Product Highlights
5Star Better Alternative Level Term Life Insurance is designed with three phases. Rates increase as you reach each new age group. Coverage continues to age 70 and cannot be cancelled by AFBA, subject to policy provisions, as long as you pay all rates due.
Phase 1: ages 18 - 49 Phase 2: ages 50 - 59 Phase 3: ages 60 - 69
Eligibility and Issue Ages
Member: You are eligible to apply for this group term coverage if you are under age 60 and in the National Guard/Ready Reserver (NG/RR).
A NG/RR must be drilling or training for pay or points, either unit assigned or as an Individual Mobilization Augmentee.
Spouse: A spouse of the above category is eligible to apply as an Associate Member.
Rates and Face Amounts
5Star Better Alternative Level Term Life Insurance is available in $50,000 units with a minimum of $50,000 and a maximum of $400,000. The maximum amounts an individul may apply for through all AFBA insurance programs may not exceed the following:
Under age 30: $250,000 Ages 30 - 59: $500,000
|
|
| |
Effective Date: All coverage is subject to underwriting approval by Five Star. Approved coverage will be effective on the date specified, provided the premium has been paid. Members/Spouses must also be performing their normal activities on the date of approval. Payment of premium does not mean coverage is in force before the effective date specified by Five Star.
Incontestability: The validity of any amount of insurance, which has been in force for two years during the insured’s life, will not be contested except for eligibility and nonpayment of premium contributions.
Beneficiary: Members may name anyone they choose as the beneficiary for coverage on their life. Members may also change their beneficiary at any time by written request or add other beneficiaries as needed. The beneficiary of dependent coverage shall be the insured member.
Overall Plan Maximum: The aggregate maximum for which an individual may be covered under all life insurance coverage issued through AFBA is $650,000.
Conversion Privilege: These Plans provide the opportunity to convert to an individual policy without taking a medical exam. This privilege exists when coverage terminates subject to certain conditions that are described in your Certificate.
Suicide: In the first two years of coverage, suicide is not covered.
Under written by Five Star Life Insurance Company |
|
|
|
Note for all plans: Future benefits are subject to change by agreement between New York Life and the policyholder. The rates shown above are the current rates, and may be changed by New York Life on any premium due date and on any date on which benefits are changed. |
|
|
