Senior Term Life Insurance Plan

About AFT+ Guaranteed Issue Senior Term Life Insurance

It’s important to plan for a long, healthy retirement. You’ve worked hard to enjoy your golden years, and you shouldn’t worry about leaving enough for your family to cover your final expenses and outstanding debts.

With AFT+ Guaranteed Issue Senior Term Life Insurance, there’s no termination age and no medical exam. The plan includes additional features, such as a living benefit that allows you to collect if you become terminally ill and waive insurance premiums if you become confined to a nursing facility.

Eligibility Highlights:

Available to all active, associate members, employees and retired members age 50 to 74 who are residents of the U.S. Spouses/domestic partners ages 50 to 74, residents of the U.S. and not legally separated or divorced from the member, are also eligible. When the member and spouses/domestic partners are both eligible persons, coverage may not be duplicated by enrolling as dependents of each other.

Coverage

GUARANTEED ISSUE SENIOR TERM LIFE INSURANCE BENEFITS

• You select the amount of coverage you want to purchase: For age 50 to 64, benefits pay $5,000 to $25,000 in increments of $5,000. For age 65 to 74, benefits pay $5,000 to $15,000 in increments of $5,000.
• Pays in addition to any other benefits you may have because employer-sponsored retirement plans may not provide the protection you need.
• Coverage without applying or underwriting.
• You are guaranteed acceptance. No doctor's visits, medical exams or lab tests are required.
• Premiums are waived if you become nursing home confined.
• Pays benefits for loss of life by accident or illness anywhere in the world.
• At age 80, if greater than $5,000, benefits will reduce to $5,000 with an appropriate change in premium.
• Spouses/domestic partners are also eligible to enroll.
• Your coverage becomes effective the first of the month following our receipt of your enrollment form and first premium payment.

60-DAY SATISFACTION GUARANTEE:

Upon acceptance into this insurance plan, you'll receive a Certificate of Insurance. You have up to 60 days from the Effective Date to review your Certificate of Insurance without any obligation. If you do not like what you see, simply return the Certificate of Insurance within that timeframe, and any premiums paid will be refunded minus any claims paid. Hassle free.

Rates

View Rates

AFT+ Guaranteed Issue Senior Term Life Insurance Rates

Monthly Rates

Monthly Premium Amounts Equal To:

At age 80, if greater than $5,000, benefits will reduce to $5,000.

Rates and/or benefits may be changed on a class basis. Rates for age 75 and over are for renewal only. Rates are based on the attained age of the Insured Person and increase as you enter each new age category. If you select a credit card or checking/savings (ACH), as your payment method, your premiums will be charged monthly. For direct billing (paper bill) you will be billed on a quarterly basis.

Terms

Exclusions:

If an Insured Person commits suicide during the first two years of coverage under The Policy, only an amount equal to the premium paid for coverage to the date of death will be paid. And 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.

Graded Death Benefit:

During a Covered Person’s first two years of coverage under the policy, benefits for loss of life due to Injury and Sickness are payable as follows: Injury — If death is the result of Injury and occurs during the first two years of coverage, we will pay the deceased person’s Amount of Life Insurance. Sickness — If death is the result of Sickness and occurs during the first two years of coverage, the amount payable will be an amount equal to the premiums paid for coverage with interest, using an annual interest rate of 10% compounded annually. After a Covered Person has been continuously covered under the policy for two years, we will pay the deceased person’s Amount of Life Insurance for loss of life due to Injury or Sickness.

Living Benefit/Accelerated Death Benefit:

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. 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.

Terminal Illness means an illness from which no recovery is expected, that results in a life expectance of twelve months or less.

Nursing Home Confinement means You are an inpatient or resident at a Nursing Home and such confinement:

1. begins while You are covered under The Policy;
2. is at the direction of a Physician; and has existed continuously for a period of at least 180 days.

FAQs