Your Family's Passport to Financial Security. Life insurance is one of the cornerstones of financial planning. In the event of an unexpected or premature death, the Group Term Life Plan can provide the financial security your family needs. This life insurance helps make sure they'll be able to meet current expenses — such as mortgage and car payments — as well as future expenses such as college tuition.

A high percentage of American adults have life insurance. But, just as important as having this insurance is having a coverage amount sufficient for your needs.

Practical Help:

• Offers the security of knowing your family will be protected if you should die prematurely.
• Features term coverage, generally the least expensive form of life insurance you can buy.
• Ideal for members who need small or large amounts of coverage.
• Provides the flexibility you want so you can adjust coverage as your needs change.

Valuable Benefits:

• Up to $500,000 of Member and Spouse/Domestic Partner Coverage
• Affordable Group Rates
• Premiums Can Be Waived If You're Disabled
• Volume Discounts
• Portable Coverage
• Conversion to an Individual Whole Life Policy When Coverage Terminates If You Meet Conversion Requirements
• Living Benefit Option (Accelerated Life Benefit)

Plan Information

Coverage Options Up to $500,000 
MNCPA members and their spouses/domestic partners can apply for up to $500,000 of coverage in $5,000 increments. Eligible dependent children may be insured for $10,000. Children age 14 days but less than 6 months of age may be insured for $2,500.

Broad Eligibility for You and Your Family
All MNCPA members and their spouses/domestic partners who are under age 60 and U.S. residents are eligible to apply for coverage. Unmarried, dependent children who are age 14 days to 19 years old (23 if full-time student) may also be covered. NOTE: You do not have to apply for coverage in order for your spouse/domestic partner to apply for this life insurance.

Your Employees May Be Eligible, Too
Employees of MNCPA members may be eligible to apply for up to $250,000, in $5,000 increments, of this valuable term life insurance. To determine if employees are eligible, contact the Minnesota Society of CPAs Administrator at 1-800-732-8350 between 7:30 a.m. and 5:00 p.m. Central Time, Monday through Friday.

Money-Saving Features of MNCPA Term Life

Group Purchasing Power Equals Savings
MNCPA Group Term Life converts the mass purchasing power of your association into an insurance value for you and your family. And your premium won't be individually increased because your health condition changes. It will be increased only when you move into a higher age bracket, or if the rates for the entire group increase.

Volume Discounts
Coverages starting at $100,000 reflect a volume discount.

YOUR MONTHLY COST

The MNCPA Insurance Plan provides you quality coverage at a reasonable cost. Initial rates are based on the applicant's age. Rates increase when the insured person reaches a higher age bracket. Maximum employee amount is $250,000.

*Only those under age 60 are eligible to apply. Rates are for renewal purposes only for those up to age 64. 

Rates increase as you enter a new age category and are subject to change, but will not be changed unless they are changed for all insureds in your classification. 

Child(ren) premiums: $2.30 monthly covers all dependent children, regardless of how many insured, for $10,000 each ($2,500 for those age 14 days to 6 months).

Note: If you choose the Accidental Death & Dismemberment (AD&D) option you will receive the same level of coverage as your Group Term Life Insurance. The AD&D rate is $0.035 per $1,000 of coverage monthly.

Rates shown are guaranteed until June 30, 2024.

Member and spouse/domestic partner benefits reduce 25% of the original amount or to $37,500, whichever is less at age 65; and coverage terminates at age 70. Employees will receive 65% of their coverage from age 65 to 69, 50% of their coverage from age 70 to 74 and 30% of their coverage from age 75 on. Coverage terminates when the employee is no longer actively employed by the Member. 

Contact the Administrator for rates not listed above.

ADDITIONAL PLAN BENEFITS

Accidental Death & Dismemberment Option
Group Accidental Death & Dismemberment (AD&D) Insurance can be elected up to the same amount of life insurance for which you may be applying. In addition, many people are seriously injured by accidents and sustain loss of limb or eyesight. For these reasons, MNCPA Group Accidental Death & Dismemberment (AD&D) Insurance is an important addition to your benefit plan.

Accelerated Life Benefit Option Lets You Benefit From Your Own Plan
You may use the proceeds received from this benefit for any purpose. This benefit can be of value when a terminal illness creates a need for funds to help pay for medical expenses or nursing care. For example, if an insured is diagnosed as terminally ill, subject to policy provisions, he/she can receive up to 50% of his/her life insurance amount ($50,000 maximum). Receipt of accelerated benefit payments may be taxable, or may adversely affect your eligibility for Medicaid or other government benefits. You should consult your personal tax advisor to assess the impact of this benefit.

Premiums Waived If You Are Disabled
If an insured member or spouse/domestic partner becomes totally disabled (as defined in the certificate) prior to age 60, and remains continuously disabled for six consecutive months, this coverage will remain in effect until age 65 at no cost to the insured as long as he/she remains disabled.

For insured employees of members, this coverage will remain in effect until the date of the employee's retirement.

Conversion Privileges
When coverage terminates or reduces, it can be converted to an individual whole life insurance policy within 31 days — without regard to your health at that time. This privilege also applies to spouse/domestic partner and child coverage.

Choice of Beneficiary
Benefits will be paid to the person or entity designated by you in writing and on file with the insurance company. You are the beneficiary of your children's coverage.

You may also assign ownership of this insurance to another person or entity for tax and estate planning purposes, subject to any terms and limitations contained in the group policy.

OTHER IMPORTANT INFORMATION

Effective Date
Coverage will become effective on the date on which coverage is approved by the insurer. If you are not actively at work on the scheduled effective date, your insurance will begin on the date you return to work full-time.

Continuation of Coverage
A member's insurance can be renewed as long as he/she remains a member of the MNCPA, makes required premiums when due, and the Group Policy remains in force.

At age 65, member and spouse/domestic partner coverage will reduce to the lesser of $37,500 or 25% of the original coverage amount. Spouse/Domestic Partner coverage will terminate on the premium due date on or after their 70th birthday. Coverage for employees reduces to 65% of the original amount at age 65, to 50% at age 70, and to 30% at age 75.

Children's coverage ends when they cease to be eligible dependents. If employee coverage terminates because employment with an MNCPA-member ends, work hours reduce, or the employee retires, the benefit will continue up to the earliest of the date the insured becomes eligible under any Group Policy; the end of the 18-month period following the date the insured's work hours reduced to fewer than required for eligibility; or the date the group contract terminates. Conversion is available when coverage for members, spouses/domestic partners, children and/or employees terminates.

Renewal Payments and Claims
Once you are approved for coverage by the insurer, you will have a 31-day grace period for your payment of renewal premiums. When you want to submit claims, write to the Minnesota Society of CPAs Administrator for claim forms or call 1-800-732-8350 between 7:30 a.m. and 5:00 p.m. Central Time, Monday through Friday.

Exclusions
For Life insurance this plan pays for death from any cause except suicide within two years of the effective date of coverage or increase in coverage. In that event, the insurance company will simply refund all premiums paid. The AD&D and Accelerated Life benefits are subject to additional exclusions.

Certificate of Insurance
When you become insured, you will be sent a Certificate of Insurance describing your coverage.

Money-Back Guarantee 
Your satisfaction is guaranteed. When you receive your Certificate of Insurance, read it carefully. If you're not completely satisfied with the terms of your new insurance coverage, and no claims have been submitted or paid, simply return your Certificate within 30 days and your payment will be promptly refunded by AMBA. No questions asked! Your insurance will then be invalidated.

This is a summary of benefts only. A complete description of benefts, limitations, exclusions and termination of coverage will be provided in the certifcate of coverage. All coverage is subject to the terms of the group policy. If there is any discrepancy between this document and the group policy documents, the policy documents will govern.

Coverage is provided under the terms of a group life insurance policy, Group Policy number 64269-0, issued and delivered in the state of Minnesota to the Minnesota Society of Certified Public Accountants as the policyholder. The group life insurance policy is issued by ReliaStar Life Insurance Company, Minneapolis, Minnesota. The group life insurance policy is powered on behalf of ReliaStar Life Insurance Company by Association Member Benefits Advisors, an insurance manager licensed in the state of Minnesota. Policy Form LP08GP.

This is a paid endorsement. MNCPA receives a fee from the insurance broker and/or the insurer for its endorsement of this plan.