If you or your spouse have been diagnosed with a terminal condition that results in an expected life span of 12 months or less, the accelerated death benefit will pay 50% of the insured's term life amount. Diagnosis and evaluation of limited life expectancy must be provided to New York Life Insurance Company. The benefit will be paid to the insured member in one lump sum upon acceptance of the claim. Upon the death of the insured, the amount of insurance then payable will be reduced by the amount paid under the accelerated death benefit. Full premiums continue to be payable.

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.

Coverage Effective Date. Coverage becomes effective on the first of the month following approval of your application by New York Life Insurance Company, provided your first premium payment is paid within 31 days and you (and your spouse, if also approved) are performing the normal daily activities of a person in good health of like age on that day (does not apply to dependent child). Otherwise, insurance will take effect on the day you are performing such normal activities as long as you are still eligible.

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.

When Insurance Ends. Coverage may be continuously renewed until you reach age 80, as long as coverage remains in force for your class and the group policy remains in force.

Spouse and dependent coverage will end when the member’s coverage ends, or the termination age is reached. In addition, dependent coverage will end when the eligibility requirements are no longer being met.

Upon your death, coverage for your insured dependents may continue as described in the Certificate of Insurance.

Beneficiaries. Benefits are paid to the beneficiary of the member's choice for death by any cause, except suicide, during the first 12 months of coverage. The member automatically is the beneficiary of a spouse and dependent children covered by this policy; however, after coverage is approved, the beneficiary can be changed by contacting the program administrator in writing.

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 Insurance Company, to the surviving relatives in the following order of survival: spouse; children equally; parents equally; or brothers and sisters equally.

Limitations and Exclusions. Benefits for suicide due to or related to and/or occuring during suicide, an attempt at suicide, or intentional injury (while sane or insane), will not be available until the amount of coverage has been in force for 12 months. Applicable premiums that have been paid will be refunded to the beneficiary designated.

Conversion. This insurance coverage gives you the opportunity to convert to an individual policy with no medical exam when coverage terminates. This option is subject to certain conditions that are described in your Certificate of Insurance.

There are two options for renewal after the initial 10-year period:

With underwriting. If you are age 65 or under, you can apply for successive 10-year periods of guaranteed level rates based on your age and health condition at the time of each new application.

Without underwriting. Continue your coverage to age 80 without guaranteed rates, regardless of changes to your health. Your rates will be based on your age when your 10-year period expires and will increase as you enter each new age bracket as shown in the table of Ultimate Premium Rates available upon request.

Complete the application online. Please provide all requested information; failure to do so may result in a delay of application processing.

Payment Options

You may choose from two payment options when you apply online:

• Electronic funds transfer (EFT) from a bank account you designate and your choice of monthly, quarterly, semiannual or annual billing frequency.
• Direct bill mailed to you when you choose quarterly, semiannual, or annual billing frequency.

After your coverage is approved, you can change your payment method to credit card or debit card by contacting the group insurance administrator.

30-Day Free Look

You’ll have 30 days after you receive your Certificate of Insurance to make sure you’re completely satisfied. If you change your mind, you can return your certificate within that 30-day period, without claim, and get a full refund of any premium paid.