Group 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 Group 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 also 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.
With APSIT Group Term Life Insurance, you'll have access to the following benefits:
- Apply for up to $1,500,000 of member coverage and $750,000 of spouse coverage. Spouse coverage may not exceed member coverage.
- QuickDecision℠ available for coverage amounts up to $400,000 (under age 50). Automated underwriting allows for no medical exam (just a few health questions) and a faster decision on your application.
- Coverage amounts for you and your spouse will automatically reduce as you and your spouse age according to the following schedule:
- At age 65, amounts of insurance will be reduced 50%
- At age 70, amounts of insurance will be further reduced by 50%
- At age 75, amounts of insurance will be further reduced by 50% or to $25,000, whichever is less
- Member-only rates
- 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.
- Portable coverage: Maintain your valuable APSIT Group Term Life Insurance protection throughout your career, no matter where it takes you
- Conversion to an individual policy under certain instances of involuntary termination of coverage. (refer to your Certificate of Insurance for certain conditions)
- 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.)
Help secure protection for your loved ones by applying for Group Term Life Insurance coverage today!
Take advantage of QuickDecision℠ automated underwriting for coverage amounts up to $400,000 (under age 50). No medical exam (just a few health questions) and a faster decision. Life insurance, but easier.
Need a few more details on a term life policy? You got it! More facts are always a good thing.
Check out the APSIT Group Term Life Insurance Brochure to learn more about coverage features, cost, eligibility, renewability, limitations, and exclusions.
Frequently Asked Questions
Premium contributions for both the member and spouse are based on the insured person's age and increase as they grow older. See the premium chart in the attached brochure for more information.
Yes. However, spouse coverage cannot exceed member coverage.
Coverage is effective on the date specified by New York Life Insurance Company, provided the first premium contribution has been paid, satisfactory evidence of insurability has been submitted, and you and your dependents are actively performing the normal activities of a person in good health of like age [NC residents: a person of like age] on the date of approval.
You may need to undergo medical testing depending on your age, the amount of coverage for which you apply, and your individual medical history.
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℠.
Yes, subject to U.S. regulations on restricted nations.
APSIT Group Term Life Insurance is underwritten by New York Life Insurance Company on Policy Form GMR.
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.
The insurance companies reserve the right to change rates. They usually report "coverage 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 policy's financial stability and competitive status. APSIT ultimately approves the action, and insured participants are advised of their decision prior to implementation.
Members of the American Institute of Physics' Member and Affiliated Societies are eligible to apply for insurance through APSIT. If you are under age 65 and a resident of the United States* (excluding OR, SD, VT, and U.S. territories), Puerto Rico, or Canada (excluding Quebec), you're eligible to apply for $10,000 to $1,500,000 member coverage (in multiples of $10,000) of APSIT Group Term Life Insurance.* You may also apply for $10,000 to $750,000 spouse coverage (in multiples of $10,000) of term life coverage for your lawful spouse. Spouse coverage may not exceed member coverage.
If you are under age 50 and applying for coverage amounts up to $400,000, you are eligible for QuickDecision℠ automated underwriting.
Each unmarried, dependent child from age 14 days through 22 years (24 for full-time students) may also be insured for $10,000 ($1,000 if under age 6 months). A dependent who is an eligible member can be insured as either a member or dependent, but not both. Please note: The maximum amount of life insurance in force for combined New York Life Insurance Company group policies may not exceed $1,500,000 per insured association member.
*Certain state eligibility restrictions apply. Not available to residents of VT, U.S. Territories (except Puerto Rico), and Quebec. Coverage terminates at age 80.
**Most QuickDecision℠ applications can be processed without the need for follow-up. However, sometimes you may need to speak with a representative to verify information or have a medical professional visit you. Coverages higher than $400,000 and members over age 49 are not eligible for QuickDecision℠. Not available in all states.
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.