The erosion of the dollar has left many people without sufficient life insurance coverage. This is especially true of those within ages that traditionally are too old to buy additional term life coverage.
That's where a supplemental plan like the ISBA Group Senior Term Life Insurance Plan can help. It lets you add to your existing life insurance at economical group rates.
Review your cost of living regularly to be sure your life insurance is adequate. With the ISBA Group Senior Term Life Insurance Plan, it's easy to update your coverage.
Click the 'Apply Now' button to download a no-obligation application and brochure containing plan information and provisions including costs, exclusions, limitations and terms of coverage.
ELIGIBILITY
ISBA members age 50 through 74 who reside in the United States are eligible to apply for this coverage as long as they are able to perform the daily living activities of the person of like age and sex. A member’s spouse/domestic partner residing in the United States who is between the ages of 45 through 74 may also apply for coverage as long as they are able to perform the daily living activities of a person of like age and sex.
APPLY FOR UP TO $50,000 OF COVERAGE
Choose the amount of Group Senior Term Life insurance you need to help protect you and your family.
Amounts Of Insurance:
Members–$5,000 to $50,000 in $5,000 increments.
Spouse/Domestic Partner–$5,000 to $50,000 in $5,000 increments (The amount of coverage for a spouse/domestic partner cannot exceed the Member's amount of coverage.)
PLAN FEATURES
No Medical Exam Required
You are not required to take a physical or medical exam to be approved for this coverage. All it takes is satisfactorily answering, to the insurer, the questions on the application.
Choice of Benefit Amounts
You and your spouse/domestic partner can apply for a life insurance amount of $5,000 to $50,000 (in increments of $5,000).
Accelerated Life Benefit
This important plan option gives you the ability to collect part of your ISBA Term Life benefits before your death if you are diagnosed with a terminal illness. If your doctor diagnoses you with a life expectancy of 24 months or less, and you are under age 75, you can collect up to 50 percent of your benefits before you die–to use however you wish. You must have at least $5,000 of Life Insurance coverage in force to qualify for this benefit.
(Note: A doctor–certified terminal illness means an illness from which no recovery is expected, that results in a life expectancy of 24 months or less.)
This money can be used to help cover high prescription drug costs…medical bills…outstanding debts…to help pay for experimental treatments…the cost of modifications to your home…or for a family vacation – the choice is yours.
Receipt of the accelerated benefit may be taxable, or may adversely affect your eligibility for Medicaid or other government benefits. You should consult your personal tax advisor to assess the impact of this benefit.
Keep Your Cost Manageable
Rates have been provided on a semi-annual basis per $5,000 of coverage to make it easier for you to compare this Plan to other insurance plans on the market today. Four modes of payment are available to suit your budget: quarterly billing, semiannual billing or annual billing; and our Monthly Pre–Authorized Check Payment Plan.
| Senior Group Term Life Semi-Annual Premium Rates per $5,000* | ||||
| Attained Age | Male | Female | ||
| 45-49 | $20.10 | $13.80 | ||
| 50-54 | $27.60 | $15.60 | ||
| 55-59 | $41.40 | $23.70 | ||
| 60-64 | $60.00 | $39.60 | ||
| 65-69 | $92.70 | $66.90 | ||
| 70-74 | $129.30 | $101.40 | ||
| 75-79** | $100.38 | $77.10 | ||
| 80-84** | $86.76 | $62.46 | ||
| 85-89** | $266.58 | $202.80 | ||
| 90+ | $420.00 | $331.50 | ||
Rates shown are guaranteed until June 30, 2024.
*Rates are based on per $5,000 increment under age 75.
**Rates are based on per $2,500 increment for age 75-80, per $1,250 for age 80-85, and for $2,500 benefit at age 85+
Member and Spouse/Domestic Partner coverage reduces to 50% at age 75, to 25% of the original face value at age 80, to $2,500 at age 85. When your coverage reduces, it will never reduce below $2,500.
Premiums are based on the insured's age at date of issue and on attained age at renewal dates. Your rate will not increase due to your health status. Premiums will only be increased if premiums are increased for all insureds in the same age or rate class.
If applicable, an additional $2.00 billing fee will be included on your billing notice payable to the administrator. To save the fee, select Electronic Funds Transfer (EFT) as a safe and secure payment option.
Send No Money Now!
All you need to do is return the completed application. You will be billed for the appropriate premium upon approval of your application by the insurer.
OTHER IMPORTANT INFORMATION
Exclusions
You’re covered 365 days a year, wherever you are. The only exclusion is suicide within the first two years of the date your insurance or increase in insurance starts. The Accelerated Life Benefit is subject to additional exclusions.
You Name Your Beneficiary
You may name anyone you wish as the beneficiary of this plan, and you may change the beneficiary by contacting the Insurance Administrator in writing and advising them of the change.
You may also choose to name a beneficiary that you cannot change without his or her consent. This is an irrevocable beneficiary.
ADDITIONAL PLAN PROVISIONS
Effective Date Your or your spouse/domestic partner's insurance will become effective on the later of the following dates:
When Coverage Ends
As long as you remain an active member of the ISBA, pay your premium when due, and the group policy remains in force, you can keep your coverage. Your insurance stops on the earliest of the following dates:
Once you are approved for this coverage by the insurer, you will have a 31–day grace period for your payment of renewal premium contributions. When you want to submit a claim, call or write the Administrator for claim forms.
Member and spouse/domestic partner coverage reduces to 50% at age 75, to 25% of original face amount at age 80 and to $2,500 at age 85.
Certificate Of Insurance
This is a summary of benefits only. A complete description of benefits, limitations, exclusions and termination of coverage will be provided in the certificate of coverage. All coverage is subject to the terms of the group policy. If there is any discrepancy between this document and the group policy documents, the policy documents will govern.
When you become insured, you will be sent a Certificate of Insurance summarizing your benefits under the Group Policy.
30–Day Free Look
If you are not completely satisfied with the terms of your Certificate of Insurance, you may return it, within 30 days provided no claims have been submitted or paid. Your coverage will be invalidated and you will be sent a full refund of premiums paid – no questions asked!
PLEASE KEEP FOR YOUR RECORDS
All members and spouse/domestic partners must complete an application form for any new coverage or to increase coverage. Proof of good health is required. For more information on medical requirements, please contact your plan administrator. If there is an increase in the amount of your insurance, the increase will take effect on the first day of the month on or next following the date of the increase. Your ISBA Group Senior Term Life Plan will start on the first day of the month after your application has been accepted and your first premium has been paid.
We're here to help! Please contact us in whatever manner is most convenient for you.
Program Administrator
Illinois State Bar Association
Group Insurance Program
| Address AMBA Administrators, Inc. 4050 114th Street Urbandale, Iowa 50322 |
|---|
| Phone: 1-800-503-9230 |
| Hours M-F 7:30a-4:30p CST |
| Email: [email protected] |
| Website: http://www.isbainsuranceplans.com |
Insurance Company
| Address ReliaStar Life Insurance Company 20 Washington Avenue South Minneapolis, MN 55401-1900 |
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| Details | |
| At a Glance | |
| Type of Insurance | Group Senior Term Life Insurance |
| Designed for | ISBA Members and their Spouse/Domestic Partner |
| Underwritten by | Group Policy Number |
| Group Policy Number | 67941-1 |
Who is eligible for this insurance?
ISBA members age 50 through 74, who reside in the United States, and a member’s spouse/domestic partner residing in the United States who is between the ages of 45 through 74 may also apply for coverage.
By whom is this plan underwritten?
This plan is underwritten by ReliaStar Life Insurance Company, under Group Policy No. 67941-1. Policy Form LP00GP.
How does the Accelerated Life Benefit work?
The Accelerated Life Benefit option is available to help terminally ill insureds under age 75 during a difficult and often financially challenging time. Under this provision you may request an advance payment up to 50 percent of your benefits before you die—to use however you wish.
This money can be used to help cover high prescription drug costs…medical bills…outstanding debts…to help pay for experimental treatments…the cost of modifications to your home…or for a family vacation—the choice is yours. You must have at least $5,000 of Life Insurance coverage in force to qualify for this benefit.
(Note: A doctor–certified terminal illness means an illness from which no recovery is expected, that results in a life expectancy of 24 months or less.)
Receipt of the accelerated benefit may be taxable, or may adversely affect your eligibility for Medicaid or other government benefits. You should consult your personal tax advisor to assess the impact of this benefit.
Will I meet with a salesperson?
Issuance of this insurance is handled over the Internet and the mail. You can review the materials in the privacy of your home without meeting with a salesperson. You can, of course, talk to a licensed insurance producer if you'd like who will gladly assist with your questions. Please see the Contacts section for the Program Administrator’s toll-free number.
When does the coverage end?
As long as you remain an active member of the ISBA, pay your premium when due, and the group policy remains in force, you can keep your coverage. Coverage reduces to 50% at age 75; to 25% of orginal face value at age 80; at age 85, to a maximum of $2,500. Your insurance stops on the earliest of the following dates:
How much insurance can I apply for?
Members–$5,000 to $50,000 in $5,000 increments.
Spouse/Domestic Partner–$5,000 to $50,000 in $5,000 increments. (The amount of coverage for a spouse/domestic partner cannot exceed the Member's amount of coverage.)
Are there any exclusions?
You’re covered 365 days a year, wherever you are. The only exclusion is suicide within the first two years of the date your insurance or increase in insurance starts. The Accelerated Life Benefit is subject to additional exclusions.
When is the coverage effective?
Your or your spouse/domestic partner's insurance will become effective on the later of the following dates:
Do I have to take a medical exam, blood test, etc.?
No! There are no physicals required. Your acceptance is based on your satisfactory answers to the insurer to the four questions on the application.
What if I have second thoughts after I apply?
When you become insured, you will be sent a Certificate of Insurance detailing your benefits under the Plan. If you are not completely satisfied with the terms of your Certificate of Insurance, you may return it, within 30 days provided no claims have been submitted or paid. Your coverage will be invalidated, and you will be sent a full refund of premium paid–no questions asked!
This is a summary of benefits only. A complete description of benefits, limitations, exclusions and termination of coverage will be provided in the certificate of coverage. All coverage is subject to the terms of the group policy. If there is any discrepancy between this document and the group policy documents, the policy documents will govern.
Life insurance coverage is provided under the terms of a group life insurance policy, Group Policy 67941-1, issued and delivered in the state of Illinois to Illinois State Bar Association as the policyholder. The group policy is sitused in the state of Illinois and is governed by its laws.The group life policy is issued by ReliaStar Life Insurance Company, a member of the Voya® family of companies, Minneapolis, Minnesota. The policy is administrated on behalf of ReliaStar Life Insurance Company by AMBA, an insurance administrator licensed in the state of Illinois. Policy Form LP00GP.
This is a paid endorsement. ISBA receives a fee from the insurance broker and/or the insurer for its endorsement of this plan.