Pure Term Life Insurance with QuickDecisionSM Coverage Details

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Features & Benefits

Affordable Rates

A better way to put your money to use - the rates for Pure Term are some of the lowest term life rates we offer. 

Rates are lowest for residents and recent graduates - These age-based rates make it possible for residents and young physicians to obtain high levels of protection while still paying off education debts. You know how important it is to have adequate life insurance coverage, and Pure Term may be the answer.

Benefits up to $1,000,000

Select the coverage amount that best fits your needs, up to $1,000,000 - Pure Term is flexible term life insurance because you can choose the amount of coverage that you need. In fact, your family can secure up to $2 million of coverage when both you and your spouse apply.

Supplemental Coverage

If you already have employer coverage, it may not be enough to meet family obligations - and should you leave your job, your coverage will likely end. Pure Term can be an excellent way to help assure your loved ones are taken care of.

Portable Coverage

Pure Term coverage is fully portable - Unlike life insurance plans from employers, this is coverage you can keep after residency or a job change...it can stay with you to age 96.

Volume Discounts

Volume Discounts on larger benefit amounts - Pure Term offers a price break to physicians who purchase high benefit amounts. The higher the benefit amount you select, the less you will pay per thousand dollars of coverage. Volume discounts are available for coverage amounts starting at $250,000, with an even greater discount for amounts of $500,000 or more.

Up to $500,000 in "Living Benefits"

"Living Benefits" (Accelerated Death Benefit) At No Additional Cost - Should you be diagnosed as having less than 24 months to live, you may request up to 50% of your basic life insurance amount, subject to a maximum of $500,000. You can use the money to pay for anything you choose. Premium payments will be waived for up to 12 months following payment of this benefit. Future premium will not otherwise be affected by payment of the benefit and will be required to be paid. This benefit  is payable only once and will be deducted from your total life insurance coverage.

Please note that receipt of Accelerated Death Benefits may affect your eligibility for public assistance programs and may be taxable.  Prior to applying to receive such benefits, you should consult with the appropriate social services agency and seek the advice of a qualified tax advisor. 

Underwritten by: /assets/NYLLOGO_CMYK_Tagline72dpi.jpg
New York Life Insurance Company  

51 Madison Avenue, New York, NY 10010  
On Policy Form GMR-FACE/G-30616-0 
Under Group Policy No. G-30616-0 

Waiver of Premium

Optional Waiver of Premium Benefit Can Provide Peace of Mind - The Waiver of Premium Benefit, available for an additional premium, can cover your premium payments for you if you become totally disabled due to sickness or injury. If you become totally disabled before age 60 for at least 9 consecutive months, your life insurance can continue to age 75 without paying premiums. 

Eligibility

Exclusively for physicians, Actively Engaged Full-Time medical students and their spouses or domestic partners under age 45 and living in the U.S. Your spouse or domestic partner may apply even if you don't.

Effective Date

Once you are approved, your coverage will be effective on the date specified by New York Life Insurance Company, provided the premium is paid when due, and you are not hospitalized on that date. If you are hospitalized, coverage will be effective on the day you are discharged, as long as you are still eligible.

Renewability and Termination

Renewable to age 96 - As long as you make your payments, your coverage can continue to your 96th birthday with no new medical underwriting - good to know should your health change. Coverage will end earlier if the group policy ends or insurance for your class ends.

Exclusions

Suicide, whether sane or insane, during the first two years of coverage (one year for Missouri residents) is limited to a refund of total premiums paid.

State Availability

The QuickDecision process is not available in Virginia at this time. However, you can still apply online, and you will be contacted to complete a telephone interview.

Carrier Information

Group Pure Term Life Insurance is Underwritten by: /assets/NYLLOGO_CMYK_Tagline72dpi.jpg
New York Life Insurance Company  
51 Madison Avenue, New York, NY 10010
On Policy Form GMR-FACE/G-30616-0
Under Group Policy No. G-30616-0 

New York Life is licensed/authorized to  transact  business in all of the 50 United States, the District of Columbia, Puerto Rico and Canada. 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.

AMA Insurance incurs costs in connection with providing oversight and administrative support for this plan, and is reimbursed for these costs. The American Medical Association also incurs certain expenses in connection with the plan and is reimbursed for such expenses.  

This website explains the general purpose of the insurance described, but in no way changes or affects the policy as actually issued. In the event of a discrepancy between this website and the policy, the terms of the policy apply. All benefits are subject to the terms and conditions of the policy, underwritten by New York Life Insurance Company. Exclusions, limitations, reduction of benefits and terms under which the policy may be continued in full or discontinued are detailed in the Certificate of Insurance issued to each insured individual and complete details are in the Group policy issued to the policyholder. 

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