Group Term Life Insurance Plan

Life insurance is important protection to help meet your family’s needs

You certainly understand the importance of having sufficient life insurance.Now, you have the opportunity to help make sure you have that protection. Your loved ones will appreciate the added peace of mind this Plan can provide, with benefits up to $500,000 that will help them go on with less of a financial concern.

About this plan

You may select from $25,000 to $500,000 in term life insurance benefits (in $25,000 increments).

Termination

As long as you remain an active member of the Illinois CPA Society, pay your premium when due, and the master policy remains in force, you can keep your coverage until you turn age 70. Your dependent’s coverage will remain in effect as long as your coverage is active, premiums are paid, and they meet the eligibility requirements.

Who may apply

All Illinois CPA Society members and their spouses under age 60 and are Actively-at-Work at least 30 hours a week are eligible to apply for this Plan. Unmarried, dependent children under age 19 (23 if a full-time student) are also eligible for $5,000 of coverage ($500 if age 15 days to six months). This coverage is available for citizens or legal residents of the United States. This coverage is not available in all states.

Spouse includes domestic partners who have provide a domestic partner affidavit or other documentation as required by law.

Important features

Accidental Death Benefit

If death should occur as the result of a covered accidental Injury and within 90 days from the date of the accident, your beneficiary will receive an additional amount equal to your selected benefit (not to exceed $250,000).

Injury means bodily injury resulting directly from an accident; and independent of disease or bodily infirmity; which occurs while You are covered under The Policy. Loss resulting from sickness or disease; or medical or surgical treatment of a sickness or disease; is not considered as resulting from Injury.

Nonsmoker Rates

You are eligible for a nonsmoker rate, if you have not smoked cigarettes, cigars or used a pipe or chewing tobacco, nicotine chewing gum or snuff in the last 12 months.

Waiver of Premium for Disability

If you become Totally Disabled prior to age 60 and the disability continues for six consecutive months, premiums will be waived as long as the disability continues as long as you provide such proof within one year of the date you first became disabled, up to age 70 or provide proof that you have been diagnosed with a life expectancy of 24 months or less. When your disability ends, premium payments resume.

Disabled means You are wholly and continuously prevented from: performing any work or occupation for wage or profit for which You are reasonably qualified or trained; or if not employed, engaging in the normal activities of a person of like age and gender in good health; as a result of injury or sickness.

If You are in an occupation that requires You to maintain a license, Your failure to pass a physical examination required to maintain that license does not alone mean that You are disabled.

Accelerated Death Benefit

In the event of a Terminal Illness, you may receive up to 50% of the life insurance benefit before death to a maximum of $100,000 upon being diagnosed by a physician as having less than 24 months to live. Member must be covered with at least $50,000 life insurance and be under age 70 to be eligible for these benefits. The face amount of your term life coverage is then reduced by the accelerated benefit paid out.

Receipt of accelerated benefits may be taxable. Seek assistance from your personal tax advisor for more information.

Accelerated benefits may be taxable. These materials are not intended to provide tax, accounting or legal advice and cannot be relied upon for any such purpose. You should consult your own tax or legal counsel for advice. We recommend that you consult with a qualified tax advisor. Accelerated benefits may affect your or your family’s initial or continued eligibility for public assistance, such as medical assistance (Medicaid), Aid to Families with Dependent Children (AFDC), supplementary social security income (SSI), we recommend that you consult with social service agencies with any questions regarding eligibility for public assistance.

Satisfaction Guaranteed

You may return your Certificate of Insurance within 30 days if you are not completely satisfied with the coverage this Plan provides. Any premiums paid will be fully refunded, minus any claims paid.

Convenient Payment Options

Automatic Monthly Check Withdrawal:

Choose to have your premiums automatically deducted from your checking account on a monthly basis.

Semiannual Direct Bill:

Choose to have your premiums billed to you directly on a semiannual basis.

Beneficiary Selection

You may name anyone you wish as the beneficiary of this Plan, and you may change your beneficiary by contacting the Insurance Administrator in writing and advising them of the change. Your beneficiary may choose to receive benefits in a lump sum, monthly installments or a combination of both. If you do not name a beneficiary the insurance amount will be paid to your survivors, in equal shares, to first your spouse; children; parents; or to your estate.

Conversion Privileges

You and your covered family members may convert your group term life insurance into an individual insurance policy, subject to the policy provisions offered by the insurance company if coverage ends for any reason except nonpayment of premiums. You will not be required to provide any physical proof of insurability for this conversion to an individual life insurance policy. Your Certificate of Insurance contains more details on this conversion privilege.

Review your cost for the Group Term Life Insurance Plan.

Acceptance into this Plan is subject to medical evidence of insurability as determined by The Hartford. As a part of the evidence of insurability process, a medical examination medical test(s), or other evidence of good health may be required. Any exams/tests requested by the company will be conducted at your convenience at no expense to you.

Effective Date:

Coverage will become effective upon the first of the month following approval of your application and receipt of your premium check.

Exclusions:

If You or Your Dependent commit suicide, while sane or insane: 1) during the first two years of coverage under The Policy, We will only pay the deceased person’s Life Insurance Benefit in an amount equal to the premium paid for coverage to the date of death; or 2) during the two years immediately following an increase in coverage under The Policy, We will only pay the deceased person’s Life Insurance Benefit in an amount equal to the amount of Life Insurance in force prior to the increase, plus an amount equal to the premium paid for the increase to the date of death. The full Life Insurance Benefit amount for the deceased person is payable if he or she is covered under The Policy and commits suicide after the two year period.