Group Supplemental Term Life Insurance Coverage

Who Will Be The Beneficiary?

Benefits for loss of life will be paid to the beneficiary you have designated. If you have not designated a beneficiary, the life benefit will be paid out according to state law.

Choosing a Beneficiary

Be sure to review and update your beneficiary information as needed. If you have not designated a beneficiary, the life benefit will be paid in equal shares to the first of your survivors in the following order: Spouse, Children, Parents, Siblings.
If there are no survivors in these classes, payment will be made to your estate.

Information about choosing a minor beneficiary.

If at the insured’s death, the named beneficiary of this insurance is a minor, the laws of most states require that a parent or guardian of the minors’ estate be appointed to receive the proceeds for the minor. Of course, the legal requirements of each state differ, and in some cases, New York Life may be permitted to pay nominal amounts directly to the minor beneficiary; but, as a general rule, we will require the appointment of a guardian in these situations.

We are giving you this information so that you will be aware of the delay in claims payment which may result from the need to have a guardian appointed.

If you have any question about the propriety of naming a minor as beneficiary of this insurance, you should consult your legal counsel.


How Much Life Insurance Do You Need?

CCPOA presently provides each active member with basic $20,000 group term life insurance coverage. However, your family may need more.

There is no magic formula to determine how much life insurance you should have. Many financial professionals say that you need 5-6 times your annual income in life insurance.

There are a number of factors that should be considered when estimating how much life insurance you should carry, including final expenses, children’s long-term education, re-education or retirement funds for surviving spouse, supplemental income to maintain mortgage payments, etc.

Please Note: Acceptance into this plan is subject to medical evidence of insurability as determined by New York Life. Depending on your age, the amount of coverage you request, and your answers on the application, a medical examination, medical test(s), or other evidence of good health may be required. Any exams/tests requested by New York Life will be conducted at your convenience and at no expense to you.

These pages are intended to describe only principal features of the Group Supplemental Term Life Insurance coverage offered through the CCPOA Benefit Trust Fund, and is not a contract. A complete description including features, limitations, exclusions, rates and conditions is contained in the Certificate of Insurance issued to each plan participant. Benefits are provided under the Group Policy GMR – ER et al. Policy Number G29307-0/FACE issued by New York Life Insurance Company to the CCPOA Benefit Trust Fund.

New York Life Insurance Company 51 Madison Avenue, New York, NY, 10010 NAIC Number 66915

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