Guaranteed Renewable - Generation 3 coverage is guaranteed renewable. Neither New York Life nor USBA has the right to cancel the plan. This means that you may continue your coverage regardless of your age so long as you pay the premiums when due.
Minimum/Maximum Coverage - Request a minimum of $25,000 up to a maximum of $400,000 of Generation 3 coverage. The overall maximum amount of coverage available under all USBA Group Life Plans is $650,000.
Cash Value & Loans - The whole life portion of your Generation 3 coverage accumulates a small cash value which you may borrow against. Complete cash value tables are provided in your Certificate. For information on loans, please contact USBA at (877) 297-9235.
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, without claim, for a prompt and full refund. No questions asked!
$15,000 Emergency Death Benefit - You won't find many other competing plans offering this benefit. Your spouse beneficiary may qualify for an immediate emergency payment of up to $15,000 on telephone notification of your death. This benefit is very helpful and greatly appreciated at a very difficult time. Some restrictions may apply; contact USBA for details.
No War Clause - Unlike many other life insurance plans, the USBA Generation 3 plan does pay benefits for combat-related deaths.
Area of Armed Conflict Limitation - (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.)
Military Flyers - Military flyers are fully covered at the same rates as non-flyers.
POW/MIA Protection - If the D.O.D. lists you as a prisoner of war or as missing in action, USBA will pay premiums for all your USBA-sponsored Group Life Insurance in effect at that time. USBA will continue to pay these premiums on your behalf as long as your POW/MIA status continues or until your coverage would otherwise end.
Beneficiary - You may choose anyone you wish as the beneficiary of your Generation 3 coverage and you may change your beneficiary at any time.
Coverage you can keep - The USBA Generation 3 Plan may be continued after retirement or military separation. And there’s no increase in premium or decrease in coverage, just because you retire or separate. Veterans and Federal employees also qualify for USBA coverage.
Individual Certificate - This section outlines the principal provisions of the USBA Generation 3 Plan. Complete details are in Group Policy G-10649 (Policy Form GMR) issued to USBA by New York Life. Each Member receives a certificate which summarizes policy provisions affecting his or her insurance.
The Company Behind the Plan - This plan is underwritten by New York Life Insurance Company … one of the oldest and largest life insurance companies in America.