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
You can also apply for dependent coverage for your lawful spouse under age 65 is eligible for coverage.Your spouse is also eligible for coverage even if you, the member, are not insured under this plan. In this situation, The spouse will be considered a member and will pay the member rate.

Eligibility For Your Children
The member may apply for coverage for all 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 OPTION - "BENEFIT BUILDER"

Keeping up with your family’s future financial needs can be a challenge in the face of ever-rising expenses. By electing the Automatic Benefit Increase Option (ABI), you can help meet these growing needs.

Once accepted for the initial amount of coverage you desire, you can count on guaranteed Automatic Benefit Increases of 10% a year for up to 10 full years* (not to exceed the $500,000 plan maximum),

After 12 months of continuous coverage, each year on July 1, your coverage will automatically increase by 10% of the initial coverage amount without having to answer additional health questions, and no medical exam. Up to 10 benefit increases can be accepted.**

You will have the option to withdraw from receiving automatic benefit increases at any time by notifying the Plan Administrator but once declined, you cannot receive additional coverage through the ABI without first going through the full health underwriting process.

Here is an example of how this feature works. A male member age 45 is approved for $250,000 coverage on March 1, 2008. The first automatic benefit increase of $25,000 goes into effect on July 1, 2010. Each subsequent July 1 for the next 9 years until 2019, after the 10th $25,000 increase goes into effect, his coverage will have grown to $500,000 and be Double what was initially applied for.

*The initial 10% will be calculated using the coverage amount you applied for on your application for coverage.

**For each ABI to go into effect the insured a) must be alive on the effective date of such increase, b)be under age 60; c) not totally disabled; d)pay the additional premium when due . To take advantage of the full 10 years, you must be under age 49 when approved for coverage and have an effective date of insurance of January 1 - July 1.

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 covered accident.

HOW BENEFITS ARE PAID...

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.

Accidental Death Benefit - Exclusions
Benefits for an Accidental Death are not payable for any loss that results from suicide; 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.

(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)

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.

Incontestability Provision
the validity of any amount or insurance, which has been in force for more than two years during the insured's lifetime will not be contested except for eligibility and non payment of insurance premiums.

OTHER IMPORTANT FEATURES...

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 is paid in a timely manner, All applications are subject to New York Life's approval.

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.

Accelerated Death 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.

Please note receipt of this benefit may be taxable and may affect your eligibility for public assistance programs. You may wish to consult your tax advisor for specific details before using this benefit.

*Not available to residents of Massachusetts
** 24 Months to residents of Illinois
***If a reduction of insurance due to age is scheduled within one year of the date of approval for accelerated death benefit, the benefit will be payable at 50% of such reduced amount of insurance.

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.

Your Group Conversion Option
You, your spouse and dependent 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.)

Rights to change benefits or to 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.

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

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