IMA members age 50 through 74 who reside in the United States are eligible to apply for this coverage as long as they are able to perform the daily living activities of the persons of like ages and sexes. A member’s spouse* residing in the United States who is between the ages of 45 through 74 may also apply for coverage as long as they are able to perform the daily living activities of a person of like age and sex.
This coverage is available only to residents of the United States and may not be available in all states. Please contact the administrator for details.
APPLY FOR UP TO $50,000 OF COVERAGE
Choose the amount of Group Senior Term Life insurance you need to help protect you and your family.
Amounts Of Insurance:
Members–$5,000 to $50,000 in $5,000 increments.
Spouse*–$5,000 to $50,000 in $5,000 increments.
No Medical Exam Required
You are not required to take a physical or medical exam to be approved into this plan. All it takes is answering, satisfactorily to the insurer, the questions on the application.
Choice of Benefit Amounts
You and your spouse* can select a life insurance amount of $5,000 to $50,000 (in increments of $5,000).
Accelerated Life Benefit
This important plan option gives you the ability to collect part of your IMA Term Life benefits before your death if you are diagnosed with a terminal illness. If your doctor diagnoses you with a life expectancy of 12 months or less, you can collect up to 75 percent of your benefits before you die–to use however you wish.
(Note: A doctor–certified terminal illness means an illness from which no recovery is expected, that results in a life expectancy of 12 months or less. You must have at least $5,000 of coverage in force to exercise this option.)
This money can be used to help cover high prescription drug costs…medical bills…outstanding debts…to help pay for experimental treatments…the cost of modifications to your home…or for a family vacation – the choice is yours.
Receipt of the accelerated benefit may be taxable, or may adversely affect your eligibility for Medicaid or other government benefits. You should consult your personal tax advisor to assess the impact of this benefit.
Keep Your Cost Manageable
Rates have been provided on an annual basis per $5,000 of coverage to make it easier for you to compare this Plan with other insurance plans on the market today. Four modes of payment are available to suit your budget: quarterly billing, semiannual billing or annual billing; and our Monthly Pre–Authorized Check Payment Plan.
Rates are guaranteed until June 30, 2020.
Click here to view Rates
Send No Money Now!
All you need to do is return the completed application. You will be billed for the appropriate premium upon approval of your application by the insurer.
OTHER IMPORTANT INFORMATION
You’re covered 365 days a year, wherever you are. (The only exclusion is suicide within the first year of the date your insurance or increase in insurance starts.) The Accelerated Life Benefit is subject to additional exclusions.
You Name Your Beneficiary
You may name anyone you wish as the beneficiary of this plan, and you may change the beneficiary by contacting the Insurance Administrator in writing and advising them of the change.
You may also choose to name a beneficiary that you cannot change without his or her consent. This is an irrevocable beneficiary.
ADDITIONAL PLAN PROVISIONS
Your or your spouse’s* insurance will become effective on the later of the following dates:
- ReliaStar Life approves your or your spouse’s* proof of good health;
- Your or your spouse’s* premium is received;
- You or your spouse* become eligible for insurance; or
- You or your spouse* apply for insurance, if proof of good health is not required.
When Coverage Ends
As long as you remain an active member of the IMA, pay your premium when due, and the group policy remains in force, you can keep your coverage. Your insurance stops on the earliest of the following dates:
- The last day of the month during which you are no longer eligible for insurance under the Group Policy.
- The end of the period for which you paid premiums, if you do not make the next required premium contribution when due.
- The date the Group Policy terminates.
- The date the Trust agreement establishing the Institute of Management Accountants Life Insurance Trust terminates.
- For Accelerated Life Benefit, the date your Life Insurance stops.
Renewal Payments and Claims
Once you are accepted into the Plan, you will have a 60–day grace period for your payment of renewal premium contributions. When you want to submit a claim, call or write the Administrator for claim forms.
Certificate of Insurance
This is a summary of benefits only. A complete description of benefits, limitations, exclusions and termination of coverage will be provided in the certificate of coverage. All coverage is subject to the terms of the group policy. If there is any discrepancy between this document and the group policy documents, the policy documents will govern.
When you become insured, you will be sent a Certificate of Insurance summarizing your benefits under the Group Policy.
30–Day Free Look
If you are not completely satisfied with the terms of your Certificate of Insurance, you may return it within 30 days provided no claims have been submitted or paid. Your coverage will be invalidated and you will be sent a full refund – no questions asked!
PLEASE KEEP FOR YOUR RECORDS
All members and spouses* must complete an application form for any new coverage or to increase coverage. Proof of good health is required. For more information on medical requirements, please contact your plan administrator. If there is an increase in the amount of your insurance, the increase will take effect on the first day of the month on or next following the date of the increase. Your IMA Senior Term Life Plan will start on the first day of the month after your application has been approved by the insurer and your first premium has been paid.
Life insurance coverage is provided under the terms of a group life insurance policy, Group Policy 65972-0 issued and delivered in the state of Missouri, and governed by its laws, to the Institute of Management Accountants Life Insurance Trust as the policyholder. The group life insurance policy is issued by ReliaStar Life Insurance Company, Minneapolis, Minnesota. The policy is administered on behalf of ReliaStar Life Insurance Company by Mercer Consumer, an insurance administrator licensed in the state of Missouri. Policy Form LP08GPMO.
This is a Paid Endorsement. The Institute of Management Accountants receives a fee from the insurance broker and/or the insurer for its endorsement of this plan.
*In Oregon, spouse includes domestic partner.