How does the Accelerated Death Benefit work?
A. If you have a Terminal Medical Condition, the Plan can make available up to 75% of the Supplemental Group Term Life Insurance benefit, up to a maximum of $250,000. This can be used to help pay for medical expenses or begin putting the familys financial affairs in order. (A Terminal Medical Condition is one that, with reasonable medical certainty, will result in death within 12 months and was diagnosed by a physician on or after coverage became effective.
The “Accelerated Death Benefit” option is available to help terminally ill insureds during a difficult, and often financially challenging time. Under this provision you may request one advance payment equal to 50% of your (or an insured dependent’s) in force life insurance to be paid while the terminally ill person is still alive. The request must be made at least 12 months prior to the insured person’s scheduled coverage termination age and the amount of insurance payable after the insured’s death will be reduced by this payment. (Premium contributions will not be reduced.) 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.
The “Accelerated Death Benefit” option is available to help terminally ill insureds during a difficult, and often financially challenging time. Under this provision you may request one advance payment equal to 50 percent of your )or an insured dependent’s) in force life insurance to be paid while the terminally ill person is still alive. The request must be made at least 12 months prior to the insured person’s scheduled coverage termination age and the amount of insurance payable after the insured’s death will be reduced by this payment. (Premium contributions will not be reduced.) 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. To qualify, a terminally ill insured must provide New York Life Insurance Company with proof of terminal illness and anticipated life expectancy (12 months or less),
The Accelerated Death Benefit option is available to help terminally ill insureds during a difficult, and often financially challenging time. Under this provision you may request one advance payment equal to 50% of a qualified terminally ill persons in force life insurance to be paid while that person is still alive. The request must be made at least 12 months prior to the insured persons scheduled coverage termination age and the amount of insurance payable after the insureds death will be reduced by this payment. (Premium contributions will not be reduced.) 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 vacationthe choice is yours. To qualify, a terminally ill insured must provide the New York Life Insurance Company with proof of terminal illness and anticipated life expectancy (12 months or less), as well as any other necessary m
The “Accelerated Death Benefit” option is available to help terminally ill insureds during a difficult, and often financially challenging time. Under this provision the member may request one advance payment equal to 50% of a qualified terminally ill person’s in force life insurance to be paid while that person is still alive. The request must be made at least 12 months prior to the insured person’s scheduled coverage termination age and the amount of insurance payable after the insured’s death will be reduced by this payment. (Premium contributions will not be reduced.) If a scheduled reduction in coverage will occur within one year of the date the Accelerated Death Benefit will be paid, the benefit payable will be 50% of the reduced coverage amount. 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. To qu
