Learn more about important provisions and notices for your Group Term Life Insurance Program. dollars), which is then reported and remitted to the province. This tax will be added to the amount of any premium contributions due (in U.S. IMPORTANT NOTICE TO RESIDENTS OF MANITOBA AND ONTARIO, CANADA: Manitoba and Ontario, Canada have enacted laws requiring taxation (Manitoba 7% and Ontario 8%) of all group insurance purchased by individuals. You may be asked to provide evidence of your continued total disability from time to time. The amount continued will be based on the options under which you and your dependents were insured at the time your disability began, subject to the scheduled decreases. If you become totally disabled before age 60, and remain disabled for nine months or longer, your insurance will be continued as long as you remain totally disabled-for both you and your insured family members-without additional premium contributions until coverage terminates when you reach age 100. Premiums Waived If You're Totally Disabled Your monthly cost would be approximately one-sixth of the amount you calculate from the rate chart. You have the option to pay your premium contributions via monthly Electronic Funds Transfer (EFT). If you and/or your spouse qualify, you can take advantage of nonsmoker rates to reduce your premiums even further. Although not promised or guaranteed, premium credits and/or credits have been granted every year since 1963. If policy experience warrants, the Trustee may grant premium credits that can reduce your cost to renew coverage. Now through 8/31/23, a 10% premium credit will apply to all premium contributions due. These credits are continued for members age 69 and older as long as the minimum number of coverage units is maintained. Another volume credit applies for options of $500,000 through $1 million. You’ll receive a volume credit if you become insured for options of $160,000 through $490,000. The more coverage you apply for, the more you can save. Our group term life insurance offers many valuable benefits. This coverage is available to residents of Canada (except Quebec).ĪMBA does not act as broker with respect to Canadian residents and acts solely as an Administrator on behalf of New York Life.Īny eligible non-dependent family members can apply for coverage if they join IEEE as an associate member. Only one may insure any eligible children. If both member and spouse are covered as members, neither may insure the other as spouse. To become insured, you must provide evidence of insurability and pay the required premium.Ī dependent who is also an IEEE member is eligible for either member or dependent coverage, but not both. ![]() You can request coverage for yourself, your spouse under age 70 and unmarried dependent children ages 14 days through 22 years (24 if a full-time student). You must maintain active IEEE membership status during the life of your coverage. This coverage is available exclusively to IEEE members under age 70.
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