As life unfolds and responsibilities mount, take time to prepare for the unexpected. Here are three sound reasons to have this group Accidental Death insurance (AD), available exclusively to alums, now:
- Financial Obligations Do you have credit card debt, auto loans, or student loans? Your AD benefit can be used to help pay off debts and reduce the financial burden on family and friends should the unthinkable happen.
- Funeral Costs The average funeral costs over $7,000.* This can present a financial hardship for most families. AD can also be a welcome source of funds for other final expenses, which may not be covered by your health insurance.
- Protecting Your Future Insurance from your employer doesn’t follow you from job to job—that is if your employer even offers coverage. Your status as an alum will never change, so your insurance can stay with you, no matter where you go.
*National Funeral Directors Association (NFDA), 2019
What is Accidental Death Insurance?
This Group Accidental Death insurance (AD) pays your beneficiary if your death results from a covered accidental injury within one year of the injury. This payment is in addition to any life insurance you may have. AD covers you 24 hours a day, every day of the year, worldwide. There are no health questions to answer, and your acceptance is guaranteed.
Who should have AD?
AD is for people who are active, travel, engage in sports—particularly those who are young in fact or in spirit. Do you walk, run, hike, bike, or boat? Do you climb a ladder or a mountain? Do you ski, or swim, or snorkel, or scuba? Do you fish, hunt, or camp? Do you travel by train? By plane? Car? Motorcycle? If so, AD is probably for you.
AD vs. Travel Accident Insurance
Some people think that AD is like travel accident or flight insurance. It really isn’t. Travel accident customarily pays benefits for accidental death only while you are a passenger on commercial transportation, referred to as “common carriers.” But AD also covers deaths from falls and falling objects, fires and firearms, poisoning, choking, suffocating, drowning, common carrier and personal travel—even homicides.
Who is eligible?
Alumni/ae, students, faculty and staff of sponsoring alumni/ae associations, and eligible family members may apply. Each must be at least age 18 but under 75 when applying. Eligible family members are spouses, domestic partners, parents, children, and siblings. Any of them may apply—even if you do not apply.
This AD is not available in NY, OR, SD, VT, or WA. Click here for other AD that may be available. (AD is not available in OR.)
How much insurance is available?
|$50,000 – 1,000,000|
|50,000 – 500,000|
|50,000 – 250,000|
How much does AD cost
Premiums are under 20¢ a day for $100,000 of AD insurance.
Have you ever purchased AD insurance, or even the more restrictive accident insurance? If so, you’d probably agree that premiums for this AD plan are affordable. In fact, they are less than half of premiums for AD plans available through some other sponsors, such as banks and credit unions.
for Select Amounts
|$100,000||$ 5.40||$ 5.40||$ 5.40|
|Premiums as of March 2020|
- Monthly automatic withdrawal from your bank (EFT). You do not write checks or worry about paying late. There is no processing fee for this convenience. Click here to download the EFT form.
- Semiannual bills payable by check. Semiannual premiums are six times monthly premiums. A fee of $6, subject to change, is added to each bill.
Other items of note
For the same affordable premium, benefits will be increased:
- By 10% if death is due to an accident on a “common carrier” (airplane, bus, taxi, train, etc.)
- By the cost (up to $5,000) of preparing your body for burial or cremation and transporting it to the place of burial or cremation if death occurs in a foreign country.
Coverage will continue until age 75 if premiums are paid when due and the group policy remains in force.
New York Life Insurance Company is the largest mutual life-insurance company in the United States, and one of the largest life insurers in the world. New York Life remains one of only two life insurers with the highest financial strength ratings currently awarded by all four of the major rating agencies, out of 800 life insurers operating in the United States today.
|Rating Service:||A.M. Best||Moody’s||Standard & Poors||Fitch Ratings|
*Individual independent rating agency commentary as of 5/1/19
Residents of all eligible states and DC: Premiums are listed below.
To apply online for Accidental Death insurance, click here.
If you prefer, you may instead download the application, complete, sign, and mail.
Current as of March 2020
To enroll online for Accidental Death insurance, click here.
If you prefer, you may instead download the appropriate application, complete, sign, and mail.
If you need a quote or an application or simply have questions, call 800-635-7801 or email firstname.lastname@example.org. Trained customer service representatives will be happy to provide the information you need. And naturally you’ll be under no obligation.