Your beneficiaries will then receive the remainder of your life benefit upon your death. To collect payment under this new benefit rider the chronic illness must occur after coverage is effective, lasts for a continuous period of 90 days and one for which a licensed health care practitioner other than the insured or a family member of the insured, certifies that the insured is permanently unable to perform 2 out of 6 activities of daily living eating, bathing, dressing, toileting, transferring, or continence or has a permanent severe cognitive impairment requiring substantial supervision.
Once you qualify for CIR you will be paid Provided you are diagnosed with a terminal illness and a life expectancy of 12 months of less. Once you add the CIR you will have access to both benefits. If terminal illness acceleration is requested first the CIR will terminate. The CIR will also terminate on the earliest of the date full payment is made or age Receipt of the acceleration benefit may be taxable so please consult with your tax advisor.
Coverage, including the CIR is subject to medical underwriting. Therefore, the premiums payable for this rider do not qualify as long-term care insurance premiums and are not deductible from gross income for federal income tax purposes. Under this rider, New York Life will not pay claimants more than the federal per diem limits. Assuming the amount you receive in the aggregate from all applicable policies does not exceed the federal per diem limits set forth in IRC Section B, the benefits provided by the Chronic Illness Rider are intended to be excludable from federal gross income under Section g of the IRC.
Receipt of an accelerated death benefit may affect eligibility for Medicaid or other government benefits or entitlements and may have income tax consequences. Accelerating benefits before applying for these programs, or while you are receiving government benefits, may affect your initial or continued eligibility. Clients can contact the appropriate social service agency e. The amount of life insurance for you and your spouse is based on your age at last birthday. Premiums do not reduce.
The "Accelerated Death Benefit" option is available to help terminally ill insureds during a difficult, and often financially challenging time. 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. This money can be used to help cover high prescription drug costs To qualify, a terminally ill insured must provide the New York Life Insurance Company with proof of terminal illness and anticipated life expectancy 12 months or less , as well as any other necessary medical information requested.
For additional details and limitations, please see the Certificate of Insurance. 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 a qualified tax advisor. If you become totally disabled before age 60, and remain so disabled for nine months or longer, your insurance will be continued as long as you remain totally disabled—for both you and your insured family members—without additional premium contributions until coverage terminates when you reach age The amount continued will be based on the options under which you and your dependents were insured at the time your disability began, subject to the scheduled decreases shown in "Amounts of Insurance At Member Ages 69 through Benefits are paid for death from any cause, at any time, anywhere in the world.
The validity of any amount of your life insurance which has been in force for two years during an insured's lifetime will not be contested except for insurance eligibility provisions and non-payment of premium contributions.
IEEE Member Group Term Life Plan
You may select any person, persons, trust or other legal entity as your beneficiary. If, at the time of your death, 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. The Plan provides conversion privileges under certain circumstances of involuntary termination as described in the Certificate of Insurance.
You and your eligible 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 alive on that date.
Coverage for any dependent who is confined at home, in a hospital or other medical institution, or is incapacitated so as to be unable to perform his or her normal activities on the date coverage would otherwise become effective, will not become effective until the date he or she is no longer so confined or incapacitated provided you are insured on that date and the dependent is still eligible for insurance.
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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. Your insurance can remain in force until you reach age , and for your insured family members as long as they remain eligible, provided: a you remain a member of IEEE; b you continue to pay premium contributions when due; and c the group plan is not terminated or modified by the Policyholder or New York Life Insurance Company to end insurance for the group of insureds to which you belong.
Upon your death, coverage for your insured dependents may continue as described in the Certificate of Insurance. Once you are accepted into the Plan, you will have a 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. This information is only a brief description of the principal provisions and features of the Plan. When you become insured, you will be sent a Certificate of Insurance summarizing your benefits under the Plan. If you are not completely satisfied with the terms of your Certificate of Insurance, you may return it, without claim, within 30 days.
Your coverage will be invalidated and you will be sent a full refund—no questions asked! Information regarding insurability will be treated as confidential.
In considering whether the person s in your request for insurance qualify 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. MIB is a not-for-profit organization of insurance companies, which operates an information exchange on behalf of its members. If you apply for life or health insurance coverage or a claim for benefits is submitted to an MIB member company, medical or non-medical information may be given to MIB and such information may then be furnished by MIB, upon request, to a member company.
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. For example, New York Life may be required to provide it to insurance, regulatory or other government agencies. 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.
New York Life may release this information to the Plan Administrator, other insurance companies to which you may apply for life and health insurance, or to which a claim for benefits may be submitted and to others whom you authorize in writing. We may also make a brief report of your protected health information to MIB, but we will not disclose our underwriting decision. New York Life will not disclose such information to anyone except those you authorize or where required or permitted by law.
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Upon receipt of all requested information, we will make a determination as to whether your request for insurance can be approved. 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.
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Generally, medical information will be given either directly to the proposed insured or to a medical professional designated by the proposed insured. Information for consumers about MIB may be obtained on its Web site at www. Please include your full name, date of birth and address. IEEE is compensated in connection with this sponsored group plan to provide and maintain this valuable membership benefit.
Rating Agencies Disclaimer. These discounts are continued for members age 65 and older, as long as the minimum number of coverage units is maintained 16 or 50 units for both member and spouse. If Plan experience warrants, the Trustee may grant premium discounts that can reduce your cost to renew coverage. Often financial experts recommend group plans due to the financial advantages of group rates. The ability to negotiate the most competitive rates is partially determined by the size of your group, and the group buying power of IEEE is very substantial.
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When you add the Chronic Illness Rider benefit option to your plan, you will be mailed a new rider that explains the benefits. A physician other than a family member must certify that you are permanently unable to perform 2 out of 6 activities of daily living or cognitive impairment.
You could also live a long time with a chronic health condition. Once you add the chronic illness benefit rider, you will have access to both benefits should either occur. If terminal illness acceleration is requested first the Chronic Illness benefit rider will terminate. The Chronic Illness benefit rider will also terminate on the earliest of the date full payment is made or age To collect payment for the chronic illness benefit, you must:.
See Insert for additional details. Once you qualify, you will be paid Members, who qualify for the Chronic Illness Rider acceleration prior to age 60 will, after 90 days, also qualify for waiver of premium on both their life insurance and chronic illness rider premium.
Chronic Illness Rider Application. Domestic Partner Form. Change of Beneficiary. Nonsmoker Declaration.
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If there are charges, then the insurance company can withhold the payout until such time that the charges are dropped or the beneficiary is acquitted of the crime. You can also be part of the decision on how your death benefit is paid out after you die. The best thing to do is sit down and talk to your insurance agent or company about what the best option is for you and your situation. In the meantime, here are a few of the payout choices available for you and your beneficiaries. Since the inception of the industry more than years ago, beneficiaries have traditionally received lump-sum payments of the proceeds.
The default payout option of most policies remains a lump sum, says Richard Reich, president of Intramark Insurance Services, Inc.