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 coverage?
Yes. However, spouse coverage cannot exceed member 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 including 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.
What is QuickDecision℠?
QuickDecision℠ allows the carrier to make an underwriting decision in real time based on information gathered online, including answers to medical questions, during the application process. Most QuickDecision℠ applications do not need follow-up, but you may need to speak with a representative to verify information or have a medical professional visit you. Coverages up to $400,000 (under age 50) are eligible for QuickDecision℠ .
Can coverage continue if I am out of the country?
Call the Plan 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 Plan 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.