Term life insurance is the simplest form of life insurance and offers straightforward protection. A group term life insurance policy can give you added peace of mind knowing that you are helping protect your family from serious financial burdens in the event of your death.
Features
- Guaranteed coverage, regardless of health status, for members who meet the eligibility requirements shown above
- The policy pays full benefits in addition to other insurance you may have
· You can choose to continue the coverage beyond the one-year, no-cost period regardless of changes in your health, as long as you pay premiums when due
- Coverage is renewable to age 80 without additional underwriting.
- Additional coverage is available up to $1,000,000 at TXCPA group rates.
- Employees of members also are eligible to apply for this group term life insurance. Contact the group insurance administrator for more information on employee coverage.
When Insurance Begins
All coverage is subject to underwriting approval. Approved coverage will take effect on the first of the month following the date your application is approved by New York Life Insurance Company, provided your premium contribution (for paid coverage) is received within 31 days of such date, and you and your eligible dependents (if also to be insured) are performing the normal activities of a person in good health of like age on this date.
If a person is not performing normal activities on the date their coverage is effective, their effective date will be deferred until they are performing the required activities, provided they resume normal activities within three months of their original effective date and they remain eligible.
* For residents of North Carolina: Any reference to “performing normal activities of a person in good health of like age” is replaced by the requirement that the health status of any proposed insured remains the same as stated in your application.
When Insurance Ends
Coverage will be continuously renewed until you reach age 80 provided you pay your premiums when due, coverage remains in force for your class, you remain a TXCPA member, and the group policy remains in force. Spouse and dependent coverage will end when your coverage ends, or the termination age is reached. In addition, dependent coverage will end when the eligibility requirements are no longer being met.
Upon your death, coverage for your insured dependents may continue as described in the Certificate of Insurance.
This insurance coverage gives you the opportunity to convert to an individual policy with no medical exam when coverage terminates. This option is subject to certain conditions that are described in your Certificate of Insurance.
Beneficiaries
Benefits are paid to the beneficiary of the member’s choice for death by any cause, except suicide, during the first 12 months of coverage. The member automatically is the beneficiary of a spouse and dependent children covered by this policy; however, after coverage is approved, the beneficiary can be changed by contacting the program administrator in writing.
If, at the time of your death, there are no surviving beneficiaries, benefits will be paid to the executor or administrator of your estate, or at the option of New York Life Insurance Company, to the surviving relatives in the following order of survival: spouse; children equally; parents equally; or brothers and sisters equally.
Accelerated Death Benefit
If you, your spouse are diagnosed with a terminal condition that results in an expected life span of 24 months or less, the accelerated death benefit will pay 50% of the insured’s term life amount. If a reduction of insurance due to age is scheduled within one year of the date New York Life Insurance Company approves the request, the benefit payable will be 50% of the reduced amount of insurance. Diagnosis and evaluation of limited life expectancy must be provided to New York Life Insurance Company.
The benefit will be paid to the insured member in one lump sum upon acceptance of the claim. Upon the death of the insured, the amount of insurance then payable will be reduced by the amount paid under the accelerated death benefit (premium contributions will not be reduced). This benefit is payable only once.
Receipt of an accelerated death benefit may affect eligibility for Medicaid or other government benefits or entitlements and may have income tax consequences. Accelerating benefits before applying for these programs, or while you are receiving government benefits, may affect your initial or continued eligibility.
Disability Waiver of Premium Benefit
If you or your spouse become totally disabled before age 60, and the disability lasts for at least nine consecutive months, coverage will continue with no premium due, for both the member and any covered dependents. Evidence of total disability is required to qualify for the benefit and may be requested by New York Life Insurance Company periodically to retain the benefit.
Limitations & Exclusions
Benefits for suicide due to or related to and/or occurring during suicide, an attempt at suicide, or intentional injury (while sane or insane), will not be available until the amount of coverage has been in force for 12 months. Applicable premiums that have been paid will be refunded to the beneficiary designated.
Current 2025 Monthly Rates
(Per $50,000 unit of coverage)
Issue Age
| Member Rates
| Spouse Rates
|
Under 30
| $2.40
| $2.45
|
30-34
| 2.85
| 2.85
|
35-39
| 4.10
| 4.00
|
40-44
| 6.20
| 6.25
|
45-49
| 10.00
| 9.90
|
50-54
| 16.15
| 13.50
|
55-59
| 27.55
| 18.45
|
60-64
| 48.00
| 30.40
|
65-691
| 82.20
| 48.65
|
70-741
| 185.75
| 117.40
|
Over 751
| 261.75
| 117.80
|
1 Renewal rates for existing coverage only (ages 65 and over)
Rates are based on your age when coverage becomes effective. A spouse’s rate is based on the member age. Rates increase when a member enters a new age band and are adjusted on the premium due date coinciding with or next following this change.
Rates may be changed by New York Life Insurance Company on any premium due date and any date on which benefits are changed. However, your rates will change only if they are changed for all others in the same class of insureds under this group policy. A class of insureds is a group of people with the same issue age and tobacco/nicotine usage.
Coverage amounts for members reduce by 50% at age 65 and an additional 50% at age 75. Premiums do not reduce. Spouse coverage amounts reduce by 50% when the member attains age 65 and an additional 50% when the member attains age 75. Children’s coverage does not reduce.
Each eligible child ages 14 days to six months may receive $500 of coverage, which increases to $2,000 of coverage from age six months up to age 19 (or age 25 if a full-time student). The annual rate for a dependent child is $0.50 per $2,000 of coverage.
QuickDecisionSM
QuickDecision real-time underwriting is available for members and spouses under age 50 who are requesting coverage amounts up to $500,000. With this process, no medical exam2 is required, and you can have an approval decision within minutes.
2 QuickDecision uses your health history data in making an approval decision, so no medical tests are needed. In some cases we may need to ask you some questions, and in rare cases request a medical visit at your convenience and our expense.
Underwriter
This policy is underwritten by New York Life Insurance Company, 51 Madison Avenue, New York, NY 10010 using policy form GMR-FACE-G14046-1.
www.newyorklife.com
New York Life 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 coverage it underwrites is available in all jurisdictions. New York Life’s state of domicile is New York, and NAIC ID# is 66915.
Administrator
Forrest T. Jones & Company, Inc.*
3130 Broadway
Kansas City, MO 64111
www.ftj.com
* For Arizona residents, the administrator is Forrest T. Jones Consulting Company.
This website explains the general purpose of the insurance described, but in no way changes or affects the policy as actually issued. In the event of a discrepancy between this website and the policy (Group Policy No. G-14046-1 issued to the Trustees of the Texas Society of Certified Public Accountants Insurance Trust), the terms of the policy apply. All benefits are subject to the terms and conditions of the policy. Policies underwritten by New York Life Insurance Company detail exclusions, limitations, and terms under which the policies may be continued in full or discontinued. Complete details are in the Certificate of Insurance issued to each insured individual and the Master Policy issued to the policyholder. This program may vary and may not be available to residents of all states.
