2007-2008 IEEE Multiplan Brochure

The IEEE Group 20-Year Level Term Life Insurance Plan L L L L Help reinforce your family’s financial safety net with benefits ranging from $100,000 up to $2 million When your coverage ends You can choose benefits ranging from $100,000 to $2 million (in multiples of $10,000) as an eligible IEEE Member under age 55, and a resident of the United States (excluding territories) or Puerto Rico. You may apply for benefits for your lawful spouse under age 55, from $100,000 to $2 million (in multiples of $10,000) as long as spouse benefits don’t exceed 100% of your coverage. Each unmarried, dependent child age 14 days through 22 years (24 if a full-time student) can be covered at the $10,000 level. A member who is also a dependent is eligible for either member or dependent coverage, but not both. If both the member and spouse are covered as members, only one may insure any eligible children. In order to become insured, a completed application must be submitted and satisfactory evidence of insurability must be provided for each proposed insured, and the required premium must be paid within 31 days after being billed. A dependent who is also a member is eligible for either member or dependent coverage, but not both. If both the member and spouse are covered as members, neither may insure the other as spouse and only one may insure any eligible children. The total amount of coverage an individual may request under all group life insurance plans underwritten by New York Life Insurance Company may not exceed $2 million. In addition, the total amount of coverage an individual may have under all policies issued by New York Life Insurance Company to the Trustee of the IEEE Life Insurance Plan may not exceed the maximum benefit option for any insured person. A child may not be insured for more than one $10,000 benefit under all policies issued by New York Life Insurance Company to the Trustee of the IEEE Life Insurance Plan. You can keep your IEEE Group 20-Year Level Term Life Insurance coverage in force until you or your spouse reach age 75 (23 for children or 25 for children who are full-time students). Coverage will end earlier if: (a) the premium contributions are not paid when due, (b) IEEE membership ends, (c) the group plan is terminated or modified by the Policyholder to end insurance for the group of insureds to which the member belongs and (d) if the insured requests to terminate insurance. In addition, dependent coverage will end when the dependent spouse or child ceases to be an eligible dependent. Premiums are guaranteed to remain level for the first 20 years of coverage. At the end of the 20-year period, you may elect to reapply for 20-year level term rates then in effect for a subsequent 20-year period, provided the insured person is under age 55 and still eligible. If your application for a subsequent 20-year term of guaranteed rates is approved, your premium contribution will be based on your age, health and smoking status at the time the subsequent 20-year rating basis becomes effective and will be guaranteed for a new 20-year term. If you and/or your spouse are not approved for a subsequent 20-year term of guaranteed rates, or you do not apply for a subsequent 20-year term, coverage will continue in force on a non-guaranteed rate basis under which premium contributions increase as the insured person ages. No “fine print” exclusions Benefits are paid for death from any cause, at any time, anywhere in the world. The validity of any amount of life insurance that has been in force for two years during an insured’s lifetime will not be contested except for insurance eligibility provisions and nonpayment of premium contributions. The “Accelerated Death Benefit” option is available to help terminally ill insureds during a difficult and often financially challenging time. Under this provision, the member may request one advance payment equal to 50% of a qualified terminally ill person’s in-force life insurance to be paid while that person is still alive. The request must be made at least 12 months prior to the insured person’s scheduled coverage termination age and the amount of insurance payable after the insured’s death will be reduced by this payment. (Premium contributions will not be reduced.) This money can be used to help cover high prescription drug costs medical bills outstanding debts to help pay for experimental treatments the cost of modifications to your home or for a family vacation—the choice is yours. To qualify, a terminally ill insured must provide the insurance company with proof of terminal illness and anticipated life expectancy (12 months or less), as well as any other necessary medical information requested. For additional details and limitations, please see the Certificate of Insurance. 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. Note: The Accelerated Death Benefit is not available to residents of Massachusetts. L L What happens after your initial 20-year term You can request 50% of your in-force life insurance benefits before your death in the event of a terminal illness When your coverage starts Coverage for you and your eligible dependents will start on the date your application is approved by New York Life Insurance Company, provided the initial premium contribution is paid within 31 days after you are billed and any person to be insured is actively performing the normal activities of a person in good health of like age [NC residents: a person of like age] on the date of approval. A person who is not performing his/her normal daily activities as required will not become insured until the day he/she is performing such activities, provided such date is within three months of the date insurance would have been effective and the person is still eligible. coverage.At

Table of Contents Feed for the Digital Edition of 2007-2008 IEEE Multiplan Brochure

Group Term Life Insurance Plan Group 10-Year Level Term Life Insurance Plan Group 20-Year Term Life Insurance Plan Group Disability Income Insurance Plan Professional Liability Insurance Plan Long-Term Care Plan Additional Plans & Information

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