20 Year Level Premium Group Term Life Insurance Plan
Underwritten by New York Life Insurance Company

What if ...?

What if something happens to me? What if my family is left with little or no income? What if I become terminally ill? All good questions. Please continue reading for the next few minutes and you will discover how the Columbia Alumni Association 20 Year Level Premium Group Term Life Insurance Plan can answer these questions and would be a valuable addition to your life insurance portfolio and your peace of mind.

Why 20 Year Level Premium Term?

Chances are, since you last updated your life insurance, inflation and any new obligations you have acquired have increased your need for coverage. This 20 Year Level Premium Group Term Life Insurance Plan, sponsored by the Columbia Alumni Association and underwritten by New York Life Insurance Company (NY, NY 10010), was designed to help protect you from unnecessary financial burden and ensure your family’s lifestyle and financial security. Initial premiums are guaranteed not to change for the first 20 years with level amounts of insurance until termination at age 75. At the end of 20 years you have a choice of how to continue your coverage. You may apply (up to age 54) and be medically underwritten for a new twenty year period with a new 20 year rate guarantee based on your then attained age, or you can continue your coverage up to age 75 on an annual renewal basis with reasonable non-guaranteed group rates based on your then attained age regardless of your health status.

Am I and my spouse eligible? What amounts are available?

Columbia University Alumni can apply for coverage for themselves and their spouses under age 55. Insurance amounts are available from $100,000 to $1,000,000 in $50,000 increments. Spouse coverage may not exceed member coverage. If your spouse is an Alumnus/Alumna, he/she must apply for member coverage. The total combined coverage for each insured person under the Group Term Life Insurance Plans sponsored by the Columbia Alumni Association (i.e. the Traditional Group Term Life Insurance Plan and the separate 10 and 20 Year Level Premium Group Term Life Insurance Plans), cannot exceed $1,000,000.

When applying, you may also apply for coverage for all of your unmarried dependent children ages 14 days to age 20 (or 24 if a full-time student). If both parents are Members, children may only be covered under one parent. Your children may be covered for $4,000 each. Between ages 14 days and 6 months, the benefit is $100.

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

Who will be my beneficiary?

You (the Member) may choose anyone as your beneficiary. Your beneficiary will receive all proceeds of your coverage in the event of your death. It could be a family member or a close friend. You are automatically the beneficiary for your dependent’s coverage.

Is there a Group Conversion Privilege?

You and your dependents (if insured) have the privilege of converting this group coverage to an individual permanent policy offered by New York Life subject to certain conditions. No medical examination will be required. (Your Certificate of Insurance will provide full details about his conversion feature.)

Why is the Terminal Illness Benefit feature important?

A living benefit feature, or “Accelerated Death Benefit”*, is included in your 20 Year Level Premium Plan. It is designed to provide terminally ill insureds diagnosed with a life expectancy of 12 months** or less with an option to have a portion of their life insurance benefit (up to 50%) paid while still alive. This money can be used to help cover high prescription drug costs, medical bills, outstanding debts, or anything you wish. The choice is yours. Complete details are provided in the Certificate of Insurance. Receipt of an Accelerated Death benefit may affect eligibility for public assistance programs and may be taxable so insureds should consult with the appropriate social services agency, and assistance should be sought from a qualified tax advisor prior to applying for such benefit.
*This feature is not available to residents of Massachusetts.
** 24 months for residents of Illinois

When will my coverage become effective?

Coverage will become effective on the first of the month coinciding with or next following the date New York Life Insurance Company approves the application, provided premium is paid in a timely manner. The effective date will be specified by the Insurance Company. Any person to be insured must be performing the normal activities of a person of like age on the date of approval.

When would my coverage end?

Your coverage can continue through age 74, as long as your premiums are paid when due, you do not request to end such insurance, and the group policy is not terminated. Insurance for your dependents can continue through spouse age 74 and through child age 19 (or 23 if a full-time student), provided they remain otherwise eligible, premiums are paid when due, your coverage remains in force and the group policy is not terminated. Coverage for your dependents can continue if you die. Details are described in the Certificate of Insurance.

What are the limitations of the plan?

You and your insured dependents are covered 24 hours a day, every day of the year, no matter where you are, for any cause of death. The only exclusion is that during the first two years, benefits will not be paid for death resulting from suicide while sane or insane. In this case, benefits will be limited to a return of the applicable premium that was paid. This is the only exclusion imposed by the plan. Missouri residents: Benefits will not be paid for suicide within the first two years of coverage if New York Life can show that suicide was intended at the time of application.

Incontestability Provision

The validity of any amount of insurance that has been in force for more than 2 years during an insured’s life will not be contested except for eligibility and non-payment of premiums.

Are there volume discounts?

If you request $100,000 up to $250,000 you’ll enjoy already affordable rates. There are discounts for coverage amounts of $250,000 but less than $500,000 and additional discounts for amounts of $500,000 and higher. These discounts can have a significant impact on reducing your insurance costs.

What does this coverage cost?

Please refer to the rate table. Your premiums are based on your gender, current age and your health. If you’re healthy and lead a healthy lifestyle, you may qualify for our Preferred rates at substantial savings over our already affordable Standard and Select rates. Preferred rates are not available for individuals who smoke, or who have high-risk occupations or hobbies like skydiving or scuba-diving.

Remember, even if you can’t qualify for Preferred rates, you may still be eligible for our very affordable Standard or Select rates. To determine if you qualify, simply complete and return the application to the plan administrator.

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 after the first 20 years may be changed by New York Life on any premium due date and on any date which benefits are changed but only on a classwide basis. A Class is a group of insureds with the same age and gender.

Do I have a chance to review my coverage?

Once your application is approved, you will receive a personalized Certificate of Insurance summarizing your benefits. You may take up to 30 days without claim to review your Certificate in detail. If for any reason, you decide the coverage is not what you want, simply return your Certificate of Insurance within 30 days to cancel your coverage and receive a full refund of any premiums paid.

Please use the APPLICATIONS link on the left side of the page for information on how to apply.

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