Benefits Included With Coverage
Assistance for Beneficiaries
About the Plan's Annual Dividends
Just One Coverage Limitation
When Coverage is Effective
Coverage After Age 69
When Coverage Ends


Benefits Included With Coverage:

• Waiver of Premium Benefit
  With this benefit, if you become totally disabled* for at least six consecutive months before age 60, your premiums due under this plan will be waived as long as you remain totally disabled. The amount of insurance continued under this benefit is subject to the reduction described in "Coverage After Age 69." Periodic evidence of continued total disability is all that is required. 
  
  *Total disability is defined as an injury or illness that prevents you from engaging in any occupation or business for remuneration or profit.
  
  
• Accelerated Death Benefit
  With this benefit, you can request a one-time payment of 50% of in-force coverage before age 79, if you or your covered spouse is diagnosed with a terminal illness (i.e., if death is imminent within one year of the claim). The death benefit will be reduced by 50% and premiums will continue to be payable. Proof of terminal illness will consist of a doctor's statement and any other medical information the insurer believes necessary to confirm your status. 
  
  Receipt of this benefit may affect your eligibility for public assistance plans and may be taxable. Prior to applying for this benefit, you should consult the appropriate social services agency and seek the advice of tax counsel. 
  
  Note: Coverage begins to reduce annually, beginning at age 70 (as described under Coverage Available After Age 69). If a reduction is scheduled within one year of the date the advance payment is made, the benefit payable will be 50% of the reduced coverage amount.
  

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Assistance for Beneficiaries 
Often, the beneficiary will need time to evaluate his/her future financial plans. To assist, death benefit proceeds are placed in an interest bearing account on an interim basis. The proceeds are guaranteed and can be withdrawn by the beneficiary at anytime, along with any interest earnings. 


About the Plan's Annual Dividends 
This plan has paid annual dividends to qualifying policyholders/certificateholders every year since 1962. And, in recent years, dividends have ranged from 25% to 40%. When payable, they make the plan's affordable rates more attractive. 

Please note, however, that neither future dividends nor their amount can be guaranteed. The declaration and actual amount of any future dividend depends on the mortality, interest rates, expenses, and taxes of the plan. The scale used to compute the dividend is authorized by New York Life's Board of Directors early in the year for which the dividend is payable. 


Just One Coverage Limitation 
Your death benefit will be limited to the total sum of the premiums you have paid if you commit suicide within two years of the date coverage was issued. 

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When Coverage is Effective 
Your insurance and any dependent spouse coverage will become effective on the first day of the month following the date your application is approved provided the initial premium has been paid and the proposed covered person is performing the normal activities of a person in good health of like age on the approval date. Any proposed insured who is not performing his/her normal activities as required will not become insured until the date he/she is performing such activities, provided such date is within three months of the date insurance would otherwise have taken effect and the person is still eligible. Member coverage must be in force for spouse coverage to become effective.

After your coverage has been in force for two years from the date of issue and has passed the contestable period, it can never be singled out for cancellation as long as you remain an NYSBA member (or an employee of a member) and pay your premiums when due. See When Coverage Ends for all termination provisions.

Coverage After Age 69 
Unlike many term life plans, this coverage is available to age 80; however, your total coverage in force will reduce on an annual basis, to the percentage amount shown below, once you reach age 70. The same reduction applies to your spouse's coverage once he/she reaches age 70.

* Reductions are determined by your current age, nearest birthday, on the December 1 which precedes or coincides with the coverage renewal date. Benefit amounts are not guaranteed. Premiums do not reduce.

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When Coverage Ends 
Members: Coverage will end when you reach age 80, or sooner if you do not pay your premiums when due, you discontinue your NYSBA membership, or the Group Policy is terminated by the NYSBA or New York Life. 

Spouses of Members: Coverage will end on the premium due date which coincides with or follows the earlier of: (1) the date the member's insurance ends, or (2) the end of the premium paying period during which (i) your marriage ends in divorce or annulment, (ii) you become an insured Member or (iii) you turn age 80. Coverage will also end if premiums are not paid when due. 

Employees of Members: Coverage will end when you reach age 80, or sooner if you do not pay your premiums when due, cease to be employed by an NYSBA member, or the Group Policy is terminated by the NYSBA or New York Life. 

New York Life reserves the right to terminate all coverage if participation of eligible members falls below 25%; however, current participation far exceeds this requirement. 

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