Four Ways Life Insurance Protects the People You LoveLife Insurance
You might be surprised how WAEPA Group Term Life Insurance* coverage from New York Life Insurance Company can provide for you and your family.
Picture this: You come home from a hard day at work. You discover dinner on the table and your son has made a hand drawn card that reads “I love you.” Suddenly, your day isn’t so hard anymore.
Who are the people you love? Your children, mother, significant other, husband, sister—the people who make you smile, the ones who support you—the ones whose futures you want to be bright. These are the people life insurance was made for.
WAEPA has worked with New York Life to create life insurance coverage that works hard for you and yours. Because while you can’t put a price on love, providing for the ones you care about most—when it’s needed most—makes all the difference.
1. Provide Income for Loved Ones—When They Really Need It
Life insurance can’t replace you, but it can replace some or all of your income if you were to die. In the immediate term, it can cover the cost of funeral expenses, pay off debts and help defray day-to-day expenses like food, clothing and housing. Longer term, life insurance can help finance college tuition—and even ensure your spouse or partner’s retirement dreams are realized. Life insurance is about enhancing the lives of your loved ones both now and in the future.
2. Meet Essential Household Needs
Think of all the work parents do at home to run a household and care for the family. It’s invaluable—and insuring all they do is, too. Life insurance can pay for vital household services—like childcare, transportation and chores—to make the day-to-day lives of those you hold dear more secure in the event a provider is no longer around.
3. Gain Benefits You Can Use—During Your Lifetime
When life puts unforeseen challenges in your way, you need all the help you can get. Optional riders can help you customize the right type of coverage for you. And since the WAEPA’s Group Term Life Insurance coverage was designed with people like you in mind, there are many features built in which may address your needs.
- The Chronic Illness Rider** provides you with access of up to 50% of your existing life insurance benefit while you are living, if you suffer a qualifying chronic illness. You get money you can use when and as you wish—to help defray costs resulting from a chronic illness or a permanent cognitive condition—while leaving the remaining benefit to your beneficiaries.
- The Waiver of Premium rider lets you continue coverage without paying the premium, if you become seriously ill or disabled and are unable to earn an income to pay the premium.
- The Automatic Benefit Increase feature increases your coverage each year (typically according to a fixed increment) to keep pace with your anticipated changes in income and needs. Your premium costs adjust accordingly, but you won’t need to undergo additional medical underwriting on the new coverage amount.
4. Leave a Lasting Legacy
Life insurance can create a financial legacy—funding the futures and fueling the dreams of the people of your choosing. From supporting a favorite nonprofit to starting a scholarship program, the legacy you leave behind is all up to you. But you need adequate funds to make a real difference. Life insurance can provide the assets you need to improve the lives of others in your name.
Life insurance can help make life easier for the most important people in your life. To find out more including features, costs, eligibility, renewability, limitations, and exclusions about group term life insurance contact.
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Underwritten by New York Life Insurance Company, New York, NY 10010 on Policy Form GMR.
*Group Term Life Insurance is not available in Louisiana and the following US Territories: American Samoa, Northern Mariana Islands, U.S. Minor Outlying Islands, Micronesia, Marshall Islands, and Palau.
Louisiana residents please contact WAEPA Member Services at (800) 368-3484 for more information on applying for coverage.
Michigan Residents: I understand that I may use a producer/agent to assist me with the completion of this application at no cost to me.
**NOTE: The Chronic Illness Rider is not a standalone policy; it can only be added to an existing or new Group Term Life Insurance policy as a rider.
IMPORTANT NOTICE: This rider is not intended to be a federally tax-qualified long-term care insurance contract under Internal Revenue Code (IRC) Section 7702B. Therefore, the premiums payable for this rider do not qualify as long-term care insurance premiums and are not deductible from gross income for federal income tax purposes. This rider, however, is subject to the federal per diem limits set forth in IRC Section 7702B. Under this rider, New York Life will not pay claimants more than the federal per diem limits. Assuming the amount you receive in the aggregate from all applicable policies does not exceed the federal per diem limits set forth in IRC Section 7702B, the benefits provided by the Chronic Illness Rider are intended to be excludable from federal gross income under Section 101 (g) of the IRC. Receipt of an accelerated death benefit may affect eligibility for Medicaid or other government benefits or entitlements and may have income tax consequences. Accelerating benefits before applying for these programs, or while you are receiving government benefits, may affect your initial or continued eligibility. Clients can contact the appropriate social service agency (e.g., the Medicaid Unit of your local Department of Public Welfare or the Social Security Administration Office) for more information.
CIR is not currently available in: ID, LA, MN, NY, OH, UT, WA, all U.S. Territories.