At a Glance
It’s not something that’s easy to think about, but when you consider all the things that life insurance proceeds need to fund, and how long it needs to last, is your family adequately covered?
For more than 50 years, IEEE has worked with Mercer Consumer to sponsor a group insurance program that provides the high quality, competitive cost, superior convenience, and wide choice IEEE members have come to expect from products sponsored by IEEE. In the event of an unexpected or premature death, the Group Term Life Insurance Plan can provide the financial security your family needs by helping to cover daily living expenses, mortgage payments, even college tuition. And, the death-benefit proceeds from this plan are usually not subject to federal income tax.
NEW! Chronic Illness Rider Option
The Chronic Illness Rider (CIR) option is available to members and spouses under age 65, residing in the U.S. (except residents of CT, ID, LA, MN, MT, NC, OH, SD, UT, and WA) and lets insureds under age 80 accelerate 50% of the amount of your life insurance that would be in effect one year after the date requested -- while you're alive -- to help provide financial security in the event you develop a chronic illness. (See Tell Me More Section for definition of chronic illness and more information.)
Depending on your medical insurance coverage, the costs associated with chronic illness can be substantial -- even exceeding seemingly high maximum limits. You don't want to risk financial hardship or stress while dealing with a serious illness. This new benefit will help ensure that it won't happen to you and your family.
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Answers about the program, including eligibility, options, customer service and more.
I already have Group coverage with New York Life Insurance under the IEEE member benefits program. Am I still covered/will you cover claims related to COVID-19?
Plans cover death claims due to complications of COVID-19 similar to death claims as a result of any other infectious cause (like the seasonal flu or bacterial meningitis). This is applicable for our life insurance plans only.
I am in the middle of the medical exam process for an application with New York Life Insurance Company for group coverage. Can my application move forward?
If you have already completed your health screening for group life insurance, your application will continue to be processed. If you have not yet had your health screening, you may experience a longer wait time as the medical exam companies experience a higher than usual volume of appointments. If you have other questions about your application, please contact Mercer directly.
Will you insure a person who has been diagnosed with coronavirus?
If you are applying for group life insurance and have been recently (since March 1, 2020) diagnosed with COVID-19, you will not qualify for coverage at this time. You are welcome to apply for coverage after making full recovery from the illness. New York Life assesses each group life insurance application individually based on prudent underwriting guidelines. We appreciate our applicants disclosing all available information about their health at time of application.
When does the coverage end?
Your insurance can remain in force until you reach age 100, and for your insured family members as long as they remain eligible, provided:(a) you remain a member of IEEE; (b) you continue to pay premium contributions when due; and (c) the group plan 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?
How does the Accelerated Death Benefit work?
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.) If a scheduled reduction in coverage will occur within one year of the date the Accelerated Death Benefit will be paid, the benefit payable will be 50% of the reduced coverage amount.
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 New York Life 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.
What if I have second thoughts after I apply?
How much insurance should I consider?
Are any discounts available?
Three discounts may be available:
Volume Discounts :
The more you request, the more you can save. If you become insured for options of $160,000 through $490,000, you'll receive a discount based on volume; and for options of $500,000 through $1,000,000, you’ll receive another volume discount. These discounts are continued for members age 65 and older, as long as the minimum number of coverage units is maintained (16 or 50 units for both member and spouse).
Plus, now though 8/31/2022, a 20% premium discount will apply to all premium contributions due. If Plan experience warrants, the Trustee may grant premium discounts that can reduce your cost to renew coverage. Although not promised or guaranteed, premium credits and/or discounts have been granted every year since 1963.
Non-Tobacco/Nicotine Use Discount
And last but not least, if you and/or your spouse qualify, you can take advantage of non-smoker rates that will reduce your premium payments even further.
By whom is this plan underwritten?
How much insurance can I request?
Will I meet with a salesman?
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 insurance directly online or through the mail without meeting with a salesman. You can, of course, talk to a licensed representative if you'd like. Please see the Contacts section for the Program Administrator's toll-free number.
When is the coverage effective?
Who is eligible for this insurance?
Available exclusively to IEEE members* under age 70 who 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 IEEE 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 territories), Puerto Rico and Canada (not available to residents of Quebec). Note: This coverage is available to residents of Canada (except Quebec). Mercer (Canada) Limited, represented by its employees Nicole Swift and Pauline Tremblay, acts as broker with respect to residents of Canada.
Non-Dependent Family Members: Any eligible "non-dependent" family members may also apply for coverage if they first join the IEEE as an Associate member (for membership information, visit the IEEE home page or call IEEE directly at 1-800-678-IEEE.
*Participation in the IEEE member Group Insurance Program requires active IEEE membership status during the life of the plan.
Why are the rates so economical?
Often financial experts recommend group plans due to the financial advantages of group rates. But it’s important to remember that all "groups" are not created equal.
The ability to negotiate the most competitive rates is partially determined by the size of your group, and the group buying power of IEEE is very substantial.
On top of that, the IEEE Member Group Term Life Insurance Plan has enjoyed very favorable claims experience over the past 50 years, allowing plan rates to be reduced several times.
What is a chronic illness?
How does the Chronic Illness Rider benefit option work with my current IEEE Member Group Term Life Insurance Plan?
When you add the Chronic Illness Rider benefit option to your plan, you will be mailed a new rider that explains the benefits. Please keep the new rider with your IEEE Member Group Term Life Certificate of Insurance you were sent when you first became insured under the plan.
With this option, insureds under age 80 can accelerate 50% life insurance that would be in effect one year after the date requested. A physician other than a family member must certify that you are permanently unable to perform 2 out of 6 activities of daily living or cognitive impairment.
Don’t I already have a terminal illness benefit? How does the Chronic Illness Rider benefit option differ from the “Accelerated Death Benefit” option?
The Accelerated Death Benefit is included in the IEEE Member Group Term Life Insurance Plan and allows you to receive up to 50% of your life insurance amount that would be in effect one year after the date requested, if you are diagnosed with a terminal illness with a life expectancy of 12 months or less. You must be certified by your physician as being terminal.
A chronic illness is not necessarily considered a “terminal” illness; rather it is a prolonged illness in which recovery could be possible. You could also live a long time with a chronic health condition. Once you add the chronic illness benefit rider, you will have access to both benefits should either occur. Please note: No more than 75% of your life insurance is payable for a chronic illness and terminal illness combined. If terminal illness acceleration is requested first the Chronic Illness benefit rider will terminate. The Chronic Illness benefit rider will also terminate on the earliest of the date full payment is made or age 80. Receipt of the acceleration benefit may be taxable so please consult with your tax advisor.
How do I collect payment for the Chronic Illness Rider benefit option?
To collect payment for the chronic illness benefit, you must:
Once you qualify, you will be paid 12.5% of the amount of your life insurance in force one year after the date of the request for a maximum of 4 years. Members, who qualify for the Chronic Illness Rider acceleration prior to age 60 will, after 90 days, also qualify for waiver of premium on both their life insurance and chronic illness rider premium.
We're here to help! Please contact us in whatever manner is most convenient for you.
| Program Administrator
IEEE-Sponsored Insurance Program Administrator
12421 Meredith Drive
Urbandale, IA 50398
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