If you’re like most REALTORS®, you already have some life insurance. But because you don’t rely on coverage through an employer-based plan, you may not have enough protection to take care of your family. National Association of REALTORS® Group Annual Renewable Term Life coverage may help bridge any gaps in your current coverage or may serve to be the only coverage you need because it expands to fit your lifestyle.

Overview

NEW! REALTORS® Group Term Life Insurance

Exclusively for members of the National Association of REALTORS®

Life gets complicated. As a REALTOR®, you see this every day. You help your clients with their unique needs considering the best fit for them in the current marketplace. We have done the same for you with this group life insurance.

With this new member benefit, the National Association of REALTORS® has endorsed group life insurance underwritten by New York Life Insurance Company designed just for REALTORS® and offered through REALTORS® Insurance Marketplace and the REALTORS Benefits® Program

New York Life Insurance Company has a proven reputation. As of Today, New York Life has received the highest financial strength ratings1 currently awarded to any U.S. life insurer. Plus with 175 years as a mutual life insurance company, New York Life has demonstrated its commitment to serving its customers when they need it most.

  A++                AAA                 Aaa                 AA+
          AM Best             Fitch Ratings             Moody’s          Standard & Poor’s

1Source: Individual Third-Party Ratings Reports as of 9/12/19

Why Group Term Life? 

Term life insurance is a form of life insurance that pays a death benefit to your chosen beneficiaries when you die. These funds, which are usually tax-free, can help provide financial protection for those you love when they may need it most.

By design, Term Life Insurance can help balance cost, flexibility, and protection. Costs are kept at a minimum because there are no frills: it does not earn interest or offer loans. What you pay, called premiums is the cost to keep your insurance. Plans feature a range of coverage amounts and options to suit your current need; plus, your association has negotiated rates for this protection offered only to members.

What’s more is that once you have your coverage, it stays with you regardless of where you work. Unlike employer-offered insurance, you keep your insurance should you change agencies or retire.

Highlights and Benefits

Highlights and Benefits 

You decide how much coverage is right for you. Starting at a $50,000 benefit through $1 million, this plan is designed to fit the unique needs of your life. Traditional wisdom says you should have 6-10 times your income in life insurance. Factors such as existing loans, children’s future education needs, and family you wish to support should all be considered.

This member benefit is exclusively for members and their spouses*. Because you are a member of the National Association of REALTORS®, you may apply for yourself and your spouse under age 60. There is even a separate insurance offer for those age 60 and over, Mature Group Life Insurance.

We’ve included benefits to help both now and later. Life insurance pays a benefit when you die. But with this NAR endorsed plan, there is an added benefit that can pay up to 50% of this benefit while you are alive should you become terminally ill. This Accelerated Death Benefit can provide monies paid directly to you, not doctors, so you decide where you need the funds. If your doctor confirms a terminal illness with less than 24 months to live and you are more than 12 months from your coverage termination age, you can request this accelerated benefit. Once paid, this will reduce the amount of death benefit your beneficiaries will later receive.

30-Day Free Look

Once approved for coverage, you’ll receive a Certificate of Insurance and have 30 days to review it. If you decide this plan isn’t for you, just return your Certificate without claim. Your coverage will be invalidated and you will be sent a full refund – no questions asked.

Rates

 Monthly Rates Per $1,000 for amounts of insurance $250,000 and under – Non-Montana residents

AGE  Male Preferred  Male           Select  Male     Smoker  Female Preferred  Female      Select  Female         Smoker
 20-24        45.00         55.00        80.00      20.00         25.00       35.00
 25-29        50.00         60.00       105.00      25.00         30.00       45.00
 30-34        55.00         65.00       110.00      30.00         35.00       65.00
 35-39        60.00         70.00       125.00      45.00         50.00       95.00
 40-44        75.00         90.00       185.00      55.00         65.00      130.00
 45-49      125.00       145.00       310.00      90.00       105.00      210.00
 50-54      175.00       210.00       435.00    155.00       180.00      380.00
 55-59      315.00       370.00       745.00    260.00       310.00      630.00
 60-64      525.00       620.00    1,160.00    405.00       480.00      945.00
 65-69      895.00    1,050.00    1,805.00    615.00       720.00   1,365.00
 70-74   1,435.00    1,685.00    2,610.00    960.00    1,130.00   2,050.00
 
 Monthly Rates Per $1,000 for amounts of insurance greater than $250,000 – Non-Montana residents 
 AGE  Male Preferred  Male         Select  Male     Smoker  Female Preferred  Female      Select  Female         Smoker
 20-24        35.00         45.00        60.00      15.00         20.00       25.00
 25-29        40.00         50.00        85.00      20.00         25.00       35.00
 30-34        45.00         55.00        80.00      25.00         30.00       50.00
 35-39        50.00         65.00       100.00      35.00         40.00       75.00
 40-44        60.00         70.00       150.00      45.00         55.00      105.00
 45-49      100.00       115.00       250.00      70.00         85.00      165.00
 50-54      140.00       165.00       350.00    125.00       145.00      305.00
 55-59      255.00       300.00       595.00    210.00       245.00      505.00
 60-64      420.00       495.00       930.00    325.00       385.00      755.00
 65-69      715.00       840.00    1,445.00    490.00       580.00   1,095.00
 70-74   1,145.00    1,350.00    2,090.00    770.00       905.00   1,640.00

 Monthly Rates Per $1,000 for amounts of insurance $250,000 and under – Montana residents 

 AGE  Preferred            Select       Smoker
 20-24        45.00         55.00        80.00
 25-29        50.00         60.00       105.00
 30-34        55.00         65.00       110.00
 35-39        60.00         70.00       125.00
 40-44        75.00         90.00       185.00
 45-49      125.00       145.00       310.00
 50-54      175.00       210.00       435.00
 55-59      315.00       370.00       745.00
 60-64      525.00       620.00    1,160.00
 65-69      895.00    1,050.00    1,805.00
 70-74   1,435.00    1,685.00    2,610.00
 Monthly Rates Per $1,000 for amounts of insurance greater than $250,000 – Montana residents 
 AGE  Preferred             Select       Smoker
 20-24        35.00         45.00        60.00
 25-29        40.00         50.00        85.00
 30-34        45.00         55.00        80.00
 35-39        50.00         65.00       100.00
 40-44        60.00         70.00       150.00
 45-49      100.00       115.00       250.00
 50-54      140.00       165.00       350.00
 55-59      255.00       300.00       595.00
 60-64      420.00       495.00       930.00
 65-69      715.00       840.00    1,445.00
 70-74   1,145.00    1,350.00    2,090.00

Life Insurance 101 and Key Terminology

Life insurance shouldn’t be confusing. Here are life insurance terms in plain English.

What is term life insurance?
Term life insurance is a form of life insurance that provides financial protection for a set period of time or term such as 1, 10, or 20 years. If you die before the term is up, your beneficiary receives the death benefit, usually tax-free. It can be used however needed without restrictions. Term life insurance is one of the more popular and affordable ways to provide a financial safety net for loved ones. Group term life insurance, like that offered through your association, can offer key advantages.

Why do I need term life insurance?
If you have a spouse, children or other family members depending on you, term life insurance can be an easy and affordable way to make sure money is available to help them cover expenses after you’re gone.

How does life insurance work?
Life insurance is designed to provide money to the people who mean the most. When applying for insurance, there is often information needed about your health and financial background. This could be collected online through data sources with your permission or through phone calls and/or a visit with a medical professional. Once the insurance company receives and reviews your information, you receive a decision confirming if you will be offered the insurance applied for. Once accepted, as long as you remain eligible and keep payments up to date, when you die, the life insurance company pays a benefit to the person(s) you name as your beneficiary. This money usually is tax-free.

How much life insurance do I need?
Experts recommend you have 6 to 10 times your annual salary in place through life insurance and/or savings. You should have enough life insurance to cover your debt and the daily expenses for those you love. [Use this calculator to help figure how much insurance you should consider.] TPA provides link.

How much does life insurance cost?
The cost of life insurance is determined by many factors. Your age, gender, and health are considered when you apply. Many Americans overestimate the cost of life insurance by as much as 5 times, so it may cost less than you think. Refer to our rate chart or online quote.

What are the advantages of buying through my association?
Group insurance from an association is portable so you can keep it no matter where you work. Plus, your group negotiates with insurance companies to include benefits which reflect your groups unique needs. On the other hand, employer-provided life insurance usually covers only part of your income. And if you leave your job, it often ends.

How do I apply for term life insurance?
You can apply online or download a printable application that you complete and return by mail. TPA provides link.

Can I apply for term life insurance for my family?
Yes. Typically, your family can apply for coverage. If your spouse is between the ages of _____ and _____, he or she is eligible to apply. Qualifying dependent children ages _____ to ____ may also apply.

What information do I need to apply for term life insurance?
You’ll be asked to provide information about those being insured. The initial application may require your social security number, driver’s license information, and medical details such as doctor information and prescription doses. You may need to provide separately additional health and financial information.

Do I need a medical exam to apply for term life insurance?
Not always. You may be requested to answer a few health questions by phone or have a medical exam. The exam is at the insurance company’s expense and scheduled at your convenience.

Could my life insurance application be denied?
Yes. Applications are reviewed for insurability based on age, health and other information you provide or give permission to obtain. In some cases, the insurance company will decide not to offer insurance. Guaranteed insurance products with limited coverage could be an option if this happens.

How long does it take for my insurance to go into effect?
Typically, you should receive a decision about your application within 5-10 days after your required materials are received. Some applications require gathering more information, such as physician’s statements, than others.

Are there restrictions on how the death benefit payment can be used?
No. The money your beneficiary receives can be used however needed. It could help replace lost income, cover funeral bills, pay off a mortgage, even fund college.

Insurance Terminology

Accelerated death benefit
A portion of a life insurance death benefit that can be paid to the insured person while living. The purpose is to help with costs associated with severe chronic or terminal illnesses.

Beneficiary
The person(s) or trust named to receive payment of an insurance death benefit.

Claim
Notification to the insurance company to receive payment of an insurance benefit. Typically, a form is provided requiring details needed to process the claim.

Death benefit
Money paid when an insured person dies.

Exclusion
Conditions or terms not covered by insurance. For example, suicide is an exclusion to life insurance.

Term life insurance
Life insurance that lasts for a set time period or term. At the end of the term, the insurance either ends or converts to a new term.

Group term life insurance
A type of term insurance offered through a group such as an employer or association. Employer insurance typically offers a fixed benefit set as a portion of the employee salary and often ends when employment ends. Associations offer amounts the individual can choose and can be kept across jobs.

Level term life insurance
Insurance in which payments are designed to remain the same, or level, across the term.

Premium
The cost of insurance for attained coverage that is due in periodical payments of an insured’s choosing such as monthly, quarterly, semi-annually or annually.

Underwriting
The process used to decide if and at what rate class an applicant will be offered insurance and the cost. This can include health and financial assessments.

Rate class
The categories of health and other factors of an applicant which impact insurance offered and the cost.

Apply Now

The Application Process is fast and easy.

When you apply, we have an option to help speed your application processing. All life insurers will need to ask some health questions. With QuickDecisionSM application, eligible applicants applying for up to $250,000 in coverage are asked these health questions online and information about you is verified online. All this speeds the review and often allows us to provide a decision about your insurance acceptance and rate immediately.2

2 – QuickDecision processing can offer an immediate decision about your application. This approval is conditional on confirmation of your association membership status and coverage limit eligibility. A referral decision may be given if an underwriter needs to review your application and may reach out to confirm the information with you. If you are not approved for life insurance through QuickDecision processing, you may still apply for this coverage with traditional underwriting.

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