Group Term Life Insurance
If you or your spouse were suddenly no longer around, would your loved ones be able to live comfortably and continue their lives as they’d planned without your income? With AIIT Group Term Life Insurance, Appraisal Institute Professionals can apply for up to $1,000,000 of coverage for both you and your spouse, at competitive group rates. If you would like more than $1,000,000, you can apply for an additional $1,000,000 in coverage under the 10-year Level Term Life Insurance plan. The total amount of coverage an individual may request under all AIIT Group Term Life Insurance plans underwritten by New York Life Insurance Company cannot exceed $2,000,000.
With this coverage, your spouse and/or your beneficiary will have much-needed financial assistance during a difficult time, and you’ll have access to the following benefits:
- Portable Coverage: Maintain your valuable AIIT Trust Group Term Life Insurance protection until age 90, as long as you remain a member of the Appraisal Institute, you pay your premiums when due, and the policy is still in effect.
- 20% discount for first two years: A Professional enrolled in this plan for the first time will receive a 20% premium discount for the first 24 months of coverage. This discount applies to Appraisal Institute Professionals only.
- Combination Discount: An Appraisal Institute Professional who is insured for both this policy and Disability Insurance under G-13776-2 issued to the policyholder by New York Life will receive a 5% discount off the contribution for both plans, provided the Professional retains coverage in both plans. This discount will cease to exist when insurance under this policy or G-13776-2 ends.
- Accelerated Death Benefit: If you or your spouse (if insured) is diagnosed as terminally ill with a life expectancy of 24 months or less, you may request one advance payment equal to 25% of your in-force life insurance while you are alive. (For terms, conditions, limitations, and exclusions, please download the brochure.)
- Benefit Increase Feature: Gives you the option to request an automatic annual increase of 10% of your initial insurance amount for 10 years, gradually doubling the insurance amount.
- And many more!
QuickDecisionSM Group Term Life Insurance
If you are under age 51 and in good health, you and your spouse can apply1 for up to $250,000 in Group Term Life Insurance through our new streamlined approval process. Here are some benefits that make this process more convenient than ever:
- Less Time: Your application contains fewer questions, letting you quickly take care of business before getting back to your day.
- Less Waiting: You can apply online and know if you've been approved in as little as one day.
- Less Hassle: No medical exam or lab work required—just answer some health questions and other information.2
You are eligible to apply for $10,000 to $1,000,000 (in multiples of $10,000) of AIIT Group Term Life Insurance for both you and your lawful spouse if:
- You’re an Appraisal Institute Professional member
- You and your spouse (if proposed for insurance) are under age 67
- You and your spouse reside in the United States (except territories), Puerto Rico, or Canada (except Quebec)
This plan is underwritten by New York Life Insurance Company, under Group Policy No. G-10500-1, on Policy Form GMR-G-10500-1/FACE.
New York Life is licensed/authorized to transact business in all of the 50 United States, the District of Columbia, Puerto Rico, and Canada. However, not all group plans it underwrites are available in all jurisdictions. Please check the applicable insurance brochures for current availability.
New York Life’s state of domicile is New York, and NAIC ID # is 66915.
New York Life has received the highest financial strength ratings currently awarded to any life insurer from all four of the major credit rating agencies: A.M. Best (A++), Fitch Ratings (AAA), Standard & Poor's (AA+), and Moody's Investors Service (Aaa).3
1IMPORTANT NOTE: If you are not approved for coverage under the QuickDecisionSM tool you can still obtain coverage through the online process, which may require medical exams and other information. QuickDecisionSM is not available to residents of CA, MT, MN, and VA. These residents can still apply online and will be contacted for required information.
2Most QuickDecisionSM applications can be processed without the need for follow-up. Application includes health questions. However, sometimes you may need to speak with a representative to verify information or have a medical professional visit you. May not be available in all states.
3Source: Third-party rating reports as of 9/12/19
Other Life Products
For more information, including features, costs, eligibility, renewability, limitations, and exclusions download the brochure.
The AIIT Group Term Life Insurance Plan is Underwritten by:
New York Life Insurance Company
51 Madison Avenue
New York, NY 10010
under Group Policy No. G-13776-0
on Policy Form GMR-FACE/G-13776-0