be notified of the rate classification for each approved person.
Your Coverage Can Continue After the Initial 10 Year Term
Premiums are guaranteed to remain level for the first 10 years of coverage. Then, if still eligible, you may reapply for the 10-year level rates in effect for a subsequent 10-year term; rates for the subsequent term would be determined based on your then current age, health, and smoking status and guaranteed for 10 years. If you're not approved for a subsequent 10-year term of guaranteed rates, or do not apply for a subsequent 10-year term, coverage will continue in force on a conventional, non-guaranteed rate basis with increasing premiums as the insured ages. An alternative at the end of a 10-year period would be to request an exchange to enter into the SPE Traditional Term Life Policy. Please call the Administrator at 800-337-3140 for details.
Current 2010 Annual Premium Contributions
Rates have been provided on an annual basis per $1,000 of coverage to make it easier for you to compare this plan to other insurance plans on the market today.
Non-smokers meeting the highest underwriting standards may qualify for the "Preferred" premium rates. Other non-smokers may qualify for higher "Select" or "Standard" rates. Upon approval of your application, you will be notified of the rate classification for each approved person.
The premium contributions shown above reflect the current rate and benefit structure for an initial 10-year term. Premiums are guaranteed to remain level for the first 10 years of coverage. Then, if still eligible, you may reapply for the 10-year level rates in effect for a subsequent 10-year term; rates for the subsequent term would be determined based on your then current age, health, and smoking status and guaranteed for 10 years. If you are not approved for a subsequent 10-year term of guaranteed rates, or do not apply for a subsequent 10-year term, coverage will continue in force on a non-guaranteed rate basis with increasing premiums as the insured ages. An alternative at the end of a 10-year period would be to request an exchange to enter into the SPE Traditional Term Life Policy. Please call the Administrator at 800-337-3140 for details.
Premiums will be billed semi-annually June 1 and December 1. A $2.00 administrative charge is added for the convenience of semi-annual billing. Premiums may be paid annually to eliminate the $2.00 charge.
Additional Plan Provisions
Effective Date
Coverage for you and any dependents who applied for this Plan becomes effective on the date it is approved by New York Life Insurance Company, provided your first contribution is paid within 31 days after the date you are billed and you and any of your approved dependents are in good health and performing the normal activities of a person of like age on the date of approval. (Residents of MD and NC: Any reference to "performing normal activities of a person in good health of like age" 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 (25th birthday for children) or earlier if: a) the premium is not paid within the 31-day grace period following the due date, b) the Policy ends or is changed to end insurance for the group of insureds to which the insured belongs, c) the insured member ceases to be a member of the Association, or d) the insured requests in writing to cancel the insurance. Coverage for dependent children will terminate when the child ceases to become an eligible dependent.
Continued Interest Account
Through the Continued Interest Account, death benefit proceeds can be placed in an interest-bearing checking account. While your beneficiaries are evaluating their future plans, their insurance proceeds are guaranteed liquid and earning interest from the date of death of the insured person.
Accelerated Death Benefit
A terminal illness can be emotionally devastating and financially draining. The last thing you and your family need to worry about is how to pay the bills. The SPE Group 10-Year Level Term Life Insurance Plan has a provision that pays up to 50% of your (or an insured dependent's) life insurance benefit if a terminal illness has been diagnosed. Full premiums continue to be payable. For terms, conditions, and limitations, please see the Certificate of Insurance.
Note: The Accelerated Death Benefit is not available to residents of Massachusetts
You Name Your Beneficiary
Your beneficiary can be anyone you choose. Your may change your beneficiary at any time by written request. You are the automatic beneficiary for your covered spouse and children. If you wish to name another beneficiary for spouse insurance, please contact the Administrator for the appropriate forms.
Certificate of Insurance
The information contained in this website is only a partial description of the provisions of this insurance coverage. When you become insured, you will be sent a Certificate of Insurance as evidence of coverage provided under the Group Policy underwritten by New York Life Insurance Company, 51 Madison Ave., New York, NY 10010 on Form GMR-G29195/FACE.
30-Day Free Look
Please read your Certificate thoroughly when it arrives and contact the Administrator with any questions. If you are not completely satisfied with the terms of your Certificate, you may return it, without claim, within 30 days for a full premium refund. No questions asked.
How To Apply
The 10-Year Level Term Plan is medically underwritten based on the information provided by you on the application. When you fill out your application, make sure your answers are complete and detailed. Complete information should include the name of physician(s) or hospital(s), street address (and suite or room number), city, state, and ZIP code. Also include a brief description of the nature of an illness or injury, symptoms, treatment and results.
New York Life Insurance Company relies on your answers and statements. Misstatements or failure to report information on your application may be used as the basis for denying or reducing claim benefits, or even invalidating your insurance.
New York Life Insurance Company reserves the right to request medical information to determine an applicants medical eligibility for coverage. Based on the age of the person proposed for insurance and the amount of coverage requested, a physical examination, EKG, blood test or other information may be required. Not all applicants will have to supply additional information. However, if it is required, we will arrange for an independent professional paramedic to contact you to perform these tests at your convenience. These tests are paid for by the Plan.
- Complete and sign the application in ink. Be sure to indicate whether you are requesting coverage for your dependents.
- Send no money now. You will be billed once your coverage has been approved and your rate classification has been determined. (See details for classification in the section called Current 2010 Annual Premium Contribution.)
- Mail your completed application to:
SPE Insurance Program
P. O. Box 189
Santa Barbara, CA 93102-0189
Note: Residents of Puerto Rico should mail their completed applications to Global Insurance Agency, P. O. Box 9023918, San Juan, Puerto Rico 00902-3918.
It is important to read the General Information section of this website before applying for coverage. The Plan application and complete application instructions are available here.
SPE Insurance Program
P. O. Box 189
Santa Barbara, CA 93102-0189
800-337-3140
www.speinsurance.com
Email: speinsurance@agia.com
The Association incurs certain administrative expenses in connection with this sponsored program. To provide and maintain this valuable membership benefit, it is reimbursed for such expenses.
The SPE Group 10-Year Level Term Plan is underwritten by New York Life Insurance Company, 51 Madison Avenue, New York, NY 10010, under Policy Form GMR-G29195/FACE. Refer to the Certificate of Insurance for all benefits, costs, eligibility, limitations and exclusions.
Questions? Please call the Administrator at 800-337-3140 or e-mail speinsurance@agia.com.