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 and working 30+ hours per week, 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 Life 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.)
How does the Terminal Illness (Accelerated) Benefit work?
If you or your spouse has been covered under the plan for at least 180 days, are under age 75, and are diagnosed with a terminal illness with a life expectancy of 12 months or less, the terminal illness (accelerated) benefit would allow you to receive an advanced payment of up to 75% of your in-force life insurance amount, and not more than $200,000, less the discount.
When is the coverage effective?
Coverage will begin on the first day of the month following the date your application is approved, provided the premium has been paid. Members and spouses must be actively at work on the date insurance is to take effect. Life fellows must be able to perform the normal duties of a person with like age and sex, with like occupational status on the date insurance is to take effect. If these conditions are not met, such insurance will take effect on the date the person resumes such normal activities or actively-at-work status.
When does the coverage end?
Your ACOG Group Term Life Insurance will continue until you reach age 75 or earlier if: 1) the group policy ends; 2) insurance ends for your class; or 3) at the end of the period for which the last premium has been paid. On the July 1st coinciding or next following the date you reach age 75, or if your insurance ends for a reason other than nonpayment of premium, you may buy an individual life insurance policy from the company during the conversion period, without providing evidence of insurability.
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!
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 65 years. AR #0100106279, CA #0F76076, MN #8698, OK #0100102347, TX #1442641
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 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-197,690 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.