Group Term Life Premium Payment Rates

The following are current 2012 quarterly rates for each $25,000 unit of coverage.

Member's Age/Spouse's Age	Benefit Amount of $25,000 to $125,000		Volume Discount Benefit Amount of $150,000 to $500,000
	Non-smoker	Smoker	Non-smoker	Smoker
Under 25	$ 4.50	$ 5.88	$ 4.00	$ 5.25
25 to 29	$ 4.75	$ 6.13	$ 4.25	$ 5.50
30 to 34	$ 5.25	$ 6.88	$ 4.75	$ 6.13
35 to 39	$ 7.25	$ 9.38	$ 6.75	$ 8.75
40 to 44	$ 11.75	$ 15.25	$ 11.25	$ 14.63
45 to 49	$ 19.50	$ 25.38	$ 19.00	$ 24.75
50 to 54	$ 31.50	$ 41.00	$ 31.00	$ 40.38
55 to 59	$ 50.00	$ 65.00	$ 49.50	$ 64.38
60 to 64	$ 76.25	$ 99.13	$ 75.75	$ 98.50

Children’s Benefits: $4,000 between 6 months and 25 years; $1,000 between age 14 days and 6 months

Quarterly Rate For All Children (regardless of how many): $3.75

The initial cost of insurance is based on your attained age on the effective date of coverage. Future premiums are based on the insured's age as of October 1st and increases as the insured enters a new age bracket.

Premium rates may be changed by New York Life on a classwide 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. (A class is a group of insureds with the same age and smoking status.)

Policy provisions may be changed by agreement between New York Life and the Policyholder.

Coverage decreases at age 70 to lesser of 50% or $100,000. Coverage terminates on the October 1st on or following the Member’s 75th birthday.

Convenient Automatic Payments...

There are no payment books to keep track of, no checks to write. Your premiums will automatically be deducted from the Credit Union account you designate once you are approved for coverage.

Premium deductions will be made on the first business day of January, April, July, and October. Your first premium will be for one quarter (3 months) plus any preceding months on a pro-rata basis. (If sufficient funds are not available in your account, you will receive an invoice direct for that quarterly premium only.) You will be notified in writing of any increases in premium in advance of the deduction being made from your account.