Insure Your Income -- Your Most Valuable Asset

Your most important asset is your ability to earn income. Even if you are young and healthy, a serious illness or injury could put you out of work for months or even years — thus jeopardizing your livelihood. A reliable source of disability income protection is this Group Disability Income Insurance Plan exclusively for IMA members.
 

Even if you have some disability insurance through your employer, or if you are self-employed, it may not be enough. Many employers provide only a short-term salary continuation coverage or short-term disability income coverage. This insurance can be used to supplement benefits provided by your employer coverage or as primary protection. This insurance is designed to provide you with a regular monthly income when you are totally disabled and unable to work as the result of an illness or injury.

How to Apply

1. Complete the Application Form. It is extremely important that you answer fully the questions about medical history on this form. New York Life will rely upon your answers, and failure to provide complete and truthful information may invalidate coverage. Please note that New York Life retains the right to request additional medical information and may contact you directly.
2. Mail the Application Form to this address:
   IMA Group Insurance Program
   PO BOX 14533
   DES MOINES, IA 50306
   
   Residents of Puerto Rico:
   Please send your completed application and check for the initial premium to:
   Global Insurance Agency, Inc.
   P.O. Box 9023918
   San Juan, PR 00902-3918

Eligibility

IMA members, under age 60 who are at FULL–TIME WORK are eligible to request coverage.

"FULL–TIME WORK" means the active performance of the regular duties of your normal occupation for pay or profit on the basis of at least 30 hours per week at the place such duties are performed.

This coverage is only available for residents of the United States (except AK, DE, FL, LA, MD, ME, MO, MT, NH, NV, NM, NC, OH, SD, TX, UT, VT, WA and WY) and Puerto Rico. However, members on active duty in the armed forces are not eligible.

Helps Protect You as an Accountant

You will be considered totally disabled, during the waiting period and beyond if you are prevented by a covered illness or injury from completely and continuously performing the material and substantial duties of your regular occupation.
You must be under the regular care of a physician (other than yourself) and must not be engaged in the full-time practice of law.
 

Choice of Coverage

You can choose either the Five-Year Coverage or the Career Coverage. The maximum monthly coverage amounts for which members may apply according to age are:

You may apply for benefits ranging from $400 to $5,000 a month, in $100 units. However, the option you choose, together with any other disability income insurance you have or for which you're applying, cannot exceed 70% of your AVERAGE MONTHLY INCOME.

AVERAGE MONTHLY INCOME means your wages, salaries, commissions, fees and other amounts received for personal services — before deduction of income or social insurance taxes and after deduction of normal business expenses which are deductible for income tax purposes — for the immediately preceding period that produces the highest figure:
1. preceding tax year; 2. preceding two tax years, or; 3. the entire period, if less than 12 months.
It does not include income from interest, dividends, rent, royalties, annuities, other insurance or other unearned income.

Monthly benefits will be paid up to the maximum benefit period selected. Monthly benefits under either plan will end on the date you fail to give required proof of continuing disability, your disability ends, the maximum benefit period ends or you die. The benefit period is reduced for disabilities due to mental disorders or chemical dependency.  See “Exclusions and Limitations”.

The Five-Year Coverage

The Five-Year Coverage option will pay benefits up to five years for covered disabilities due to accident or illness that begin prior to age 60, up to age 65 for disabilities beginning on or after age 60 but before age 64, or for one year for disabilities that begin at age 64 or older.

The Career Coverage

The Career Coverage option will pay benefits up to age 65 for covered disabilities due to accident or illness that begin prior to age 64, or for one year for disabilities beginning at age 64 or older.

Choose the Waiting Period

The Waiting Period establishes when your monthly benefits can begin. You can request that benefits begin on the 31st, 61st, or 181st day of your disability. The longer you choose to wait, the more economical your premium will be.  

Waiver of Premium

If you suffer a disability for which you are receiving benefits under this coverage, premiums due thereafter will be waived during the remainder of the disability. When you stop receiving monthly benefits, premiums must again be paid when due.
 

ADDITIONAL INFORMATION

Effective Date

Insurance for the Group Disability Income Insurance becomes effective on the first of the month after the date the application is approved by New York Life Insurance Company, provided the first premium is paid when due. You must be at FULL-TIME WORK on the date the insurance is to take effect. If not, insurance will take effect on the day you resume such work.

When Coverage Ends

A person’s insurance will end at the earliest of the following: the date the group policy ends; the policy is modified to end  insurance for his/her class; the end of the period for which the last premium has been paid; the date the person ceases FULL-TIME WORK for reasons other than total disability; the covered person commences full-time active military duty; the premium due date coinciding with or next following the date the person ceases to be a member of this association or; the premium due date coinciding with or next following the date the person attains age 70.

Exclusions and Limitations

No benefits are payable for any period of disability during which the insured person is not under the direct care and treatment of a licensed physician; Moreover, no benefits are payable for any disability that is due or related to: intentionally self-inflicted injury whether sane or insane; military service, war or act of war; normal pregnancy or childbirth (complications of pregnancy are covered); incarceration for or participation in (except as a victim) an illegal occupation/activity or the commission of a crime.

For disabilities which are due to or related to mental disorders and/or chemical dependency, benefits are payable until the lesser of (a) 24 months if under age 63; 12 months if age 63 or older; or (b) the maximum benefit period previously outlined. This limitation does not apply to any period during which the covered person is institutionalized.

For benefits to be payable, the disability must be incurred while coverage is in force.

YOUR COST

Exclusively-priced Current 2023 Semiannual Group Rates

The Five-Year Coverage

You may apply for benefits ranging from $400 to $5,000 a month, in $100 units, subject to the limits based on income as noted above.

Five-Year Coverage Semiannual Premiums
Per $100 Monthly Benefit Unit

*Renewal rates only. Only those under age 60 may apply. Insurance terminates at age 70.

The Career Coverage

You may apply for benefits ranging from $400 to $5,000 a month, in $100 units, subject to the limits based on income as noted above.

Career Coverage Semiannual Premiums
Per $100 Monthly Benefit Unit

*Renewal rates only. Only those under age 60 may apply. Insurance terminates at age 70.

If applicable, an additional $2 billing fee will be included on your billing notice payable to the administrator for modes other than Annual and EFT. To avoid the fee, select Annual billing mode or Electronic Funds Transfer (EFT) as a safe and secure payment option.

Your cost is based on your age when coverage becomes effective and increases each January 1st on or after you reach a higher age bracket.

The premium contributions shown reflect the current rate and benefit structure. Premium contributions may be changed by New York Life Insurance Company on any premium due date and any date on which benefits are changed. However, your rates may change only if they are changed for all others in the same class of insureds. For example, a class of insureds is a group of people with the same issue age. Benefit option amounts are not guaranteed and are subject to change by agreement between New York Life and the Institute of Management Accountants.

30-DAY FREE LOOK

When you become insured, you will be sent a Certificate of Insurance, summarizing your coverage. This website is only a brief description of some of the plan’s principal provisions and features. The complete terms are set forth in the group policy issued by New York Life Insurance Company to the Institute of Management Accountants.

If you’re not completely satisfied with the terms of your Certificate of Insurance, you may return it, without claim, within 30 days. Your coverage will be invalidated, and you will be sent a full refund, no questions asked!