You certainly understand the importance of having sufficient life insurance. Now, you have an opportunity to make sure that you have the amount of coverage needed. Your loved ones will appreciate the peace of mind this Plan provides, with benefits up to $1,000,000 that will let them go on with their lives with fewer financial concerns.
Available exclusively to IMA members under age 72 who may apply for coverage for themselves and their lawful spouses* under age 72.
A person may be insured as a member or spouse*, but not both.
Unmarried, dependent children ages 14 days to under 19 years (25 if full–time student) are eligible for $5,000 or $10,000 of coverage.
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.
Choose the amount of Group Annual Term Life insurance you need to help protect you and your family.
Amounts of Insurance:
Members–$20,000 to $1,000,000 in $5,000 increments.
Spouses*–$20,000 to $1,000,000 in $5,000 increments.
Children–$5,000 or $10,000.
A money–saving feature of the IMA Group Annual Term Life Insurance Plan is the opportunity to receive a premium discount due to the good claim experience of the plan. Currently your contributions include a 10% premium discount that is guaranteed until June 30, 2024. (Rate credits are not guaranteed but depend on group experience).
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 equal to 25 percent up to 75 percent of your benefits (or $50,000, whichever is less) 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 $20,000 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.
If you become totally disabled, as defined in the certificate, for 180 days or longer before age 60, your coverage will continue at no cost to you until the earliest of the end of your disability or until you reach age 80.
You can elect Group Accidental Death & Dismemberment (AD&D) coverage up to the same level of death benefit for which you are applying. In addition, if you are seriously injured in a covered accident and sustain loss of limb, eyesight or other injuries, a partial benefit may be payable. (Please note: Semi-annual rates are $.60 per $5,000 of coverage if under age 65; $.90 per $5,000 if ages 65-80. Rates shown are guaranteed until June 30, 2024.)
Rates have been provided on an annual basis per $5,000 of coverage to make it easier for you to compare this Plan to 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.
Click here to view Rates
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.
Exclusions
You’re covered 365 days a year, wherever you are. (The only exclusion for life insurance is suicide within the first year of the date your insurance or increase in insurance starts. The AD&D and Accelerated Life Benefits are 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
Effective Date
Your insurance will become effective on the later of the following dates:
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 until age 80.
Your insurance stops on the earliest of the following dates:
Renewal Payments and Claims
Once you are approved 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 (including dependent coverage.) Proof of good health is required. Some applicants may be required to have a medical exam in order to apply for coverage. 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 Annual 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.
We're here to help! Please contact us in whatever manner is most convenient for you.
| Address AMBA 4050 114th Street Urbandale, Iowa 50322 |
|---|
| Phone 1-800-448-3436 |
| Hours M-F 7:30a-4:30p CT |
| Email [email protected] |
| Application Mailing Address IMA Group Insurance Program PO BOX 14533 DES MOINES, IA 50306 |
| Underwriting Company ReliaStar Life Insurance Company Minneapolis, MN |
By whom is this plan underwritten?
What if I have second thoughts after I apply?
When is the coverage effective?
Your insurance will become effective on the first of the month following:
How much insurance can I apply for?
When does the coverage end?
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 up to age 80. For members or spouses* who reach age 70, your benefit amount reduces to 80%. From your 75th birthday, your benefit reduces to 55% of the original face amount. Coverage terminates at age 80. Your insurance stops on the earliest of the following dates:
Are there any discounts available?
Who is eligible for this insurance?
Available exclusively to IMA members under age 72 who may apply for coverage for themselves and their lawful spouses* under age 72. In order to become insured, evidence of insurability, satisfactory to the insurer, must be provided and the required premium must be paid.
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.
How does the Accelerated Life Benefit work?
The Accelerated Life Benefit option is available to help terminally ill insureds during a difficult and often financially challenging time. Under this provision you may request an advance payment equal to 25% up to 75% (or $50,000, whichever is less) of your (or your insured spouse’s*) current life insurance coverage.
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.
(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 $20,000 of coverage in force to exercise this option.)
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.
Are there any exclusions?
Will I meet with a salesperson?
*In Oregon, spouse includes domestic partner.
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 AMBA Administrators, Inc., 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.