Administrative costs for group coverage are low, so you can save in premium costs.
EligibilityNew York physicians under age 65 who are actively at work on a full-time basis (working 30 hours or more per week) are eligible for coverage.
Amounts of Insurance AvailableLife Insurance from $50,000 to $2,000,000, in $50,000 increments, is available to physicians on a fully underwritten basis.
Guaranteed Coverage to Age 80
ReliaStar Life Insurance Company of New York has agreed to continue this Group policy as long as the Physicians and Surgeons Insurance Trust sponsors this Program, does not sponsor a competing Life Program, and it is legal for ReliaStar to continue this Group Insurance Program. Coverage is subject to timely premium payment. Once purchased, your coverage cannot be cancelled due to a change in your medical history.
At age 65, benefits reduce to 70% of the original face amount; at age 70, benefits reduce to 50% of the original face amount; at age 75, benefits reduce to 30% or $30,000, whichever is less. Coverage terminates at age 80, at which time you may convert to an individual life policy, without proof of good health.
Accidental Death & Dismemberment (AD&D) Protection
If you die in a covered accident, the AD&D benefit automatically pays your beneficiary an amount equal to 100% of your amount of Life Insurance up to a maximum of $100,000. You may elect to purchase an additional amount equal to 50% of your amount of Life Insurance up to a maximum of $250,000.
Accelerated Life Benefit IncludedIf you are terminally ill and have a significantly impaired life expectancy of twelve months or less, you can receive a payment of up to 50% of your coverage, to a maximum of $50,000, while living.
If you are a physician under 50 years old, the premium paid for your current age bracket & level of coverage will stay the same when you enter the next age bracket. You Skip-a-Step, which means you will not have a premium rate increase until you reach the second age bracket change after your current age.
A physician’s spouse is eligible for $50,000 to $500,000 of term life insurance, in $50,000 increments. Children age 14 days to 19 years (to age 25 if full-time students) are eligible for $10,000 or $25,000 of term life insurance.
If you select this option, if you become totally disabled, as defined in the certificate, before age 60, you may keep your coverage, subject to policy provisions, without paying premiums.
Please see the insurance certificate for details on exclusions from coverage.
ABOUT YOUR ADMINISTRATOR
Charles J. Sellers & Co., Inc. has successfully administered insurance programs for Medical Societies and Bar Associations across New York State for nearly seventy years.
Sellers & Co. maintains its own claims, underwriting and customer service departments to assure responsive, accurate service. Our highly qualified Representatives look forward to helping you answer your insurance needs.
The Group Term Life Insurance is underwritten by:
(a Member of the ING family of Companies)
Woodbury, NY
Policy form NYAPOL
ReliaStar Life Insurance Company of New York has a
rating of Excellent (A) by A.M. Best. This is the third highest of 15 ratings. A.M. Best Company assigns ratings from A++ to F based on a company’s financial strength and ability to meet obligations to contract holders.
