Group Life Insurance for REALTORS

Group AD&D Insurance (Accidental Death & Dismemberment)

Additional Details

Effective Date of Coverage

Insurance will take effect on the first of the month on or following the date your application is approved by New York Life Insurance Company, provided the initial contribution is paid within 31 days after you are billed and any person to be insured is performing normal activities of a person in good health of like age on the day of approval. If any dependent proposed for coverage is not performing his/her normal activities as required, coverage will not take effect until he/she is performing such activities provided such date is within three months after the date insurance would have been effective and the person is still eligible.

When Coverage Ends

Your insurance can remain in force for your insured spouse as long as they remain eligible, provided:(a) you continue to pay premium contributions when due; (b) the group plan is not terminated or modified by the policyholder to end insurance for the group of insureds to which the member belongs, Note: coverage may continue under a similar New York Life policy,  and (c) the insured does not request to terminate insurance. In addition, spouse coverage will terminate when the spouse ceases to be the lawful married spouse and  dependent coverage will terminate when the dependent ceases to be an eligible dependent. Exclusions

No benefit will be payable for any loss that occurs during or is due or related to or resulting from: participation in or incarceration resulting from, in a role other than as victim, commission of a felony, or illegal occupation/activity; voluntary intake of drugs, narcotics or intoxicants, unless taken as prescribed by a physician; illegal use of drugs or intoxicants, or legal intoxication; any declared or undeclared war or act thereof; operating, riding in or descending from any aircraft except when riding as a passenger, physical or mental sickness or medical/surgical treatment thereof; suicide or intentionally self-inflicted injury while sane or insane; duty in the military, naval or air services of any country.

In addition, when you reach age 70, coverage converts to Common Carrier Travel Accident Insurance, and any Principal Sums in excess of $100,000 reduce to $100,000.

Schedule of Benefits

Except as stated in the description of the Disappearance benefit below, for a covered  injury directly and independently caused by an accident while coverage is in force for you, your spouse or your child, the benefits specified below will be paid if such resulting loss(es) occur within 180 days of that accident.

Benefits are payable for the following losses:

100% Benefit for loss of: life; or two limbs; or movement of both upper and lower limbs (quadriplegia); or sight of both eyes; or both speech and hearing.

75% Benefit for loss of: movement of both lower limbs (paraplegia).

50% Benefit for loss of: one limb; or movement of both upper and lower limbs on one side of the body (hemiplegia); or sight of one eye; or speech; or hearing.

25% Benefit for loss of: the thumb and index finger on one hand.

Loss means: with reference to limbs, actual severance through or above the wrist or ankle joints; with reference to thumb and index finger, actual severance through or above metacarpophalangeal joints; with reference to sight, speech or hearing, entire and irrevocable loss thereof; and with reference to movement, complete and irreversible paralysis of such limbs.

Disappearance – If an insured is riding in a conveyance and such conveyance either disappears or sinks as a result of an accident and the insured’s body is not found within one year after that accident, the insured will be presumed dead, as a result of accidental injury, and the benefit in effect will be payable.

The total benefit payable for all losses due to a single accident will not be more than the Principal Sum. Only one of the sums, the largest, will be paid for all injuries to the same limb resulting from one accident.

This is a brief description of the Plan’s principal provisions and features. The complete terms and conditions including features, costs, eligibility, renewability, limitations & exclusions are set forth in the group policy issued by New York Life Insurance Company to the National Association of REALTORS. A Certificate of Insurance summarizing your benefits under the plan will be sent upon approval of your application.

NAR is compensated in connection with this sponsored group plan to provide and maintain this valuable membership benefit.

The NAR-sponsored Group Accidental Death and Dismemberment Insurance Plan is underwritten by New York Life Insurance Company, 51 Madison Avenue, New York, NY 10010, under Group Policy No. G-31003-0/1 on Policy Form GMR-FACE.

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. New York Life’s state of domicile is New York, and NAIC ID3 is 66915.

*This coverage is available only for residents of the U.S. (Currently unavailable in the following states: Alaska, Florida , Kentucky , Louisiana , Montana , North Carolina, Ohio, South Dakota, Texas, Utah, Vermont, Washington, except territories)

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