The American College of Obstetricians and Gynecologists Group Insurance Program provides cost effective Term Life Insurance that can help secure a foundation and financial future for your loved ones. Term Life can be a great option for individuals who have short-term financial obligations or young families on a tight budget, allowing you to help protect your loved ones at a fraction of the cost of other plans!
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. Our Life Insurance Needs Calculator can help you determine the right amount for you.
ACOG members and their lawful spouses who are residents of the U.S. or Canada (except for residents of Quebec) under age 60 may apply.
If death is the result of suicide or an intentionally self-inflicted injury during the first two years of coverage, benefits are limited to return of premiums paid. (Subject to state variations.)
If you or your spouse is under age 75 and is diagnosed with a terminal illness with a life expectancy of 24 months or less, the terminal illness (accelerated) benefit would allow you to request an advanced payment of up to 75% of your in-force life insurance amount not to exceed $200,000. If a benefit reduction due to age is scheduled within 6 months from when the Accelerated Death Benefit was requested, the amount payable will be up to 75% of the reduced amount of coverage. Refer to the Certificate of Insurance for additional conditions.
Coverage will begin on the first day of the month following the date your application is approved by New York Life Insurance, provided the premium has been paid when due. You must be able to perform the normal duties of a person in good health of like age on the date insurance is to take effect. You may be required to provide medical evidence of insurability. If these conditions are not met, such insurance will take effect on the date the person resumes such normal activities.
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; 3) premiums are not paid when due; 4) the day before your amount of coverage, less any Accelerated Death Benefit paid, equals zero or less; or 5) you request to end coverage. On the July 1st coinciding or next following the date you reach age 75, or if your insurance ends for a reason other than non payment of premium, you may buy an individual life insurance policy from the company during the conversion period without providing evidence of insurability. Refer to the Conversion option in your Certificate.
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!
ACOG’s Group Insurance Program is administered by Pearl Insurance. Pearl Insurance strives to provide members with the most relevant, competitively priced member benefit insurance packages for individuals and their families. Pearl Insurance has been providing associations like ACOG with quality group coverage for over 65 years.
ACOG's Group Term Life Insurance is underwritten by New York Life Insurance Company, 51 Madison Ave., New York, NY 10010, under Group Policy No. G-30460-0 on Policy Form GMR-FACE/G-30460-0.
New York Life is a leader in the association group insurance field, providing life and health insurance plans for associations. The company has an enduring commitment to its customers' financial security. Regardless of the state of the economy or the stock market, New York Life bases its financial decisions on the guiding principle of serving its clients. New York Life Insurance Company has received the highest ratings for financial strength currently awarded to any U.S. life insurer by all four major rating agencies including Moody’s Investor Service (Aaa), Standard & Poor’s (AA+), Fitch Ratings (AAA), and A.M. Best (A++).*
New York Life is licensed/authorized to transact business in all 50 United States, the District of Columbia, Puerto Rico, and Canada. However, not all group plans it underwrites are available in all jurisdictions. Please check the applicable insurance brochures for current availability. New York Life's state of domicile is New York, and NAIC ID # is 66915.
For more information, including features, costs, eligibility, renewability, limitations, and exclusions, reference the Group Term Life Insurance brochure and rates.
*Individual Third Party Ratings Reports (as of 9/12/19)