This calculation takes into consideration the Term Life premium increases that will occur over the next 10-year or 20-year period as the insured reaches higher age brackets. This is estimated based on the current ACS Term Life premium credit of 20%. Premium credits are not guaranteed and vary from year-to-year, depending on claims experience.
The premium contributions for all life plans quoted reflect the current rates and benefit structure as of April 1, 2013. Premium may be paid annually or semi-annually. The premium is based upon the member and spouses gender, amount of insurance requested, usage of tobacco/nicotine products, health status and attained age on the date the coverage is issued.
Term Life rates increase on the premium due date coinciding with or next following the date that a member or spouse enters a new age bracket. New York Life may change premium contributions for the Term Life plan on any premium due date, but not more than once in any twelve-month period, and on any date on which benefits are changed. Term Life benefit option amounts are subject to change by agreement between New York Life and the Board of Trustees.
Level Term Life rates are guaranteed not to increase for the initial 10 or 20 year term. For the Level Term Life plans, only non-smokers meeting the highest underwriting standards will qualify for "Preferred" rates. Other non-smokers may qualify for higher "Select" or "Standard" rates. (Note: Smokers may only qualify for "Standard" rates.) Upon approval of your application, you will be notified of the rate classification for each approved person.
The ACS Group Life Plans are underwritten by New York Life Insurance Company, 51 Madison Avenue, NY, NY 10010, under group policy GMR, Policy Numbers G29200/FACE, G29204/FACE and G29205/FACE.