 Guaranteed
Features
Level Death Benefit
- Your death benefit is guaranteed to remain constant (no benefit decreases)
regardless of your age.
Level Premium -
Your premium is guaranteed to stay level (no rate increases)… for life.
Cash Value -
After the first few years, USBA's Group Whole Life has increasing cash values.
If terminated after cash value has accrued, it may be surrendered for its cash
value or may be exchanged for an amount of paid-up insurance. The reduced
paid-up insurance continues to build a cash surrender value.
Reduced Paid-Up Insurance
- This is an amount of life insurance for which you can surrender your Group
Whole Life Insurance and on which no further premiums are required. Complete
details are in the Certificate.
Loans - Cash
loans at current interest rates may be requested through USBA once cash values
are available. The death benefit will be reduced by the amount of any unpaid
loan, plus any interest to date. If the interest isn't paid at the end of each
calendar year, it is applied to the loan balance. If the loan plus interest
exceeds the cash value, the insurance will terminate. Complete details are in
the Certificate.
Additional
Features
Coverage Amount -
If you are age 50 through age 80 and desire coverage amounts from $5,000 to
$25,000, you can use our new, simplified application. (You'll need to use our
more detailed standard application if you want more than $25,000 in coverage,
or for any coverage amount if you're age 75 through age 80.) Call us at
1-800-368-7021 for more information. Coverage is available in units of $1,000
from a minimum of $5,000 to a maximum of $400,000. The overall coverage maximum
under all USBA Group Life Plans is $650,000 for each Member or Associate
Member.
Premiums are based upon
the Member's/Associate Member's age, sex and smoking status. Nonsmoker must not
have smoked in the last 24 months. Call USBA at 1-800-368-7021 for premium
rates for coverage amounts not shown on tables.
Individual Certificate
- This section outlines the principal provisions of the USBA Group Whole Life
Plan. Complete details are in the Group Policy G-10648 (Policy Form GMR)
delivered to USBA at its headquarters in Overland Park, Kansas, by New York
Life. Each insured Member and/or Associate Member receives a Certificate of
Insurance which summarizes the policy provisions for his or her coverage.
Lifetime Coverage
- Neither New York Life nor USBA has the right to cancel the plan. The only way
coverage can be terminated is if premiums are not paid.
No War Clause -
Unlike many other life insurance plans, this plan will pay your benefits for a
combat-related death.
Limitation:
- Area of Armed Conflict
(This
limitation does not apply to: insured members who are on active military duty, including the
National Guard & Reserve; death due to accident or illness; or to any coverage amount in force
with USBA prior to 1/1/07.) If your death results from hostilities in an “Area of Armed Conflict,”
the aggregate maximum benefit payable under all USBA Group Life Plans will be limited to $100,000.
(Note: Please contact USBA for a listing of the geographic areas currently designated as an “Area
of Armed Conflict.” See your Certificate of Insurance for further details.)
POW/MIA protection
- If the D.O.D. lists you as Missing In Action or as a Prisoner of War, USBA
will pay 100% of your premium for your USBA group life insurance in effect at
that time (and continue paying either until you're no longer a POW/MIA or until
your coverage would otherwise end).
Military Flyers -
USBA Group Whole Life insures pilots and crew members with no reduction in the
death benefit. $10,000 Emergency Death Benefit - If your spouse is the
beneficiary of your policy (and all other qualifications have been met), an
emergency payment of 50% of the proceeds, up to $10,000, may be paid on phone
notification of your death.
Beneficiary - You
may choose anyone you wish as the beneficiary of your Fifty Plus Group Whole
Life coverage and you may change your beneficiary at any time.
30-Day Unconditional
Promise - Once your application has been approved, you'll be issued a
Certificate of Coverage... and if you're not completely satisfied with the
provisions of your coverage, you can return it within 30 days for a prompt and
full refund. No questions asked!
The Company Behind the
Plan - This plan is underwritten by New York Life Insurance Co... one
of the oldest and largest life insurance companies in America.
Effective Date of
Insurance - All coverage is subject to underwriting approval by New
York Life. Approved coverage will take effect on the approval date specified by
New York Life, provided the premium has been paid. You and your age 50+ Spouse
(Associate Member), if also applying for coverage, must be performing your
normal activities on the date of approval. Payment of premium does not mean
coverage is in force before the effective date specified by New York Life.
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