Group Term Life Insurance Plan
Underwritten by New York Life Insurance Company

Who Is Eligible...

Eligibility For Columbia University Alumni
You (the member) are eligible to apply for this coverage if you are under age 65.

Eligibility For Your Spouse
Your lawful spouse under age 65 is eligible for coverage.Your spouse may apply for member coverage if you are not insured under this plan. You may request dependent spouse coverage if you are insured under this plan.

Eligibility For Your Children
You may also apply for coverage for all of your unmarried dependent children ages 15 days through 19 years (23 years if a full-time student).  If both parents are insured members such children can only be covered by one parent.

*This coverage is only available to residents of the 50 United States, the District of Columbia and Puerto Rico.

HOW MUCH INSURANCE IS AVAILABLE...

Alumni and their spouses may apply for Life Insurance amounts up to $500,000 in $25,000 increments.

Your children may be covered for up to $4,000 each between the age of 6 months and 19 years (23 if a full-time student). Between the age of 15 days and 6 months the benefit is $100.

*Dependent spouse coverage may not exceed member coverage.

AUTOMATIC BENEFIT INCREASE OFFER - "BENEFIT BUILDER"

After coverage for an insured member or insured spouse is in force for one full year, a 10% increase in coverage* will be offered and go into effect on the next July 1. This 10% increase in coverage will be offered once a year for up to five increases (not to exceed the plan maximum), provided the additional premium is paid when due. You can qualify for this offer if you were medically underwritten for coverage within the two years prior to the inital offer, are under age 45, and are not totally disabled on the date such benefit increase would go into effect. Each subsequent offer will be equal to the initial 10% amount. If the insured declines any of the 5 offers, no further increase offeres can be exercised.

* The initial 10% will be calculated using the coverage amount you applied for on your application for coverage. Any Benefit Enhancement or Benefit Booster (as described later in this brochure) will not be considered in this calculation.

ACCIDENTAL DEATH BENEFIT

The Accidental Death Benefit is an added 50% death benefit available to all insureds if death is caused by an accident that occurs while coverage is in force for a member or dependent (not to exceed the Plan Maximum). Death must occur within 180 days of the accident.

BENEFIT ENHANCER

This enhancer provides an extra benefit amount for the beneficiaries of insured members who have been insured for one year. The member’s insurance amount will be increased automatically by 15% for insureds under age 45 and 10% for insureds 45 and over after one year of coverage (not to exceed the Plan Maximum).

ADDITIONAL 15% BENEFIT BOOSTER FOR ALL INSURED MEMBERS

This benefit provides an additional benefit amount for the beneficiaries of all insured Members who die prior to December 31, 2008. The Member's insurance in force at the time of death will be AUTOMATICALLY INCREASED 15%. This 15% Benefit Booster is in addition to the Benefit Enhancer described above, and is calculated using your coverage amount before any Benefit Enhancer is applied.

HOW BENEFITS ARE PAID...

You Select Your Beneficiary
You may name anyone you wish as beneficiary. You may change your beneficiary at any time by notifying the Plan Administrator in writing. You, the insured member, are automatically the beneficiary of any coverage for your spouse and children under this Plan. However, you can designate a different beneficiary for your spouse.

Life Insurance - Only One Exclusion
You are covered 24 hours a day, every day of the year no matter where you are for any cause of death except suicide, which is not covered for the first two years your insurance is in force. (Missouri residents: Benefits will not be paid for death resulting from suicide within the first 12 months if New York Life can show that suicide was intended at the time of application). 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 eligibility and non-payment of insurance premiums.

Accidental Death Benefit - Exclusions
Benefits for an Accidental Death are not payable for any loss that results from suicide (Missouri residents: benefits will not be paid for death resulting from suicide while sane if New York Life can determine that suicide was intended at the time of application); insurrection, war or any act of war, a physical or mental sickness; voluntary intake of poison, drugs, gas or fumes (unless taken as prescribed by a physician); committing a crime, or an attempt to do so; being intoxicated or under the influence or any drug (unless taken as prescribed by a physician); flight in any type of aircraft while serving as the pilot, licensed, or member of the crew.

Terminal Illness Benefit*
A living benefit feature or “Accelerated Death Benefit” is included in your Columbia Alumni Association Term Life plan. It is designed to provide terminally ill insureds, diagnosed with 12 months** or less to live, with an option to have up to 50% of their life insurance benefit paid while they are still alive. Premiums are not reduced. Complete details are provided in your Insurance Certificate.

According to current IRS regulations, death benefit proceeds from a personal life insurance policy that are paid to a beneficiary normally are not subject to federal income tax. However, proceeds from the accelerated death benefit option may be taxable and may affect your eligibility for public assistance programs. Consult your tax advisor for specific details before using this benefit.

*Not available to residents of Massachusetts
** 24 Months to residents of Illinois

OTHER BENEFITS OF YOUR COLUMBIA ALUMNI PLAN...

Your Effective Date
Your coverage will become effective on the first of the month coinciding with or next following the date the insurance company approves your application provided your first premium payment has been received within 31 days of the date you are billed, and any person to be insured is performing the normal activities of a person of like age on the effective date.

When Coverage Ends
You may keep your coverage through age 74 regardless of your health...and your dependent’s coverage as long as they remain eligible...provided the Plan is not terminated or modified by the Policyholder or New York Life and you pay your premiums when due.

On the July 1 coinciding with or next following attainment of age 70, coverage for your and your spouse will be reduced to the lesser of 50% of the benefit amount in effect or $100,000.

Your Group Conversion Option
You, your spouse (if insured) and dependant children have the privilege of converting this group coverage to an individual permanent policy (other than term) subject to certain conditions. NO MEDICAL EXAMINATION WILL BE REQUIRED. (Your Certificate of Insurance will provide more details about this Conversion Option.)

Waiver Of Premium Feature
If you become totally disabled as defined in the group policy before reaching age 60, and remain disabled for at least 9 continuous months, insurance will be continued without payment of premium for the duration of your disability, provided the required proof is given. During an insured member’s covered disability, we will also waive premiums for any dependent life insurance in force.

The amount of coverage continued will be based on the option in effect at the time your disability begins, and is subject to the decreases that begin at age 70. Coverage will continue until you are no longer disabled or you reach age 75, whichever occurs first. Evidence of continued disability may be required from time to time.

HOW MUCH LIFE INSURANCE SHOULD YOU HAVE?

Your first priority in life insurance planning should be to provide your family with enough protection to replace the income that would stop if you were to die prematurely. Needs vary from person to person, but insurance experts recommend that most people with families need life insurance and other death benefits that total 5 to 9 times their annual salary. Some families may need even more.

Rights To Change Benefits, Rates Or Terminate The Plan
Changes to the group policy are subject to agreement between New York Life and the Policyholder. The Policyholder or New York Life may terminate the plan on any premium due date by giving 90 days advance notice. Rates may be changed by New York Life on any premium due date and on any date which benefits are changed. You may keep your coverage in force provided you and your dependents remain eligible, the group policy remains in force, and you pay your premiums when due.

Please use the links on the left side of the page for information on the rates and how to apply.