If an insured member, employee or spouse has been diagnosed with a terminal condition that results in an expected life span of 24 months or less, the accelerated death benefit will pay 50% of the insured’s term life amount. If a reduction of insurance due to age is scheduled within one year of the date New York Life Insurance Company approves the request, the benefit payable will be 50% of the reduced amount of insurance.

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 (premium contributions will not be reduced). This benefit is payable only once.

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. All coverage is subject to underwriting approval. Approved coverage will take effect on the first of the month following the date your application is approved by New York Life, provided your premium contribution is received within 31 days of such date, and you and your eligible dependents (if also to be insured) are performing the normal activities of a person in good health of like age on this date.*

If a person is not performing normal activities on the date their coverage is effective, their effective date will be deferred until they are performing the required activities, provided they resume normal activities within three months of their original effective date and they remain eligible.

* For residents of North Carolina: Any reference to “performing normal activities of a person in good health of like age” is replaced by "the requirement that the health status of any proposed insured remains the same as stated in your application."

When Insurance Ends. Coverage will be continuously renewed until you reach age 80 as long as you pay your premiums when due, coverage remains in force for your class, you remain a TXCPA member or full-time employee of such member, and the group policy remains in force.

Spouse and dependent coverage will end when your coverage ends, or the termination age is reached: 80 for spouse, 25 for children. 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.

Review rates and coverage amounts available, and begin an application for insurance online by clicking the Find Your Rate button in the righthand column.

TXCPA Group Term Life Insurance features Quick Decision℠ automated underwriting. Applicants under age 50 and applying for coverage amounts up to $500,000 are eligible for QuickDecision, which expedites the underwriting process. With QuickDecision, you and your spouse can request up to $500,000 in coverage with no medical exam (just a few health questions) and a faster decision on your application.

Most QuickDecision applications do not involve follow-up, however, some applicants may need to speak with a representative to verify information or have a medical professional visit you.

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. Your coverage will then be invalidated.