Group Term Life Plan Details
Peace of Mind
How much life insurance do I need?
Life insurance needs vary depending upon your situation. Keep in mind – you may need a substantial amount of insurance to replace your current earnings, and even more if future earnings potential is taken into account.
Here's how it works
Using the Life Insurance Planning Worksheet1 you can estimate your current need for additional life insurance. For instance, if your annual earnings amount to $50,000 per year, you may want to consider a death benefit of $300,000. Let’s say that you already have other life insurance coverage equal to $150,000. Your application should be for $150,000 of new coverage making the total death benefit $300,0002.
What kind of insurance should I buy?
What does it cost to buy the level of coverage I need?
You’ll be surprised how little it costs to protect your family’s financial well-being! For instance if you are age 35, $250,000 of Trust Group Term Life insurance costs just $97.50 twice per year! Group rates are shown for other ages and policy sizes in the brochure and are based upon attained age at time of issue and increase in five-year age brackets.
Who may apply for Trust Group Term Life insurance?
The Trust’s Group Term Life insurance plans are underwritten by Liberty Life Assurance Company of Boston, a Lincoln Financial Group Company3. You are eligible to apply if you are a psychologist and are under age 65. Your spouse under age 65 is also eligible and may apply as long as you are insured. Unmarried dependent children under the age of 24 may also apply for $2,000 of coverage.
How much coverage can my family and I apply for?
Pyschologists may apply for as much as $1,000,000 of coverage in multiples of $10,000. Minimum policy size is $10,000.
Spouses are eligible to apply for as much as $1,000,000 of coverage in multiples of $10,000. Minimum policy size is $10,000.
Children $500 from 15 days of age to one year.
Unmarried dependent children age 1-24 $2,000.
Comprehensive Plan Design
Lincoln's Living Benefit
This additional feature of the policy includes important flexibility that allows for the early payment of some or all of your death benefits from your life insurance coverage if you become terminally ill. If a licensed physician certifies that your life expectancy is 12 months or less, up to 50% of the amount of life insurance selected (up to $100,000) will be payable to you. The amount paid is not discounted for interest due to early payment of the benefit.
Inflation Safeguard
This feature allows you to annually purchase additional coverage to prevent inflation from eroding the death protection of the coverage. Each November 1, after the initial effective date of coverage, you can purchase 10% of the initial face amount of insurance, providing you exercised this option the previous November 1, you notify Lincoln in October, and you fill out the required forms. Premiums for the additional coverage will be added to your bill.
Waiver of Premium Benefit
If you are under age 65 and become totally disabled according to the terms of the certificate for a period of nine consecutive months, your premium payments may be waived. Accidental Death and Dismemberment as well as Inflation Safeguard benefits are suspended during this period.
Accidental Death and Dismemberment (AD&D)
For an additional premium, you or your spouse can purchase this valuable additional protection. In the event of death by accident, AD&D pays an additional death benefit equal to the amount you select, subject to exclusions and limitations. AD&D also pays an additional benefit in an amount you select in the event of loss of both hands, both feet, sight of both eyes, one hand and one foot, or one foot and the sight of one eye. It will also pay half of the amount you select in the event of the loss of one hand, one foot, the sight of one eye, speech, or hearing.
Have any questions?
Call toll-free (844) 228-2480. You may also call The Trust toll-free at (800) 477-1200.
General Information
Premium Annual premium is due each November 1. Semi Annual premiums are due each November 1 and May 1. In the event that you enter the plan on any premium due date other than November 1 or May 1, the premium will be prorated to the next premium due date. Any changes in benefits and/or rates normally occur on the anniversary date of the group policy which is November 1.
Change of beneficiary You may designate a change of beneficiary for your Life Insurance plan at any time by writing the Administrator of the APA Group Insurance Plans at:
Trust Group Insurance Plans
Liberty Mutual Insurance Group
P.O. Box 1525
Dover, NH 03821-1525
When there is a claim
Detailed information regarding claims procedures is issued with the certificate.
Plan limitations
The Life insurance benefit will be paid for death from any cause except suicide committed within the first two years of coverage.
Accidental Death and Dismemberment coverage excludes:
- Suicide or any attempt thereat, while sane or insane;
- Intentionally self-inflicted injury;
- Disease or sickness, or related medical or surgical treatment;
- Ptomaines or bacterial infection except through a visible wound accidentally sustained;
- War or any act of war, declared or undeclared;
- Drugs that are voluntarily taken, ingested or injected, unless as prescribed or administered by a physician; and
- Active participation in a riot or committing or attempting to commit an indictable offense.
Termination of Insurance
When coverage ends, your insurance will cease on the earliest of the following dates:
- The date the master policy held by the Trustees is canceled
- The date you fail to make any agreed payment of premium within the 31-day grace period or
- The anniversary date of the policy following your 75th birthday.
Dependents' insurance will cease when:
- The member dies or ceases to be insured
- The date you fail to make any agreed payment within the 31-day grace period
- The anniversary date of the policy following the 75th birthday of an insured dependent spouse
- A dependent child attains age 24
- A dependent child marries
- The marriage of the member terminates
Reduction of Insurance
If a Covered Person’s amount of Life Insurance and Accidental Death and Dismemberment Insurance is more than $50,000, such amount will be reduced to $50,000 on the first November 1 next following their 70th birthday.
Administration
This plan is underwritten and administered by the Liberty Life Assurance Company of Boston, a member of the Liberty Mutual Group. A Group Life Insurance policy has been issued to the Trustees of The Trust. Each participating psychologist receives a certificate outlining the benefits to which he or she is entitled under the policy. The descriptions here are necessarily brief and are subject to provisions that can only be expressed exactly in the certificates of insurance.
2 All benefit payments are subject to the terms and conditions of the policies.
3 Lincoln Financial Group is the marketing name for Lincoln National Corporation and its affiliates. Affiliates are separately responsible for their own financial and contractual obligations.
4 The receipt of accelerated or “living” benefits may be taxable. Insureds and/or covered spouses should seek assistance from a personal tax advisor before applying for this benefit.