Term insurance offers an important advantage over permanent life insurance … cost! The premium for a term policy is typically less than permanent life
insurance. Why? Because term life insurance does not offer cash, loan or retirement income values. It provides “pure” insurance protection during the
period your spouse and children depend heavily on your income.
Benefit features of the Member Benefits-endorsed Term Life Insurance Plan:
- Up to $1 Million Available…at an Economical Price! With this plan, you and your family have access up to $1 million of term life
protection, if under age 65.
- The Plan features Accelerated Benefits – With the Accelerated Benefits Provision, you can decide to receive up to 60 percent of your
life insurance benefit before death if you are under age 70 and are diagnosed as terminally ill with less than 12 months to live. These Accelerated Benefits may prove
to be essential to pay for final medical costs, or to maintain the financial security of your family during a terminal illness.
Discounted Rates for Payroll or Pension Deduction – If your local association has made arrangements for payroll deduction of Member
Benefits-endorsed programs, you and your lawful spouse or certified domestic partner both qualify for this convenient way to pay your premiums. Likewise, if you are
retired and are collecting a monthly pension benefit from NYSTRS, NYSERS, NYCTRS or NYCBERS, or if you are collecting a monthly annuity payment from TIAA-CREF, you and
your lawful spouse or certified domestic partner qualify for the convenience of pension deduction. Premiums will automatically be deducted from the NYSUT
member’s paychecks over 20 or 26 pay periods or from 12 monthly pension benefits. No checks to write…no payments to remember. Everything is handled
automatically for you.
Special payroll or pension deduction features include a 15 percent discount on your premiums.
If NYSUT Member Benefits payroll or pension deduction is not available to you, the other payment options are:
- Individual billing on a semiannual basis
- Monthly re-occurring payments deducted from your checking account
- Monthly re-occurring payments deducted from your credit card
Please read the materials for complete details, including rates and eligibility. NYSUT members, agency fee payers and their lawful spouses (or certified domestic
partners) under age 85 are eligible to apply. Your age determines the maximum amount of coverage you may apply for under United States Life's Term Life Insurance Plan.
An ex-spouse will need to purchase Associate Membership through NYSUT to continue his or her coverage.
NYSUT Member Benefits Trust Disclosure Notice
United States Life’s Term Life Insurance Plan is a NYSUT Member Benefits Trust (Member Benefits)-endorsed program. Member Benefits has an endorsement
arrangement of 7.61% earned premiums for this program. All such payments to Member Benefits are used solely to defray the costs of administering its various programs
and, where appropriate, to enhance them. The Insurer pools the premiums of Member Benefits participants who are insured for the purposes of determining premium rates
and accounting. Coverage outside of this plan may have rates and terms that are not the same as those obtainable through Member Benefits. The Insurer or Member
Benefits may hold premium reserves that may be used to offset rate increases and/or fund such other expenses related to plan as determined appropriate by Member
Benefits. Member Benefits acts as your advocate; please contact Member Benefits at 800-626-8101 if you experience a problem with any endorsed program.
Agency fee payers to NYSUT are eligible to participate in Member Benefits-endorsed programs.
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, 200 Liberty Street New York, NY 10281. It is currently authorized to transact business in all states plus DC, except
PR. This summary is a brief description of benefits only and is subject to the terms, conditions, exclusions and limitations of Group Policy No. G-233,615, Form No.
G-19000. Coverage may vary or may not be available in all states.
The underwriting risks, financial and contractual obligations and support functions associated with products issued by The United States Life Insurance Company in
the City of New York (United States Life) are its responsibility.