What exactly does 10-Year Level Term mean?
This Group 10-Year Level Term Life Insurance Plan provides life insurance coverage with a fixed premium and a fixed death benefit, guaranteed to remain level for 10 years.
How do I qualify for the ‘Preferred’ or ‘Select’ rate?
Your completed application will be reviewed. Upon underwriting approval you are assigned an underwriting class (‘Preferred,’ ‘Select’ or ‘Standard’) based upon the information provided with your application. If you meet the Plan’s underwriting requirements but are a tobacco/nicotine user, you will automatically fall under the Standard rate category. Preferred rates are available for coverage amounts of $125,000 and above.
How do I apply?
Click the “Learn More or Apply” button then download and complete the application. Be sure to sign and date the application and mail it to our office at the address indicated. You may also contact Mercer Consumer at 1-888-560-ALUM (2586) for an application.
When will my coverage become effective?
All coverage is subject to underwriting approval by New York Life. Coverage will take effect the date your application is approved by New York Life Insurance Company, as long as you are performing the normal activities of a person in good health of like age on that date, and you pay your premium in a timely manner - click "Learn More" for further details.
Note: Residents of NC: Any reference to "performing normal activities" is replaced by the requirement that the health status of any proposed insured person remains the same as stated in your application.
What coverage amounts are available?
You may apply for coverage amounts from $50,000 up to $1,000,000, in $25,000 units.
Are there any exclusions or limitations?
Coverage is provided for death from any cause, except death from suicide for the first two years coverage is in effect, whether sane or insane. The benefit is limited to a return of premiums paid.
Note: Incontestability - Once your coverage has been in force for 2 years after your effective date your coverage is incontestable except for non-payment of premium.
What if I have second thoughts after I apply?
You will have 30 days from the date of receipt to review the Certificate of Insurance. If you are not satisfied with the terms of the Certificate, simply return it to the Insurance Administrator without claim, and any premiums paid will be refunded in full.
What happens to my coverage after 10 years?
Once accepted, this plan will provide 10 years of dependable life insurance coverage, as long as premiums are paid when due and the group policy remains in force. At the end of your initial 10-year term, your coverage will automatically be renewed without having to submit any proof of insurability. Renewal premiums, however, are not guaranteed and will be based on your then attained age and will increase as you age.
To continue taking advantage of level rates, individuals under 65 may apply for a subsequent 10-year period of guaranteed level rates, based on their then attained age, health and nicotine use, subject to satisfactory evidence of insurability.
When does coverage end?
Coverage may be continued to age 80 provided 1) Your premiums are paid when due, and 2) The Group Policy is not terminated or modified to end coverage on the class of insureds to which you belong by the Group Policyholder or New York Life. At age 80, you may convert to an individual life policy without providing any medical evidence of insurability.
Who is eligible?
Alumni and their spouses under age 65 residing in the U.S. are eligible to apply for this plan. Coverage may not be available in all states. Call Mercer Consumer at 1-888-560-ALUM (2586) for details.
By whom is this plan underwritten?
This plan is underwritten by New York Life Insurance Company, under Group Policy No. G-29124-0, on Policy Form G-29124-0 GMR-FACE.
New York Life is licensed/authorized to transact business in all of the 50 United States, the District of Columbia, Puerto Rico and Canada. However, not all group plans it underwrites are available in all jurisdictions. New York Life's state of domicile is New York, and NAIC ID # is 66915.
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| Office Address
12421 Meredith Drive
Urbandale, IA 50323
| Application Mailing Address
P.O. Box 10374
Des Moines, IA 50306-0374
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