LifeRing Group Term Life Insurance Exclusively For Credit Union Members. Up to $500,000 In Benefits Available.

Who Is Eligible...

Eligibility For Members.
As a Member of your Credit Union you are eligible to apply for this coverage if you are under age 65. You can also apply for coverage for your lawful spouse under age 65 and your dependant children ages 14 days to 25 years.

If your spouse is a Credit Union Member, she or he must apply for member coverage on a separate application. If both parents are members, children can only be covered by one parent. Please see the Application.

Eligibility For Your Children.
When you apply, you may also apply for coverage for all of your unmarried dependent children ages 14 days to 25 years. (If both parents are Members, child(ren) may only be covered under one parent.)

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

Increases In Existing Coverage.
If you already have coverage under this group plan you may apply for more - up to the plan maximum of $500,000. Simply complete the application and return it to the LifeRing Plan Administrator. Under no circumstance will your existing coverage be affected by your application for additional insurance. Combined coverage under the LifeRing Group Term Life and 10 year level Premium Group Term Life Insurance Plan can not exceed $1,000,000

How Much Insurance Is Available...

Members may apply for any amount of coverage from $25,000 to $500,000 in increments of $25,000 for themselves and their spouse (spouse amount cannot exceed member amount). Your children may be covered for $4,000 each between the age of 6 months and 25 years. (Between the age of 14 days and 6 months the benefit is $1,000.)

Automatic Benefit Increase Option
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 Increase 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 October 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 be notified in advance of the new coverage and the premium charge that will be deducted from your designated account. You 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.

*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.

How Benefits Are Paid...

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 children under this Plan.

Life Insurance - One Exclusion...
You are covered 24 hours a day, every day of the year no matter where you are for any cause of death. The only exception is that suicide is not covered for the first two years after coverage becomes effective. (The premium paid for the person's coverage will be refunded.) This insurance becomes incontestable after two years. Missouri residents: benefits will not be paid for death resulting from suicide within the first two years if New York Life can show that suicide was intended at the time of application.

Other Features Of Your LifeRing Plan...

Accelerated Death Benefit.*
A living benefit feature or “Accelerated Death Benefit” is included in your LifeRing Group 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 you Certificate of Insurance.

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 for residents of Illinois
***If a reduction of insurance due to age is scheduled within one year of the date of approval for the Accelerated Death Benefit, the benefit would be payable at 50% of such reduced amount of insurance.

Current Tax Regulations.
According to current IRS regulations, death benefit proceeds from a personal life insurance policy that are paid to a beneficiary are not subject to federal income tax. However, proceeds from the Accelerated Death Benefit option may be taxable.

Your Effective Date.
All eligible Members and their dependents whose evidence of insurability is satisfactory to the Insurance Company will become insured on the first of the month following the date their request for coverage is approved provided premium is paid in a timely manner. That day will be specified by the Insurance Company.

Premium payment for insurance does not mean there is any coverage in force before the effective date as determined by the Insurance Company.

When Insurance Ends.
You may keep your coverage until age 75 regardless of your health ... and your dependents' coverage as long as they remain eligible ... provided the group policy is not terminated by the Trustee or the Insurance Company; your Credit Union participates in the Trust; you remain a Member of the Credit Union; and you pay your premiums when due.

Unlike group insurance you may have through your employer, this coverage will not end because you change jobs.

Upon attainment of age 70, coverage will be reduced to the lesser of 50% of your benefit amount or $100,000. Your coverage will cease on the policy anniversary date (October 1) on or following your 75th birthday.

Your Conversion Option.
You have the privilege of converting your group coverage to an individual policy subject to certain conditions. No medical examination will be required. (Your Certificate of Insurance will provide more details about this Conversion Option.)

Accidental Death Benefit
The Accidental Death Benefit is an additional death benefit available to all Member insureds if death is caused by a covered accident that occurs while coverage is in force for a Member. The accidental death must occur within 180 days of the accident. This Accidental Death Benefit, will be in an amount equal to a Member insured’s Group Term Life Insurance Benefit, or $50,000, whichever is less. At age 70, the Accidental Death Benefit reduces 50%.

Accidental Death Benefit - Exclusions
Benefits are not payable for any loss that results from suicide (Missouri residents: benefits will not be paid for death resulting from suicide while insane if New York Life can determine that suicide was intended at the time of application); 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 a physician); committing a crime, or an attempt to do so; being intoxicated or under the influence of 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.