How do I calculate the rate on an APSIT Group Life Insurance Plan?
Premium contributions for both the member and spouse are based on the member's age and increase as the member grows older. Premiums may be periodically increased on plans to reflect plan utilization and help ensure their financial stability.
Can my spouse obtain separate coverage?
When will my coverage become effective?
For some plans, coverage becomes effective within a few days of receiving your application. For others, the process is longer because of required medical underwriting procedures. The "underwriting process" depends on many factors: the number of persons to be insured, their ages, the amount of coverage for which you apply, your medical history and that of your family members (if requesting dependent coverage), and the type of coverage requested.
Do I have to take a medical exam, blood test, or other health analysis?
You may need to undergo medical testing depending on the plan you are requesting, your age, the amount of coverage for which you apply, and your individual medical history.
Can coverage continue if I am out of the country?
Call the Program Administrator for more details, as coverage varies depending on the plan.
Who is the carrier on the Group Term Life Insurance Plan?
The APSIT Group Term Life Insurance plan is underwritten by New York Life Insurance Company under policy form G-29068-0.
Who administers the program?
The APSIT Group Insurance Program is administered by Pearl Insurance. Pearl Insurance strives to provide APSIT Group Insurance Program participants with the most relevant, competitively priced member benefit insurance packages for individuals and their families.
Who recommends/approves benefit changes or premium changes?
The insurance companies reserve the right to change rates. They usually report "plan experience" (or the number and size of claims made) twice a year and, if applicable, rate action recommendations. Using this information, the Program Administrator works with APSIT to evaluate the recommendations and decide what, if any, action (i.e. a rate action, a change in benefits, or even a change in insurance companies) is appropriate to maintain each plan's financial stability and competitive status. APSIT ultimately approves the action, and insured participants are advised of their decision prior to implementation.