Insure Your Income -- Your Most Valuable Asset
Your most important asset is your ability to earn income. Even if you are young and healthy, a serious illness or injury could put you out of work for months or even years — thus jeopardizing your livelihood. A reliable source of disability income protection is this Group Disability Income Insurance Plan exclusively for NSBA members.
Even if you have some disability insurance through your employer, or if you are self-employed, it may not be enough. Many employers provide only a short-term salary continuation plan or short-term disability income plan. This Plan can be used to supplement benefits provided by your employer plan or as primary protection. This Plan is designed to provide you with a regular monthly income when you are totally disabled and unable to work as the result of an illness or injury.
NSBA members, under age 60 who are at FULL–TIME WORK are eligible to request coverage.
"FULL–TIME WORK" means the active performance of the regular duties of your normal occupation for pay or profit on the basis of at least 25 hours per week at the place such duties are performed.
This coverage is only available for residents of the United States (except AL, AK, AR, CT, DE, FL, IL, KS, KY, ME, MD, MO, MT, NV, NM, NY, SC, SD, TX, UT, VA, WV and WY).
Helps Protect You as a Lawyer
You will be considered totally disabled, during the waiting period and next 24 months, if due to Injury or Sickness, you are completely unable to perform the material duties of your specialty.
After the initial 24 month period, total disability is defined as the complete inability to perform the material duties of any occupation for which you may qualify based on your education, training or experience (not specifically within your specialty).
You must be under the regular care of a physician (other than yourself) and must not be engaged in the full-time practice of law.
Choice of Plans
The Short Term Plan (Plan I)
Benefits are payable on the 31st day after the onset of your total disability and continue for the next 12 months of your total disability. The Plan is designed to give maximum monthly benefits for the more frequent, shorter periods of disability.
You may apply from $500 up to $3,000 in monthly benefits (in $100 increments), but not to exceed 70% of your Average Monthly Income.
The Long-Term Plan (Plan II)
Benefits are payable beginning with either the 31st or 91st day of your total disability up to age 65, if total disability begins prior to age 65, or for two full years but not beyond age 70 if disability occurs on or after age 65 but prior to age 70. The Plan is designed to help protect you financially during prolonged disability.
You may apply from $500 to $10,000 in monthly benefits (in $100 increments), but not to exceed 70% of your Average Monthly Income. The following chart shows the maximum duration of the benefit payment periods under the NSBA Long-Term Plan:
|If your disability begins...||Monthly benefits continue...*|
|Prior to Age 65||Up to Age 65|
|On or After Age 65||Up to Two Years, but not beyond Age 70|
Average Monthly Income
Average monthly income means, as of any date:
Average Monthly Income does not include income from bonus, overtime pay or other extra compensation. It is computed before deduction of any income taxes or social insurance taxes and after deduction of normal and usual business expenses that are deductible for income tax purposes. Average monthly income is the average for the immediate preceding tax year or two tax years, whichever produces the higher figure (or entire period, if less than 12 months).
Monthly benefits will be paid up to the maximum benefit period selected. Monthly benefits under either plan will end on the date you fail to give required proof of continuing total disability, your total disability ends, the maximum benefit period ends or you die.
Reduction on Account of Other Income Benefits
If the monthly benefit paid under the plan plus income benefits you received from other sources (as listed in the group policy) exceeds 70% of your basic monthly pay, then the monthly benefits to be paid under this plan will be reduced by the amount by which the total income benefit exceeds 70%. This limited reduction is only applicable to Plan II.
Waiver of Premium
After a covered total disability has continued for six continuous months for which benefits are payable and while the program is in force, premiums will be waived and it will not be necessary to continue premium payments for as long as the insured is continuously disabled and receiving benefits. When the insured stops receiving monthly benefits, premiums must again be paid when due.
Related Disability Benefits
The insured will receive their selected benefit for disabilities which are recurrent in nature. Successive periods of disability due to the same or related cause, when separated by a return to FULL-TIME WORK for less than 6 continuous months, shall be considered one period of total disability as will unrelated disabilities that are not separated by a return to FULL-TIME WORK of at least one day.
If you die while receiving benefits, an eligible survivor will receive a one-time benefit payment equal to three times the last net monthly benefit paid to you. Eligible survivors include your spouse or, if spouse is deceased, surviving children under age 23. Only one such benefit is payable.
This benefit is designed to help certain disabled individuals return to the work force. Under this provision, a professional rehabilitation staff reviews case histories and identifies those individuals who appear to have the greatest likelihood of rehabilitation. Individuals selected by New York Life Insurance Company will be offered the option of participating in a rehabilitation program at no cost to them. Participation is voluntary and benefits will not be reduced due to participation in the program.
Insurance for the Disability Income Plan becomes effective on the first of the month after the date the application is approved by New York Life Insurance Company, provided the first premium has been paid. You must be actively at FULL-TIME WORK on the date the insurance is to take effect. If not, insurance will take effect on the day you resume such FULL-TIME WORK.
When Coverage Ends
Your insurance will end at the earliest of the following: the date group policy ends; the date insurance ends for your class; the end of the period for which the last premium has been paid; the date you cease FULL-TIME WORK for reasons other than TOTAL DISABILITY; the premium due date coinciding with or next following the date you cease to be a member of this association or the association ceases to be a Participating Association; you begin full-time active military duty; or the premium due date coinciding with or next following the date you attain age 70.
Exclusions And Limitations
No benefits are payable for any period of disability during which the insured person is not under the direct care and treatment of a licensed physician. Moreover, no benefits are payable for any disability that is due or related to: intentionally self-inflicted injury whether sane or insane; war or act of war; normal pregnancy or childbirth or voluntary abortion (complications of pregnancy are covered); incarceration for or participation in (except as a victim) an illegal occupation/ activity or the commission of a crime; Pre-Existing Conditions as defined below; or active military service.
No benefits will be paid for any disability which is a result of a pre-existing condition. A pre-existing condition is an injury or illness for which you consulted a physician, took medication, or received medical services or supplies during the immediate 12-month period prior to become insured under this Plan. Benefits are not payable for a disability due to a Pre-Existing Condition until the end of: the earlier of 12 consecutive months during which you have not consulted a physician, took medication, or received medical services or supplies; or 24 months.
Competitive Current 2022 Semiannual Group Rates
The Short Term Plan
Available in $100 units from $500 to $3,000, depending on earnings and age. Benefits are payable from the 31st day of disability for up to a period of 12 months.
Short Term Plan Semiannual Premiums (Plan I)
Per $100 Monthly Benefit
Benefits on the 31st day
*For renewal purposes only. Only those under age 60 may apply. Insurance terminates at age 70.
The Long-Term Plan
Available in $100 units from $500 up to $10,000, depending on earnings and age. Benefits are payable from either the 31st or 91st day of disability for either (1) to age 65, or (2) for two years, but not beyond age 70, depending on on age when disability commences.
Long-Term Plan Semiannual Premiums (Plan II)
Per $100 Monthly Benefit Unit
|Age||Benefits on the 31st day||Benefits on the 91st day|
*For renewal purposes only. Only those under age 60 may apply. Insurance terminates at age 70.
If applicable, an additional $2 billing fee will be included on your billing notice payable to the administrator. To save the fee, select Electronic Funds Transfer (EFT) as a safe and secure payment option.
Your initial premium and all renewal premiums are based on your age and age at each renewal. All changes in premium and coverage will be calculated as of the next premium due date following attainment of age.
Rates will not be changed unless they are changed for all insureds in your classification, or when you reach the next age category.
30-DAY FREE LOOK
When you become insured, you will be sent a Certificate of Insurance, summarizing your coverage. This website is only a brief description of some of the plan’s principal provisions and features. The complete terms are set forth in the group policy issued by New York Life Insurance Company to the Qualified Association and Organization Trust.
If you’re not completely satisfied with the terms of your Certificate of Insurance, you may return it, without claim, within 30 days. Your coverage will be invalidated, and you will be sent a full refund, no questions asked!
We're here to help! Please contact us in whatever manner is most convenient for you.
12421 Meredith Drive
Urbandale, IA 50398
M-F 7a-5p, Sat 8a-1p CT
New York Life Insurance Company
51 Madison Avenue
New York, NY 10010
Under Group Policy No. G-30853-3 on
Policy Form GMR-FACE/G-30853-3.
Rating Agencies Disclaimer
New York Life is licensed/authorize to transact business in all of the 50 United States, the District of Columbia and Puerto Rico. 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.