Group Term Life

Underwritten by New York Life Insurance Company


Credit Union members can apply for coverage for themselves and their lawful spouses under age 65.  Dependent children ages 14 days through 24 years may also be covered.

Eligible spouses who are Credit Union members must apply for member coverage using a separate application.  If both parents are members, children may only be covered once by one parent.

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

How Much Is Available?

Eligible members may apply for up to $500,000 in increments of $25,000 for themselves and their eligible spouse.  Spouse coverage amounts cannot exceed member amounts at time of application.

Eligible children may be covered for $4,000 each ($1,000 from 14 days to 6 months.) 

If you are currently covered under this plan, you may apply for more, not to exceed the plan maximum.  Your existing coverage will not be affected by your new application for coverage.  Combined coverage under the Group Term Life and the 10-Year Level Term Life plans may not exceed $1,000,000 per life.

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 other than suicide within the first two years after coverage becomes effective.  MO Residents: benefits will not be paid for death resulting from suicide within the first two years if New York Life can show suicide was intended at the time of application.


Automatic Benefit Increase Option – once approved for coverage, you can count on guaranteed automatic 10% benefit increases each year for up to 10 years (not to exceed the plan maximum).  After 12 months of continuous coverage, your coverage increase will take effect each October for 10 years without having to answer additional health questions or medical exams*.

*For each ABI to take effect, the insured 1. Must be alive on the effective date; 2. Be under age 60; 3. Not totally disabled; 4. Pay the additional premium when due.  To take advantage of the full 10 years, you must be under age 49 when approved for coverage.  The initial 10% is based on the approved coverage amount.  You will be notified in advance of the new coverage and premium charge that will be deducted from your designated account.  You have the option to withdraw from receiving ABI benefits at any time by notifying the Plan Administrator but once declined, you will no longer receive benefit increases without medical underwriting.

Accelerated Death Benefit -  a living benefit feature is included to provide terminally ill insureds, diagnosed with 12 months** or less to live, with an option to have up to 50% of their benefit amount paid while they are still living. Premiums do not reduce.  Please note receipt of this benefit may be taxable and may affect your eligibility for public assistance programs. 

**24 Months for IL residents.  Not available to MA residents. If a reduction of insurance due to age is scheduled within one year of the date of approval, the benefit payable is 50% of the reduced amount of insurance.

Accidental Death Benefit – an additional benefit available to all Member insureds equal to the Member’s benefit amount or $50,000, whichever is less, if death is caused by a covered accident that occurs while coverage is in force.  This benefit reduces by 50% at age 70.

Exclusions: Accidental Death Benefits are not payable for any loss resulting from suicide; insurrection, war or any act of war; a physical or mental sickness, or treatment of that sickness; voluntary intake of poison, drugs, gas or fumes (unless taken as prescribed by your physician); committing or attempting to commit a crime; flight in any type of aircraft while serving as the pilot, licensed, or member of the crew.

Current Quarterly Rates per $25,000 coverage unit
Member Age / Spouse Age $25,000 to  $125,000 $150,000 to $500,000
  Non-smoker Smoker Non-smoker Smoker
Under 25 $4.50 $5.88 $4.00 $5.25
25 - 29 $4.75 $6.13 $4.25 $5.50
30 - 34 $5.25 $6.88 $4.75 $6.13
35 - 39 $7.25 $9.38 $6.75 $8.75
40 - 44 $11.75 $15.25 $11.25 $14.63
45 - 49 $19.50 $25.38 $19.00 $24.75
50 - 54 $31.50 $41.00 $31.00 $40.38
55 - 59 $50.00 $65.00 $49.50 $64.38
60 - 64 $76.25 $99.13 $75.75 $75.75

Quarterly Rate for all dependent Children (regardless of number covered): $3.75

Coverage decreases at age 70 to the lesser of 50% of the Benefit Amount or $100,000.  Coverage terminates on October 1st on or following the Member’s 75th birthday. Premiums do not reduce.

All rates current as of April 2016.  The initial cost of insurance is based on your attained age on the effective date of coverage.  Future premiums are based on insured’s age as of 10/1 and increases as the insured enters a new age bracket. Premium rates may be changed by New York Life on a class-wide basis on any premium due date, but not more than once in any 12-month period, and on any date on which benefits are changed.  For example, a class is a group on insureds with the same age and smoking status.  Policy provisions may be changed by agreement between New York Life and the Group Policyholder.

Convenient Automatic Payments

No payment books, no checks to write.  Premiums will automatically be deducted from the Credit Union account you designate once approved for coverage*.

*Premium deductions are taken on the first business day of January, April, July, and October.  The first premium will be for one quarter (3 months), plus any preceding months on a pro-rata basis.  If the designated account is insufficient, you will receive an invoice for the first quarterly premium only.)  You will be notified of any premium increases in writing prior to funds being requested from your account.

Important Information

You Select Your Beneficiary – Insured members and spouses may name anyone as beneficiary.  The insured member is automatically the beneficiary of any child coverage.  Member and spouse beneficiaries may be changed at any time by notifying the Plan Administrator in writing.

Effective Date - The first of the month following the date coverage is approved, provided the person to be insured is performing the normal activities of a person in good health of like age on the date of approval and premiums are paid when due.* Any person not performing his or her normal activities will not become insured until the day he / she has resumed normal activities, provided it is within 3 months of the date insurance was approved and they are still eligible.

*NC Residents: Any reference to “performing normal activities” is replaced by the requirement that your health status remains the same as stated in your application.

Reductions – Coverage reduces to the lesser of 50% of benefit amount or $100,000 at age 70. Premiums do not reduce.

When Coverage Ends – Coverage can continue until age 75 if premiums are paid when due, you do not request to end insurance, and the Group Policy is still in force.  Dependent coverage can continue if the insured member dies. 

Conversion Privileges – If coverage involuntarily ends or reduces, members and dependents group coverage may be converted to individual whole life coverage, dependent on certain conditions, without medical exams.  Full details are contained in the Certificate of Insurance.

Change of Benefit or Termination Rights – Changes to the Group Policy are subject to agreement between New York Life and the Policyholder.

Either may terminate the plan on any premium due date by giving 31 days notice.

Satisfaction Is Important  - 30 Day Free Look

Once coverage is approved, you will be mailed a Certificate of Insurance detailing your coverage.  If you are not 100% satisfied with the terms for any reason, you may return it within 30 days without claim.  Any premiums you have paid will be refunded – no questions asked.

Applying Couldn’t Be Easier

Apply online in a matter of minutes.  There are no medical questions to answer.  You select the best time that works with your busy schedule for a Medical Underwriting Professional to contact you to obtain your medical history.  There are typically no medical exams required for most applicants.  It’s that easy.  Take a few minutes to protect your family today.

This plan description is a summary of benefits, subject to the terms, conditions, and limitations of Group Policy GMR-FACE/G-10657-0.  Complete details on benefits and provisions are included in the Certificate of Insurance provided at the time of issuance.

Questions? Call: 800-223-8337

Plan Administrator:

AmWins Group Benefits
P.O. Box 152501
Irving, TX 75015-2501
Phone: 800-223-8337

Brokered by:

Aon Consulting, Inc. (AR# 100103224) in AZ Aon Consulting Inc of NJ, in CA Aon Benefit and Insurance Services of New Jersey license#0747600, in ID & ME Aon Benefit Aon Benefit & Insrance Services, in KY Aon Benefit & Insurance, in MA Aon Consulting, Inc of New Jersey, in MO & OK Aon Consulting of New Jersey Inc, in NH Aon Consulting, in NY Aon Consulting

Underwritten by:

New York Life Insurance Company
51 Madison Avenue, New York, NY 10010
NAIC #66915
On Policy Form G-10658-0/GMR-FACE