Group Annual Renewable Term Life Insurance

Group Annual Renewable Term Life Insurance  

Overview

At a Glance

 

The last thing you want your family to have to worry about, at a time when they have so much on their minds, is where they will turn for financial security. Group Term Life Insurance is an economical way to help make sure they are provided for.

 

Coverage Features:

  • Up to $500,000 death benefit
  • Coverage on association member and family available
  • Economical group rates
  • You select your beneficiary
  • Accelerated Life Benefits
     

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.

How To Apply

Insurance Application and Brochure

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

Apply

How to Apply

 

Download your Group Annual Renewable Term Life Application and Brochure by clicking on the "Apply Now" button and following the instructions. Be sure to review the plan details on this site and in the brochure, which contains plan information and provisions, including costs, exclusions, limitations and terms of coverage. Remember, only eligible ISBA members in good standing and their lawful spouses/domestic partners under age 60 may apply.

 

For Association Members in good standing And Their Families

 

LIFE INSURANCE HELPS PROVIDE SECURITY FOR FAMILIES

The last thing you want your family to have to worry about, at a time when they have so much on their minds, is where they will turn for financial security. Group Annual Renewable Term Life Insurance may be an economical way to help make sure they are provided for.

 

WHO CAN APPLY FOR UP TO $500,000 OF COVERAGE?

All members in good standing and their spouses/domestic partners under age 60 may apply. A person must be actively at work on the date insurance is to take effect. If not, such insurance will take effect on the day the person resumes the normal duties of their occupation.

 

The date insurance is to take effect might not be a scheduled work day. If so, the person will be considered actively at work on such date if actively at work on the last scheduled work day.

 

In addition, unmarried, dependent children 6 months to 19 years (23 if a full-time student) are eligible for $5,000 of coverage.

 

The dependent might be hospitalized on the date insurance is to take effect. If so, insurance will take effect on the day after discharge.

 

YOU SELECT YOUR BENEFICIARY

You may name anyone as your beneficiary. You may change your beneficiary (unless irrevocable) by contacting the Insurance Administrator in writing.

 

EFFECTIVE DATE

Members must apply for insurance in writing. Insurance will take effect on the first day of the month following the date your application is approved by the insurer, provided the initial premium contribution is paid within 31 days after the date you are billed (send no money now).

 

You or your spouse/domestic partner (if applying) must be actively at work on the date your insurance is to take effect. If you or your spouse/domestic partner are not, insurance will take effect on the day you or your spouse/domestic partner resume the normal duties of their occupation.

 

Acceptance into this plan is subject to medical evidence of insurability as determined by the insurance company. Depending on your age, the amount of coverage you request and your answers on the application, a medical examination, medical test(s), or other evidence of insurability may be required. Any exams/tests requested by the insurance company will be conducted at your convenience and at no additional expense to you.

 

ACCELERATED BENEFITS

If you and/or your spouse/domestic partner are diagnosed with a terminal illness (which is defined as a medical condition which is expected to result in the insured's death within 24 months and from which the person is not expected to recover), the Accelerated Benefit allows you to elect to receive up to 60% of your Life Insurance in force, not to exceed $250,000, prior to death. You must have at least $10,000 in Life Insurance Coverage in force to qualify for this benefit.

 

Accelerated Benefits are not payable if there is an absolute assignment; there is an irrevocable beneficiary who does not give written consent; there is a court decree involving the life insurance in connection with a divorce agreement; or the illness is due to intentionally self-inflicted injury or attempted suicide. Receipt of Accelerated Benefits may be taxable. Consult your personal tax advisor for specific details.

 

Note:  After age 70, coverage does not include the Accelerated Benefit.

 

There is no additional premium charged for the Accelerated Benefit.

 

CONTINUATION OF INSURANCE WITHOUT PREMIUM PAYMENT DURING DISABILITY

If you become totally disabled, as defined by the Certificate, before age 60 and the disability continues for at least six consecutive months, your Group Annual Renewable Term Life Insurance may continue without premium payment. Continuation of insurance will end on the earliest of: the date total disability ends, proof of total disability is not given by you when due, you are not examined by a doctor when required, or you attain age 60.

 

CONVERSION RIGHTS

If your insurance ends for a reason other than non-payment of premium, you may convert to an individual whole life insurance policy from ReliaStar Life Insurance Company without providing evidence of insurability. The amount of the new policy may be limited depending on the reason your insurance ends.

 

VOLUME DISCOUNTS

Receive Volume Discount Premium Rates when you apply for $250,000 or more of coverage. There are also discounted rates for non-tobacco users.

 

CONVENIENT PAYMENT OPTIONS

Automatic Monthly Check Withdrawal: Have your premiums automatically deducted from your checking account on a monthly, quarterly, or semi-annual basis. This saves you time spent writing checks and tracking due dates. Direct Bill: Have your premiums billed to you directly on a quarterly or semi-annual basis. 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.

 

EXCLUSIONS AND TERMINATIONS

The only exclusion for life insurance is suicide within the first two years of the date your insurance or increase in coverage starts. The Accelerated Life Benefit is subject to additional exclusions.  If your age, sex, or other data is misstated on your application, the correct data will be used to determine if insurance is in force. If insurance is in force, the premium and/or benefits will be adjusted according to the facts. Your coverage will end if you fail to pay your premiums when due, the Group Policy is terminated, insurance ends for your class, or at the next renewal date after you reach age 80.

 

YOUR MONTHLY RATE PER $10,000 UNIT
Less than $250,000 coverage
  Non-Tobacco User Tobacco User
Age Male Female Male Female
Under 30 $0.65 $0.51 $0.75 $0.59
30-34 0.75 0.56 0.87 0.65
35-39 1.04 0.72 1.20 0.84
40-44 1.62 1.08 1.87 1.24
45-49 2.63 1.65 3.03 1.91
50-54 4.09 2.58 4.72 2.97
55-59 6.33 3.98 7.31 4.59
60-79* 6.82 4.76 7.87 5.49

 



$250,000 Coverage Or More
(Volume Discount Premium Rates)
  Non-Tobacco User Tobacco User
Age Male Female Male Female
Under 30 $0.58 $0.46 $0.67 $0.53
30-34 0.68 0.51 0.78 0.58
35-39 0.93 0.65 1.08 0.75
40-44 1.46 0.97 1.68 1.12
45-49 2.37 1.49 2.73 1.72
50-54 3.68 2.32 4.25 2.68
55-59 5.70 3.58 6.58 4.14
60-79* 6.14 4.28 7.08 4.94

 

Rates shown are guaranteed until March 31, 2019.

 

Eligible child(ren): $0.83 monthly insures all. ($5.00 semi-annually) *Renewal only. Coverage reduces by 50% of original face value at the next renewal date following ages 65, 70 and 75. Coverage terminates at age 80.
All premiums are based on the insured's attained age at the date of issue and on renewal dates. Premiums will increase as the insured enters a new 5 year age bracket.

 

COMPUTING YOUR PREMIUM IF PAYING THROUGH AUTOMATIC MONTHLY CHECK WITHDRAWAL:

Find the appropriate monthly rate above based on the amount of coverage you are applying for, your sex, age, and tobacco status. Multiply that rate by the number of $10,000 units you are applying for.

 

EXAMPLE: Let's say you are a 35-year-old male non-tobacco user and wish to apply for $200,000. Take $1.04 x 20 units ($200,00 divided by $10,000 unit) = $20.80. This is your monthly premium.

 

COMPUTING YOUR PREMIUM IF PAYING THROUGH SEMI-ANNUAL DIRECT BILL:

Follow the same steps described above, then multiply the total monthly premium by 6.

 

EXAMPLE: Take $20.80 (the total monthly premium figured above) x 6 = $124.80. 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. $126.80 would be your total semi-annual premium.


UNDERWRITTEN BY:

 

Group Term Life Insurance is underwritten by The ReliaStar Life Insurance Company, Minneapolis, Minnesota, a member of the Voya® family of companies. Policy Form # LP00GP 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 will govern. Coverage may vary or may not be available in all states. Group Policy No. 67941-1.

The underwriting risk, financial and contractual obligations and support functions associated with the products issued by The ReliaStar Life Insurance Company in the City of Minneapolis are its responsibility.

Contact Us

We're here to help! Please contact us in whatever manner is most convenient for you.

Program Administrator

 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

Eligibility
Member
Where available This coverage is available only to residents of the United States and may not be available in all states. Please contact the administrator for details.
Notes ISBA members in good standing and their spouses/domestic partners under age 60 may apply. In addition, unmarried, dependent children 6 months to 19 years (23 if a full-time student) are eligible for $5,000 of coverage. In order to become insured, satisfactory evidence of insurability must be provided to the insurer and the required premium must be paid.



Details
At a Glance
Type of Insurance Group Term Life Insurance
Designed for Association members in good standing and dependents
Underwritten by ReliaStar Life Insurance Company
Group Policy Number 67941-1
Issue Ages Through age 59
Volume Discounts $250,000 or higher
Rate Schedule Premiums are based on the insured's attained age at the date of issue and on renewal dates. Premiums will increase as the insured enters a new 5 year age bracket.
Waiver of Premium Premiums may be waived during a qualified disability which begins prior to age 60.
Members Coverage Amounts $10,000 to $500,000 in $10,000 increments
Spouse/Domestic Partner $10,000 to $500,000 in increments of $10,000 (The amount of coverage for a spouse/domestic partner cannot exceed the Member's amount of coverage.)
Children's Insurance up to $5,000 each insured child
Children's Insurance Unmarried, dependent children 6 months to 19 years (23 if a full-time student) are eligible for $5,000 of coverage.
Non-Tobacco Rates If no tobacco or nicotine in any form during the previous 12 months

 

Important Notes:

 

This website provides a brief description of the insurance plan offered and is not a contract. Complete terms, conditions, definitions, exclusions, limitations and renewability requirements are detailed in the Group Policy issued to the Group Policyholder. Each insured will be provided with a Certificate of Insurance that summarizes the provisions affecting his/her coverage.

FAQs

  • How much insurance can I apply for through this program?

    You can apply for $10,000 through $500,000 of coverage, in $10,000 increments.

  • Who is eligible for this insurance?

    All members in good standing and their spouses/domestic partners under age 60 may apply for the coverage listed above. In addition, unmarried, dependent children 6 months to 19 years (23 if a full-time student) are eligible for $5,000 of coverage.

  • What discounts are available?

    Receive Volume Discount Premium Rates when you apply for $250,000 or more of coverage. There are also discounted rates for non-tobacco users.

  • Do I have to meet with an insurance agent?

    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 an agent. You can, of course, talk to a licensed insurance producer if you'd like. Please click the Contacts section for the toll-free number.

Mercer's Role & Compensation

Details of Mercer disclosure of the compensation.