Senior Term Life Insurance

Senior Term Life Insurance  

Overview

At A Glance

 

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.

 

Benefit Features:

  • Easy application process
  • No medical exam required
  • Accelerated Life Benefit
  • Choice of beneficiary

 

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.

 

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 Illnois 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 Mercer Consumer, 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.

Find your fit!

Insurance Application and Brochure

These form(s) are in Adobe Acrobat Reader (PDF) format and are available for downloading and printing.

Apply

Want More Information?

 

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 accelerated benefit payments may be taxable. Assistance should be sought from a personal tax advisor.

 

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 March 31, 2019.

 

*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:

  • ReliaStar Life approves your or your spouse/domestic partner’s proof of good health;
  • Your premium is received;
  • You become eligible for insurance; or
  • You apply for insurance, if proof of good health is not required.

 

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:

  • The last day of the month during which you are no longer eligible for insurance under the Group Policy.
  • The end of the period for which you paid premiums, if you do not make the next required premium contribution when due
  • The date the Group Policy terminates.

 

Once you are approved for this coverage, 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.

 

For members or 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.

 

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. This is a Paid Endorsement. The Illinois State Bar receives a fee from the insurance broker and/or the insurer for its endorsement of this plan. The group policy is sitused in the state of Illinois and is governed by its laws.

 

This plan is underwritten by ReliaStar Life Insurance Company, Minneapolis, Minnesota, a member of the Voya® family of companies. This information is a brief summary of benefits only and is subject to the terms, conditions, exclusions, and limitations of Group Policy 67941-1, Policy Form # LP00GP

Contact Us

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
Mercer Consumer
12421 Meredith Drive
Urbandale, IA 50398
 Phone:
1-800-503-9230
 Hours
 M-F 7:30a-4:30p CST
 Email:
customerservice.service@mercer.com
 Website:
http://www.isbainsuranceplans.com

 

Insurance Company

 Address
ReliaStar Life Insurance Company
20 Washington Avenue South
Minneapolis, MN 55401-1900

Tell Me More

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

FAQs

  • 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 accelerated benefit payments may be taxable. Assistance should be sought from a personal tax advisor.

  • 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:

    • The last day of the month during which you are no longer eligible for insurance under the Group Policy.
    • The end of the period for which you paid premiums, if you do not make the next required premium contribution when due
    • The date the Group Policy terminates.
  • 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:

    • ReliaStar Life approves your or your spouse/domestic partner's proof of good health;
    • Your premium is received;
    • You become eligible for insurance; or
    • You apply for insurance, if proof of good health is not required.
  • 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!

Tell Me More

Valuable Benefits:

  • Member and Spouse/Domestic Partner Coverage Available
  • No Medical Exam Required
  • Choice of Benefit Amount from $10,000 up to $50,000
  • Affordable Group Rates
  • Living Benefits Included (Accelerated Life Benefit)


Member and Spouse/Domestic Partner Coverage

MSBA 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 75 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.

Note: You don’t have to apply for coverage in order for your spouse/domestic partner to apply for life insurance.


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 select a life insurance amount of $10,000 to $50,000 (in increments of $5,000).


Your Employees May Be Eligible, Too

Employees of MSBA members may be eligible for valuable term life insurance through this plan too. To determine if employees are eligible, contact the Minnesota State Bar Association Administrator at 1-800-501-5776 between 7:30 a.m. and 5 p.m. Central Time, Monday through Friday.


Living Benefit Included (Accelerated Life Benefit)

You can receive up to 50% of your life insurance amount you select if you are diagnosed as terminally ill with a life expectancy of six months or less. You must have at least $5,000 in life insurance coverage in force to qualify and be under age 75. Your beneficiary will receive the remainder of your benefit after your death.


Note: Receipt of this benefit may affect your eligibility for public assistance programs and may be taxable. Prior to applying to receive such benefits, you should seek the advice of a qualified tax advisor.

 

MSBA Group Senior Term Life Insurance Plan
Monthly Group Rates

Attained Age–
Member / Spouse/Domestic Partner

$10,000

$25,000

$50,000

 

Male

Female

Male

Female

Male

Female

4549*

NA

$4.60

NA

$11.50

NA

$23.00

5054

$9.22

5.18

23.05

12.96

46.10

25.91

5559

13.78

7.86

34.46

19.66

68.91

39.32

6064

20.00

13.20

50.00

33.00

100.00

66.00

65-69

30.93

22.35

77.32

55.87

154.64

111.3

7074

43.14

33.82

107.84

84.55

215.68

169.11

For rates and coverage amounts not listed, contact the Plan administrator. 
Rates shown are guaranteed until July 1, 2018.


*MSBA members’ Spouses/domestic partners ONLY can apply for coverage starting at age 45 (and continue coverage through age 74). MSBA members can apply for coverage starting at age 50 (and continue coverage through age 74).


For your convenience, you will be billed just four times a year. Coverage begins on the first day of the month following approval by ReliaStar Life and payment of first premium. Coverage continues with no decrease in benefits until you reach age 75. At age 75, benefits reduce to 50%. At age 80, benefits reduce to 25% of original face amount. At age 85 and after, benefits will be a maximum of $2,500.00. Coverage cannot be canceled as long as you remain a Member of the Minnesota State Bar Association, pay your premiums when due and the group policy remains in force.


Satisfaction Guaranteed:
 You may return your Certificate of Insurance within 30 days if you are not completely satisfied with the coverage this plan provides. Any premiums paid will be fully refunded, provided no claims have been submitted or paid.


Exclusions:
 The only exclusion is suicide, while sane or insane, within two years of the date your insurance or increase in insurance starts. The Accelerated Life Benefit is subject to additional exclusions.


Effective Date:
 Coverage will become effective on the first day of the month on or after the later of the following dates: ReliaStar Life approves you or your spouse’s/domestic partner’s proof of good health; you or your spouse’s/domestic partner’s premium is received; you or your spouse/domestic partner become eligible for insurance; or you or your spouse/domestic partner apply for insurance, if proof of good health if not required.


When Coverage Ends
: Your insurance stops on the earliest of the following: the last day of the month during which you are not longer eligible for insurance under the group policy; the date the group policy stops; or the end of period for which you paid premiums, if you do not make the next required premium contributions when due.


This is a summary of benefits only. A complete description of benefits, limitations, exclusions and terminations 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 will govern. Terms and conditions of coverage are set forth in group policy 29063–7 issued to the Minnesota State Bar Association. Full details are contained in the Certificate of Insurance, which will be issued to persons who become insured under the Plan. This Plan may not be available to residents of all states. Availability may change. Policy form LP08GP.


Group Term Life Insurance underwritten by ReliaStar Life Insurance Company, a member of the Voya®  family of companies.


This is a paid endorsement. The MSBA receives a fee from the insurance broker and/or the insurer for its endorsement of this plan.

Mercer's Role & Compensation

Details of Mercer disclosure of the compensation.