Group 10-Year Level Term Life Insurance
Underwritten by New York Life Insurance Company
How Much Life Insurance Should You Consider?
Even after you’re gone, you can help protect the financial security of your loved ones with APSIT 10-Year Group Level Term Life Insurance. When you determine how much life insurance you may need, take your family’s current standard of living into account. Your income, work benefits, and any outstanding debt should be considered. If you provide care for your children and make repairs around the house, don’t forget to keep these factors in mind as well.
Now Available: No-Exam Life Insurance
Has COVID-19 caused you to reexamine your need for life insurance? Now is the time to act. Members under age 50 can apply for up to $500,000 of group life insurance without a medical exam or lab visit1 (just answer a few health questions).
Over age 50? Your medical records and/or recent lab work may be accepted as a safer alternative to an in-person appointment. When New York Life contacts you regarding the medical requirements, let them know if you wish to discuss these alternate options.
Act now to ensure you don't miss out!
1Please refer to the disclosures page for more details on the application process.
With APSIT Group 10-Year Level Term Life Insurance, you'll have access to the following benefits:
- Apply for $100,000 to $1,000,000 (in multiples of $10,000) of member coverage and up to $750,000 (in multiples of $10,000) of spouse coverage
- Each unmarried, dependent child from age 14 days through six months may be insured for $1,000. Children from six months to 22 years old (24 if a full-time student) may be insured for up to $10,000 (in multiples of $1,000).
- Benefits are payable for death from any cause, at any time, anywhere in the world (subject to U.S. government regulations on restricted countries) except suicide during the first two years of coverage
- Member-only rates
- Portable coverage: You can maintain your valuable APSIT Group Level Term Life Insurance protection throughout your career, no matter where it takes you
- Living Benefit Option ("Accelerated Death Benefit"): Enables you to apply for a portion of your benefits if you qualify as being terminally ill, subject to certain policy restrictions and limitations. These benefits are paid directly to you, and you may spend them any way you wish (See the brochure for more details.)
Need a few more details on a 10-year level-term life policy? You got it! More facts are always a good thing.
Check out the APSIT Group 10-Year Level Term Life Insurance Brochure to learn more about coverage features, cost, eligibility, renewability, limitations, and exclusions.
Frequently Asked Questions
APSIT Group 10-Year Level Term Life Insurance is underwritten by New York Life Insurance Company.
Some insurance experts suggest that you have life insurance equal to seven to ten times your current income. In addition, you should consider how much your dependents will need to maintain their lifestyle.
- Participants—$100,000 to $1,000,000 in $10,000 multiples
- Spouse—$100,000 to $750,000 in $10,000 multiples, not to exceed 100% of member's coverage
- Child(ren) 14 days but under six months old—$1,000 per child
- Child(ren) six months through 22 years old (24 if a full-time student)—$10,000 per child in $1,000 multiples
Note: The total amount of coverage an individual may request under all group life insurance policies underwritten by New York Life Insurance Company may not exceed $1,500,000.
Nonsmokers meeting the highest underwriting standards may qualify for the "Preferred" (the policy's best) rates. Other nonsmokers may qualify for "Select" (higher than "Preferred") or "Standard" (the policy's highest) rates.
Volume Discount—If you or your spouse becomes insured for coverage amounts of $250,000 through $490,000, you'll receive a volume discount; and for amounts of $500,000 through $1,000,000 of coverage, you'll receive an even bigger discount.
Members of the American Institute of Physics' Member and Affiliated Societies are eligible to apply for insurance through APSIT. You and your spouse (if proposed for insurance) are eligible to apply for APSIT Group 10-Year Level Term Life coverage if you are under age 65, reside in the United States (except territories), Puerto Rico, or Canada (except Quebec)*.
Also, you can request coverage for all of your unmarried dependent children ages 14 days through 22 years (24 if a full-time student). In order to become insured, satisfactory evidence of insurability must be provided and the required premium must be paid. A dependent who is also an eligible member can be covered as either a participant or dependent, but not both. If both participant and spouse are covered as participants, neither may insure the other as spouse, and only one may insure any eligible children.
*Certain state eligibility restrictions apply. Not available to residents of NC, SD, OR, and VT, U.S. Territories (except Puerto Rico), and Quebec.
Underwritten by New York Life Insurance Company, 51 Madison Avenue, New York, NY 10010 USA under Group Policy G-29134-0 on Policy Form GMR-FACE/G-29134-0.
New York Life Insurance Company 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 policies it underwrites are available in all jurisdictions. For more information, including, features costs, eligibility, renewability, limitations, and exclusions, download the brochure above.
New York Life Insurance Company's state of domicile is New York, and NAIC ID # is 66915
New York Life Insurance Company (New York Life) is a leader in the association group insurance field, providing life and health insurance coverage for associations. The company has an enduring commitment to its customers' financial security. Regardless of the state of the economy or the stock market, New York Life bases its financial decisions on the guiding principle of serving its clients. New York Life has received the highest financial strength ratings currently awarded to any U.S. life insurer from all four of the major credit ratings agencies: A.M. Best (A++), Fitch Ratings (AAA), Standard & Poor's (AA+), and Moody's Investors Services (Aaa).*
*Source: Third-party Rating Report as of 10/15/2020.