Underwritten by New York Life Insurance Company
Life insurance can be one of the cornerstones of financial planning. In the event of an unexpected or premature death, the SME Group Term Life Insurance can help provide the financial security your family needs. This life insurance helps make sure they’ll be able to meet current expenses—such as mortgage and car payments—as well as future expenses such as college tuition.
The U.S. (except NC, OR, SD, VT, WA and territories) and Puerto Rico.
View the Forms section and download a no–obligation application and brochure containing detailed policy information and provisions, including costs, exclusions, limitations, and terms of coverage.
|Where available||United States (except NC, OR, SD, VT, WA and territories) and Puerto Rico.|
|Notes||Members under age 70, their lawful spouse, and unmarried dependent children ages 14 days - 22 years (24 if a full-time student).|
|Type of Insurance||Group Term Life|
|Underwritten by||New York Life Insurance Company|
|Group Policy Number||G-9400-1|
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Urbandale, IA 50398
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Answers about the program, including eligibility, options, customer service and more.
Who is the underwriter?
Why are these rates so exclusively priced?
This Policy is combined for experience with an insurance trust (Engineering Associations Insurance Trust) made up of similar organizations. The combined membership of these organizations represents substantial group buying power.
How much insurance should I consider?
Some insurance experts suggest that you purchase life insurance equal to five to nine times your current income. In addition, you should consider how much your dependents will need to maintain their lifestyles.
Who is eligible for this insurance?
SME members under age 70 may request coverage for themselves, their lawful spouses, and all unmarried dependent children ages 14 days through 22 years (24 if a full–time student). In order to become insured, satisfactory evidence of insurability must be provided and the required premium must be paid.
A dependent who is also an SME member is eligible for either member or dependent coverage, but not both. If both member and spouse are covered as members, neither may insure the other as spouse, and only one may insure any eligible children.
This coverage is available only for residents of the U.S. (except NC, OR, SD, VT, WA, and territories) and Puerto Rico.
How much insurance can I request?
You can choose the amount you need. A member has options of $10,000.00 to $1,000,000.00 (in multiples of $10,000.00). A lawful spouse may be insured for $10,000.00 to $1,000,000.00 (in multiples of $10,000.00), not to exceed 100% of member’s coverage. Each eligible dependent child may be insured for $10,000.00.
Note: The total amount of coverage an individual may have under all group life insurance policies underwritten by New York Life Insurance Company may not exceed $2,000,000.00. In addition, the total amount of coverage for a member insured by more than one group policy—or more than one organization participating in such a group policy—issued by New York Life Insurance Company to the Trustee of the Engineering Associations Insurance Trust (of which S.M.E. is a participant) may not exceed the maximum benefit option for any insured person.
Will I meet with a salesperson?
Issuance of this coverage is handled over the Internet and by mail. You can review the materials in the privacy of your home and purchase your coverage directly through the mail without meeting with a salesperson. You can, of course, talk to a licensed representative if you’d like. Please view the Contact Us section for the Program Administrator’s toll–free number.
When is the coverage effective?
You and your eligible dependents will become insured on the date specified by New York Life Insurance Company, provided the first premium contribution has been paid, satisfactory evidence of insurability has been submitted, and you and your dependents are alive on that date. Coverage for any dependent who is confined at home, in a hospital or other medical institution, or incapacitated so as to be unable to perform his or her normal activities on the date coverage would otherwise become effective, will not become effective until the date he or she is no longer so confined or incapacitated, provided you are insured on that date and the dependent is still eligible for insurance. Payment of a premium contribution for insurance does not mean there is any coverage in force before the effective date as specified by New York Life Insurance Company.
When does the coverage end?
Insurance for you can remain in force to age 80, and your insured dependents as long as they remain otherwise eligible, provided: (a) you continue to pay premium contributions when due; (b) you remain a member of SME; (c) SME continues to be a participating organization; and (d) the group is not terminated or modified by the Policyholder or New York Life Insurance Company to end insurance for the group of insureds to which you belong. Upon your death, coverage for your insured dependents may continue as described in the Certificate of Insurance.
Are there any exclusions?
No. Benefits are paid for death from any cause, at any time, anywhere in the world. 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 Accelerated Death Benefit work?
The Living Benefit or "Accelerated Death Benefit" is designed to provide members with the option to have a portion of a terminally ill insured’s life insurance benefit paid while he/she is still alive.
The money received under this feature can be used however you see fit. For example, it can help pay medical bills and other outstanding debts and financial obligations … it can help you keep your savings and assets intact … it can help you maintain your quality of living.
To qualify for this benefit, a person must be insured under this Policy and diagnosed as having a life expectancy of 12 months or less. Proof of terminal illness will consist of a statement from a doctor and any other medical information New York Life Insurance Company believes necessary to confirm the person’s status.
You can request payment equal to 50% of a qualified terminally ill person’s in–force coverage. The request must be made at least 12 months prior to that person’s scheduled coverage termination age, and the amount payable after the insured’s death will be reduced by this payment. (Premium contributions will not be reduced.) If a scheduled reduction will occur within one year of the date the advance payment will be made, the benefit payable will be 50% of the reduced coverage. (See "Amounts of Insurance At Member Ages 60 through 79" in the Insurance Brochure.) Note: An insured will be eligible for only one terminal illness benefit during his/her lifetime.
Please note that receipt of Accelerated Death Benefits may affect your eligibility for public assistance programs and may be taxable. Prior to applying to receive such benefits, you should consult with the appropriate social services agency and seek the advice of a qualified tax advisor.
What if I have second thoughts after I apply?
When you become insured, you will be sent a Certificate of Insurance summarizing your coverage. 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!