Must be a dues paying member working a minimum of 20 hours per week in the financial services industry who fall into these XXXX member categories:
- XXXX Registered Financial Advisors
- XXXX Associates
- Employees of XXXX Members or a XXXX Member Firm
New XXXX members who apply after one calendar year of membership and within the first 60 days of that year mark are guaranteed acceptance (no medical questions).
Employees of a NAPFA member or XXXX Member Firm must be employed for one calendar year. They then have 60 days to enroll, guaranteed acceptance. They must be an employee of a XXXX member or XXXX member firm and be working at least 20 hours per week in the financial services industry. Employees can apply for coverage even if the member does not.
XXXX Members and employees of XXXX members can enroll anytime but medical underwriting is required and a Medical Health Statement (MHS) will need to be completed for an application before the one year mark and/or after one year and 60 days.
If you have ever applied medically for this plan, or other group disability and life plans offered by The Standard Insurance Co. and you were declined, medical underwriting is required to apply for these plans regardless of any open enrollment periods.
GROUP TERM LIFE FAQs
1. What type of life insurance is this? Is it guaranteed level premium term?
No, these rates are not guaranteed but are only expected to increase as you enter a new five year age band (35-39, 40-44, etc.). You can use the Life Benefits and Rate Calculator to project future premiums using different ages.
2. How do I enroll?
Click on "Term Life Insurance" page and complete the application. Complete and sign a Beneficiary Designation form which is separate and will be linked into the application.
3. Will I be required to provide any financial evidence?
No, you will not be asked any financial questions nor be required to provide any financial information.
4. How much coverage is available?
Members and their employees under age 65 can enroll for up to $250,000 in term life and $250,000 in AD&D coverage. Age 65-69, $162,500, Age 70-74, $125,000, and age 75+, $87,500.
If you are interested in higher face amounts, contact our office at 800.796.0909 x 107
5. Are there age based benefit reductions?
Yes, benefits will reduce to 65% at age 65; to 50% at age 70, and to 35% at age 75. (Benefits will reduce by the same percentages for your spouse, based on your age.) Premiums will change according to age bracket rate.
6. How will premiums be collected?
Premiums are paid by monthly bank draft. Debits will occur before the 5th of each month.. Detail on your bank statement will read, "Association DI Plans, LLC NAPFA Life".
NOTE: Premiums are in 5 year age brackets. (Age 40-44, 45-49, etc.) Your premiums will be adjusted the month following any birthday that moves you into the next bracket. You can use the "Life Benefits and Rate Calculators" to see how premiums will adjust over time based on current rates.
7. Is coverage available for my spouse?
Yes, you can purchase $20,000 or $25,000 of coverage for your spouse Guarantee Issue when you enroll for your coverage. Spouse premiums are the same as member premiums and are based on the member's age. Partners in a Civil Union are eligible for spouse coverage.
8. Is coverage available for my children?
Yes, you can purchase either $2,000 or $10,000 of child (dependents) coverage. Coverage includes unmarried child from live birth through age 20, or through age 24 if the child is a full-time registered student. Children of partners in a Civil Union are eligible for dependent coverage.
9. Is there a Waiver of Premium benefit?
Yes, Waiver of Premium is included for those disabled prior to age 60. The schedule of age reductions will not apply while a member is on Waiver. Waiver ends at age 65.
10. Is there a Travel Assistance benefit?
Yes, Travel Assistance is included. This service provides plan participants with access to appropriate medical care and other emergency services whenever traveling at least 100 miles from home or in a foreign country for trips lasting up to 180 days. Travel Assistance offers a range of professional, 24-hour medical and legal assistance and coordination services.
11. Is there an Accelerated Benefit?
Yes, an Accelerated Benefit is included. Terminally ill members may withdraw up to 75% of their Life benefit.
12. Is there a Repatriation Benefit?
Yes, a Repatriation Benefit, which provides an additional benefit to help pay for the expenses of transporting a member's body when the member dies more than 200 miles from home, is included.
13. Are there Accidental Death and Dismemberment (AD&D) benefits?
Yes, AD&D equal to the amount(s) of Member, Spouse, and Dependent Coverage is included in the rates.
A Family Benefits package is also included. It provides extra AD&D benefits to help families transition due to the loss of an insured member. The package includes a Child Care Benefit (child care expense reimbursement for children under age 13); a Career Adjustment Benefit (education expense reimbursement for spouses); and a Higher Education Benefit (college expense reimbursement for children).
A Seat Belt and an Air Bag Benefit are included. These provide additional benefits (100% of AD&D benefit up to $10,000 and 100% of AD&D benefit up to $5,000, respectively) if a member dies as a result of an automobile accident while using a seat belt system and where the automobile's air bag deployed at the time of the accident.
14. Can this coverage be ported or converted if I become ineligible to remain in the group?
Yes, if you become ineligible because you are no longer an NAPFA member and/or because you no longer meet the 20 hour per week work requirements you can Port (you must be in good health) or Convert (guaranteed conversion) your coverage. Rates for Porting or Converting will be higher than the Group premium rates. It is your responsibility to inform us (Ryan Insurance Strategy Consultants) if you become ineligible.
15. Can the policy be cancelled?
Yes. The policy could be cancelled or modified by XXXX or by Standard Insurance.