How would you pay the mortgage, make the car payment, buy groceries, pay for electricity and water, or handle any of your monthly bills if your paychecks suddenly stopped?
The SME Group Disability Income Insurance is designed to provide you with a regular monthly income when you are Totally Disabled and unable to work as the result of an injury or sickness.
Even if you have some disability insurance through your employer, it may not be enough. Many employers provide only a short-term salary continuation plan or short-term disability income coverage. This coverage can be used to supplement benefits provided by your employer plan or as primary protection.
The U.S. (except LA, MT, NH, OR, SD, VT, WA and territories) and Puerto Rico.
View the Forms section and download a no–obligation application and brochure containing detailed information and provisions, including features, costs, eligibility, renewability limitations and exclusions.
Who is the underwriter?
How much insurance do I need?
This depends on a number of factors including: the disability benefits that you may receive from your employer, the amount of private disability income insurance you may have in force, plus the household income that will continue during your disability.
Who is eligible for this insurance?
SME members under age 65 who are at FULL-TIME WORK (as defined in the brochure) are eligible to request coverage, provided their gross annual income is at least $20,000.00. (Student members are not eligible unless working full-time.)
This coverage is available to residents of the United States (except LA, MT, NH, OR, SD, VT, WA and territories) and Puerto Rico.
Can you explain the two options?
If you are Totally Disabled before age 63, benefits are payable up to age 65. There is a two year maximum benefit for Total Disabilities starting at ages 63 through 69.
Benefits are payable for up to five years for Total Disabilities commencing prior to age 60. For Total Disabilities starting at ages 60 through 62, benefits may continue up to age 65. For Total Disabilities starting at ages 63 through 69, benefits may continue for up to two years.
What is the waiting period?
You have a choice of four waiting periods before benefit payments begin: 60, 90, 180 or 365 days. A waiting period is the number of consecutive days you must be Totally Disabled before benefit payments begin. You should choose one that will provide benefits when your employer-provided salary continuation plan runs out. Coverage with a longer waiting period is less expensive.
How much insurance can I request?
You have a wide choice of Monthly Benefit Options, from $110.00 to $7,700.00 (in $110.00 units). However, members age 60 through 64 may not request a Monthly Benefit Option in excess of $1,650.00. The Principal option you choose, together with any other disability income insurance you may have, cannot exceed 60% of your AVERAGE MONTHLY INCOME (as defined in the Brochure).
How is Total Disability defined?
"Totally Disabled" means you are prevented by illness or injury from performing the material and substantial duties of your usual occupation, provided you are not otherwise working for pay or profit.
Will I meet with a salesperson?
Issuance of this coverage is handled over the Internet and the 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 Programs Administrator's toll-free number.
When is the coverage effective?
You 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 are actively performing the normal activities of a person in good health of like age on that date. If you are not performing your normal activities as required, coverage will not become effective until the day you are performing such normal activities provided such date is within three months of the date insurance would have been effective and you are still eligible for insurance.
Note: For Residents of NC: Any references to the performance of normal activities by a person in good health of like age are replaced by the requirement that your health status remains the same as stated on your application.
Payment of a premium contribution for insurance does not mean there is any coverage in force before the effective date specified by New York Life Insurance Company.
Note: There are instances where New York Life Insurance Company may be able to offer insurance, at the same cost, by eliminating coverage for a specific impairment or disease.
When does the coverage end?
Once coverage is validly in force, it may be continued to the premium due date on or immediately after you reach age 70, unless: the maximum benefit period has been reached, you cease FULL-TIME WORK (as defined in the brochure) other than for reasons of disability, you cease to be a SME member, SME ceases to be a participating organization, you fail to pay premium contributions when due, you enter full-time active duty in the armed forces (coverage may be restored upon termination of active duty status, subject to policy guidelines) or the group policy is modified or terminated by the policyholder or New York Life Insurance Company to end insurance on the group of insureds to which you belong.
Are there any exclusions?
Yes. Please refer to the Insurance Application and Brochure for more information.
What if I have second thoughts after I apply?
When you become insured, you will be sent a Certificate of Insurance summarizing your benefits. 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!