2007-2008 IEEE Multiplan Brochure

The IEEE Group Term Life Insurance Plan L In order to become insured, completed application must be submitted and satisfactory evidence of insurability must be provided and the required premium contribution must be paid. 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 cover the other as spouse and only one may carry benefits on 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 cannot 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. Member and spouse amounts of coverage begin to decrease at member age 65 as shown in the schedule titled, “Amounts of insurance at ages 65-99.” You pay nothing – and your benefits continue in full force – if you’re disabled If you become Totally Disabled before age 60, and remain so disabled for at least nine months, your premiums will be waived and your insurance will be continued, including coverage for your eligible dependents, if any. The amount continued will be based on the option under which the individual was insured at the time disability commenced, subject to decreases shown in “Amounts of insurance at ages 65-99,” without further premium payments during such disability until coverage terminates at member’s age 100. Evidence, from time to time, of continued Total Disability is all that will be required. No “fine print” exclusions The Living Benefit or “Accelerated Death Benefit” is designed to provide terminally ill insureds with the option to have a portion of their life insurance benefit paid while they are 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 group 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 the insurance company believes necessary to confirm the person’s status. Under this provision, the member may request a payment equal to 50% of the terminally ill person’s in-force coverage. The request must be made at least 12 months prior to that person’s coverage termination age, and the amount of insurance payable after the insured’s death will be reduced by this payment. Premium contributions are not 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 amount. (See “Amounts of insurance at ages 65-99.”) An insured will be eligible for only one terminal illness benefit during his/her lifetime. Please note that receipt of this benefit may affect eligibility for public assistance programs and may be taxable. Prior to applying, you should consult with the appropriate social services agency and seek the advice of tax counsel. Note: This Accelerated Death Benefit is not available to residents of Massachusetts. L You can collect 50% of your in-force life insurance benefits before your death, in the event of a terminal illness Benefits are paid for death from any cause, at any time, anywhere in the world. The validity of any amount of your life insurance that has been in force for two years during your lifetime will not be contested except for insurance eligibility provisions or nonpayment of premium contributions. All eligible members and their dependents whose first premium contribution has been paid within 31 days after being billed and whose satisfactory evidence of insurability has been submitted to the New York Life Insurance Company will become insured on the day of approval as specified by New York Life Insurance Company provided they 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 the member is insured on that day 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. Your insurance can remain in force for you and your insured family members, if eligible, until you reach age 100, provided: (a) the group policy 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, (b) you remain an active IEEE Member in good standing, and (c) you continue to pay premium contributions when due. Insurance will not terminate if you change employment or retire. In case of your death, coverage for insured dependents may be continued as described in the Certificate of Insurance. L L L When your coverage starts When your coverage ends

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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