How much life insurance do I need?
The amount of coverage you should purchase will vary on your unique needs. To calculate the right amount, consider your household budget, current expenses (food, mortgage or rent, taxes, etc.), and future obligations (final expenses, education, etc.). Based on your total expenses, you can better determine how much coverage you will need to sustain your family’s current way of life.
Who is eligible for this insurance?
The American College of Obstetricians and Gynecologists members and their lawful spouses under age 60 may apply.
How much insurance can I request?
- Members—$100,000 to $2,000,000 in $10,000 multiples.
- Spouse—$100,000 to $2,000,000 in $10,000 multiples.
- Total amount of member coverage for all combined American College of Obstetricians and Gynecologists Group Insurance may not exceed $2,000,000.
Are there any exclusions?
If death is the result of suicide during the first two years of coverage, benefits are limited to return of premiums paid, plus interest. (Subject to state variations.) The validity of any amount of your life insurance which has been in force for two years during an insured's lifetime will not be contested except for insurance eligibility provisions and non-payment of premium contributions.
How does the Living Benefit work?
During your lifetime, you or your spouse (if applying) can apply to collect an accelerated benefit up to 50% of coverage amount (less a benefit processing fee) if you are diagnosed with a terminal illness from which you are not expected to recover (as defined in the group policy) and have a life expectancy of six (6) months or less. The remaining balance of coverage is then paid to your beneficiary upon death. This Living Benefit can be used to help settle financial obligations or for any use as you see fit. You are eligible to apply for the Living Benefit if you are under age 70 once coverage has been in effect for just 180 consecutive days. Living Benefits are not payable if you made an absolute assignment of your life insurance under the group policy; the insurance company does not receive written consent by an irrevocable beneficiary; all or part of your life insurance is to be paid to your child(ren) or former spouse as part of a court approved divorce agreement; or the terminal illness is a result of intentionally self-inflicted injury or attempted suicide. Receipt of Living Benefits may be taxable. Please consult a tax advisor for specific details.
When is the coverage effective?
Insurance will take effect on the date your application is approved by The United States Life Insurance Company, provided the initial premium contribution is paid within 31 days after the date you are billed (send no money now) and provided any person to be insured is actively at work 30 or more hours per week. If you are not, insurance will begin on the day you resume work.
When does the coverage end?
Once insured, coverage is guaranteed never to be cancelled, as long as you continue to pay your premiums when due during the coverage period, are under age 70, and the group policy remains in force. After 10 years, if you are under age 60, you can exchange your certificate for a new 10-year term period with rates based on your age and health status at that time. You can continue coverage up to age 70.
Who is this plan underwritten by?
This plan is underwritten by The United States Life Insurance Company in the City of New York, NAIC No. 70106 domiciled in the state of New York with a principal place of business of One World Financial Center, 175 Water Street, New York, NY 10038. It is currently authorized to transact business in all states, plus DC, except PR.
Policies issued by The United States Life Insurance Company in the City of New York (US Life). Issuing company US Life is responsible for financial obligations of insurance products and is a member of American International Group, Inc. (AIG). Products may not be available in all states and product features may vary by state. Policy#G-510,033 Form #s G-19000.
This summary is a brief description of benefits only and is subject to the terms, conditions, exclusions and limitations of the group policy.
Who Administers the Program?
The College's Group Insurance Program is administered by Pearl Insurance. Pearl Insurance strives to provide College members with the most relevant, competitively priced member benefit insurance packages for individuals and their families. Pearl Insurance has been providing associations like The College with quality group coverage for nearly 55 years. AR #0100106279, CA #0F76076, MN #8698, OK #0100102347, TX #1442641
What if I have second thoughts after I apply?
When you become insured, you will be sent a Certificate of Insurance summarizing your benefits under the Plan. If you are not completely satisfied with the terms of your Certificate of Insurance, you may return it, without claim, within 30 days. Your coverage will be invalidated and you will be sent a full refund—no questions asked!