There have been a number of important, recent changes in the MBA members' group term life insurance program offered through ReliaStar Life Insurance Company. This article will bring you up to date.
The first change is that new MBA members under age 50 are now entitled to $50,000 group term life insurance for six months at no cost to them. This reflects an increase of $25,000 of term life insurance without evidence of insurability. The MBA has also arranged to waive the usual, required medical questions. (Please note that this increase applies to new members effective May 1, 2002.)
At the end of the six-month period, the benefit will remain at $50,000, again with no medical questions required. Members will be billed automatically and will have the option at that time to accept or reject the coverage.
The second change is the enhanced Simplified Issue Life Insurance benefit, through which MBA members now may apply for up to $100,000 of group term life insurance by simply completing and submitting an application that includes just three medical questions. This benefit is unique; typically, to obtain this amount of life insurance requires a physical exam and other medical tests. This offer is available to members not currently in the program and under age 50. The offer expires on July 31, 2002.
The third change in the MBA life insurance program pertains to a decrease in the discount afforded MBA members. As a result of several large claims paid out last year by ReliaStar to families of MBA members enrolled in this Life Insurance Plan, the discount afforded to MBA members is decreasing from 20 percent to 10 percent on premiums. Members currently enrolled in this plan will notice an increase in their premium rates effective July 1, 2002.
MBA membership entitles you to many privileges and benefits - among them is access to attractive group rates and special offers on a wide range of life, health, disability, long term care, lawyers malpractice and auto insurance products. To take advantage of the life insurance program, call toll-free at (800) 242-1991 and ask to speak to an MBA customer care representative. For more information, log onto www.MemberNetUSA.Net/MBA. (Please reference Life Insurance Policy LP00GP)
Elise L. Freedman is vice president of marketing for Americana Financial/NEBCO. ReliaStar Life Insurance Company is a major American insurer, rated A+ by A.M. Best Company. The A+ rating is the second of 15 rating categories ranging from A++ to F for operating performance and financial strength. Note that ratings may change.