Voluntary Group Term Life Insurance
Underwritten by Metropolitan Life Insurance Company New York, NY
USI Affinity is making available to all members of the Independent Business Owners Benefits Association the opportunity to enroll for Voluntary Term Life Insurance with an optional Accidental Death and Dismemberment Rider underwritten by MetLife. All eligible IBOs who are citizens or are legally able to work in the United States have an opportunity to enroll for this valuable coverage.
Coverage Highlights
Coverage Options
- IBO only
- IBO and Non-IBO spouse
- IBO, Non-IBO spouse and child(ren)
- IBO and child(ren)
Definition of IBO Eligibility
You must be a current IBO under the age of 70, able to perform normal activities and not be confined at home, in a hospital, or receiving disability benefits; a member of the Independent Business Owners Benefits Association; and a citizen or legally able to work in the United States.
|
Minimum
|
$25,000
|
$25,000
|
$5,000
|
| |
|
Maximum
|
$1,000,000*
|
100% of IBO member's benefit, up to $250,000*
|
$10,000
|
| |
|
Guaranteed Issue Amount
|
$50,000*
|
100% of IBO member's benefit, up to $25,000
|
$10,000
|
*IBOs engaged in Non-Preferred Industries are limited to a maximum of $25,000
Note: If both you and your spouse are IBOs, each may apply for the maximum amounts shown above. In order to purchase life insurance coverage for your Non-IBO spouse and/or dependent child(ren), you must purchase coverage for yourself.
Your premium on the coverage amounts above will be lower if you have been tobacco free for 12 months or more. If you have not used tobacco products within the last 12 months, you are considered tobacco free.
Guaranteed Issue Limits
Guaranteed Issue means the amount of insurance applied for which does not require evidence of insurability (health questions). Guaranteed issue is available during Open Enrollment periods at select, pre-determined times.
- You may purchase term life coverage up to the guaranteed issue amount for you and your dependents without answering health questions or undergoing a medical exam. If you purchase coverage over the guaranteed issue amount or apply outside the open enrollment period, you will be required to answer health questions or providing evidence of insurability.
If you and your eligible dependents enroll during the Open Enrollment Period, and later wish to increase your coverage, you may increase your coverage with evidence of insurability at any time during the year.
Life Events
If you experience a life event and you are currently insured under this Voluntary Term Life Insurance policy, you may be able to increase your coverage or add dependent coverage up to the guaranteed issue amount without evidence of insurability. This includes a change in your marital status, change in the number of dependents and a significant cost or coverage change under any other employer or group sponsored life plan under which you and your dependents are covered.
Questions
Contact USI Affinity at 1-800-254-2327 for additional information regarding guaranteed issue and/or open enrollment periods.
Additional Benefits
Living Care/Accelerated Death Benefits
In the event of a terminal condition, this benefit can help relieve some of your financial burden. If you are diagnosed with a terminal condition as having 12 months or less to live, you may request an advance payment of your life insurance death benefit.
You may get a lump sum of 80% of the amount of life insurance for you in effect at the time of the request or $500,000, whichever is less. Upon the event of your death, your beneficiary will receive the unpaid balance of insurance. Individuals should consult their personal tax advisor since the proceeds under this benefit may be taxable.
Accidental Death and Dismemberment (AD&D)
Provided you have elected some amount of life insurance, you have the option to elect an accidental death and dismemberment (AD&D) insurance rider available in coverage amounts ranging from $25,000 to $100,000, in increments of $25,000. This coverage is not available for dependents. AD&D coverage is available if you are injured or die as a result of an accident. Varying degrees of benefits are also available for loss of limb, sight, hearing, speech or paralysis.
Accident means a sudden, unexpected and unforeseeable event, independent of sickness and all other causes. Refer to your certificate of insurance for the details, limitations, and exclusions of these additional benefits.
Effective Date
Coverage for you and your dependent(s) will begin, subject to payment of required premiums, on the first day of the month that follows the latest of the day:
- The member begins Active Eligibility.
- The member submits a written request to enroll for insurance.
- The member acquires an eligible dependent(s).
- Following the approval of Evidence of Insurability, if required.
If you (or your spouse if enrolling) are age 65 or older on the date insurance becomes effective, the amount of life and AD&D insurance will be reduced 50 percent of the original amount you are requesting.
Conversion
If your voluntary group term life coverage ends, conversion offers you an opportunity to continue your insurance with an individual life policy from MetLife without having to provide evidence of insurability. You are responsible for requesting the conversion within 31 days from when your group coverage ends as well as paying the premium. Conversion is not available for the AD&D rider.
Dependent Coverage
If you elect voluntary group term life insurance coverage, you may also enroll your non-IBO spouse and/or child(ren) for limited amounts of the same coverage. Dependent child(ren) must be 14 days up to age 26 (supported by you) and not disabled or hospital confined. If your spouse is also a current IBO, he/she should complete their own enrollment form.
How to Enroll
Eligibility
View Rates
Voluntary Term Life Insurance and Accidental Death and Dismemberment insurance underwritten by Metropolitan Life Insurance Company New York, NY. Group Policy Form: 162250-1-G
Like most insurance policies, MetLife policies contain certain exclusions, waiting periods, reductions, limitations and terms for keeping them inforce. All policies and riders may not be available in all states, at all issue ages and to all occupational classes. Coverage is subject to underwriting approval. Please contact the plan administrator at 1-800-254-2327 for details.
L0316458797