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SAF Group Insurance provides a selection of term
life insurance options that reflect the diversity of the SAF membership
and responds to the changing needs of SAF members. Whether you’re
a recent college graduate seeking basic coverage or a veteran SAF member
with a family and significant financial commitments to consider, SAF Term
Life Insurance offers you the options you need to help provide your loved
ones with financial security.
You can apply for $20,000 to $180,000 in protection,
if you are under age 60 at the time you apply and work at least 30 hours
per week. It’s a great way to make sure your coverage keeps pace
with your financial and personal responsibilities, even if you already
have some life insurance through your employer, or individually. All levels
of coverage are subject to insurance company approval.
Your spouse, under age 60, can apply for up to a maximum
of $180,000 of coverage at the same affordable group rates available to
members. Spouse coverage amount cannot exceed member coverage amount.This
added protection can be vital for today’s two-income households
and even if the spouse does not work outside of the home. Separated and
divorced spouses are not eligible.
Your benefits will double — up to $360,000 —
for death resulting within 365 days from a covered accident. Benefits
will also be paid for accidental dismemberment and loss of sight, speech,
hearing, and loss of movement of limbs. This Accidental Death and Dismemberment
coverage applies to all
SAF
members age 69 and under.
Injury means a bodily injury resulting directly from
an accident and independent of all other causes which occur while you
are covered under the plan. This benefit does not cover loss resulting
from:
1.) intentionally self inflicted injury, suicide or attempted suicide,
whether sane or insane;
2.) war or act of war whether declared or not;
3.) injury sustained while in the armed forces of any country or international
authority;
4.) injury sustained while riding in or on, boarding or alighting from
any aircraft, unless the insured is traveling soley as a passenger;
5.) sickness or disease or medical/surgical treatment of sickness or disease,
except pyogenic infection which shall occur through an accidental cut
or wound, or accidental ingestion of contaminated material;
6.) participation in a riot, an illegal occupation or activity, an insurrection
or a terrorist activity, commission of an assault or a felony;
7.) voluntary entry into the body of any intoxicant, excitant, hallucinogen
or any narcotic or other drug or any gas, poison or poisonous substance;
intentional taking of over the counter medication not in accordance with
recommended dosage; the misuse of prescription drugs.
No more than one benefit, the largest, is payable for
all losses to the same limb due to any one accident. Loss means, with
regard to hands and feet, actual severance through or above wrist or ankle
joints; with regard to sight, speech or hearing, entire and irrecoverable
loss thereof; with regard to thumb and index finger, actual severance
through or above the metacarpophalangeal joints; with regrad to movement
of limbs, total and permanent paralysis of such limb.
If you or your covered spouse age 64 or less
is diagnosed as terminally ill, you may elect to receive a one-time payment
prior to death, up to a maximum of one-half of the applicable life insurance
benefits. The balance of the benefit amount will be paid to the beneficiary
upon the insured’s death.
A terminal illness is a condition where life expectancy is 12 months (24
months for IL residents) or less, confirmed by a written diagnosis and
prognosis from two licensed physicians. Only one “Accelerated Benefit
for Terminal Illness” is payable for each covered person. These
accelerated benefits may be taxable, so please consult your personal tax
advisor. This benefit is not available to residents of MA. Full premiums
continue to be payable.
If you or your spouse develop a serious disease that
is not diagnosed as terminal, you may be eligible for a “Critical
Illness” benefit of up to $1,000. This one-time payment can help
you pay the high cost of fighting such a disease, and will reduce the
total benefit amount paid to the beneficiary upon the insured’s
death. This benefit is not available in all states.
Critical Illness means Malignant Cancer, Major Heart
Attack, or Major Stroke.
Malignant Cancer means a disease manifested by the
presence of malignant tumors characterized by the uncontrolled growth
and spread of malignant cells and invasion of tissue. The term CANCER
inlcudes: leukemia, Hodgkin's disease, Kaposi's sarcoma and malignant
melanomas. CANCER does not include: (1) "Carcinoma in Situ"
which includes intraductal carcinomas of the breast, lobular carcinoma
in situ and Paget's disease with no associated tumor; or (2) "Skin
Cancer/Pre-malignant Conditions" (all skin cancer; basal cell carcinomas;
squamos cell carcinomas of the skin; pre-malignant tumor or polyps; pre-malignant
conditions or conditions with malignant potential. Additional details
are included in the Certificate.
Major Heart Attack means a myocardial infarction only.
Heart attack does not include any other disease, arrhythmia or injury
involving the cardiovascular system. Cardiac arrest not caused by a myocardial
infarction is not a heart attack. Additional details are included in the
Certificate of Coverage.
Major Stroke means a cerebrovascular accident which
results in paralysis lasting more than 24 hours and produces measurable
neurological deficit persisting for at least 30 days following the occurrence
of the Stroke. Stroke does not mean a head injury, transient ischemic
attack, or chronic cerebrovascular insufficiency or an attack of the Vertebrosilar
Ischemai.
SAF
has put the combined buying power of thousands of members to work for
you. Click here
to find out how affordable it can be to
get valuable protection for your family’s financial future.
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Waiver of premiums for Total Disability
If you become Totally Disabled for six consecutive
months before age 60 and provide adequate proof of your disability,
your Term Life insurance, and that of your spouse, if covered, will
continue without further premium payments for as long as you continue
to be Totally Disabled.
Total Disability means an incapacity from an injury or sickness which:
1. completely and continuously prevents an INSURED MEMBER from doing
the material and substanial duties of any occupation for which he or
she is reasonably qualified by education, training or experience;
2. results in total and permanent loss of sight
of both eyes; or
3. results in severance, above the wrist or ankle of: (1) both hands;
(2) both feet; (3) one hand and one foot.
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Portable protection
Since the
SAF
Plan is not tied to your job, its protection can follow you throughout
your career and after you retire.
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Conversion privilege
The
SAF
Term Life Plan provides the opportunity to convert your term life coverage
to a permanent individual policy with no medical examination. You can
choose to convert your coverage when your coverage reduces or terminates,
you cease to be insured for any reason except voluntary non-payment
of premiums, termination of the Group Policy, or termination of a class
of insureds under the Group Policy, subject to certain conditions that
will be described in your Certificate of Insurance.
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Name your own beneficiary
You can name your beneficiaries at the time
you apply and change your designation any time you wish simply by filing
the appropriate written form with the insurance company. You will be
the beneficiary of your spouse’s coverage, unless you request
otherwise.
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Only one exclusion for life insurance benefits
The life insurance benefit will be paid for
death due to any cause except suicide, while sane or insane, during
the first two years (MO and ND residents one year) of coverage under
the policy.
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Exclusions for Critical Illness
The Critical Illness Benefit will not be payable:
if the Covered Person dies within the 30 day period immediately following
a Positive Diagnosis of a Critical Illness; if the Covered Person has
already received a Critical Illness Benefit or for any disease, sickness
or injury except as expressly stated. Coverage terminates at age 65.
The Critical Illness Benefit is not available in all states.
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Term Life Coverage remains in force to age
80
Once your Certificate of Insurance is issued,
coverage will remain in force until you reach age 80. Your dependent's
coverage will remain in effect as long as your coverage is active, premiums
are paid, and they meet the eligibility requirements. Your coverage
cannot be cancelled on an individual basis as long as:
-- your premiums are paid when due;
-- you remain a member of
SAF
;
-- the Group Policy remains in force;
-- your plan of benefits or class of insureds is not terminated under
the Group Policy.
-- with regard to AD&D coverage, the day before you begin active
duty in the armed forces, or the date the principal sum is paid.
In the event of your death, your insured spouse
and unmarried dependent children under age 19 (21 if a full-time student)
may continue their coverage as long as premiums are paid when due. Coverage
will end if premiums are not paid, the Group Policy is terminated, your
spouse remarries or attains age 80 or your children marry, cease to
be dependent on you or atain age 19 (21 if a full-time student).
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Effective date of coverage
Your coverage will become effective on the
date shown on your Certificate of Insurance, provided the required
premium has been paid and you are actively at work on that date or,
if not employed, you are able to carry out all the normal and customary
activities of a person of like age in good health. Your spouse’s
coverage begins on the same day as yours.
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Important Notice
How New York Life Obtains
Information and Underwrites Your Request For 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 applications 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 for insurance,
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). Information for consumers about
MIB may be obtained on its website at www.mib.com.
For NM Residents:
PROTECTED PERSONS 1 have a right of access to certain CONFIDENTIAL
ABUSE INFORMATION 2 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.
1 PROTECTED 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 of 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 ed.
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*All references to Spouse include Domestic Parteners
Get
instructions and an application
Our satisfaction guarantee makes it possible for you
to examine the
SAF
Term Life Insurance Plan without risk. If you aren’t satisfied with
the coverage, simply return your Certificate of Insurance within 30 days
for a full refund minus any claims paid.
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