Core Life is annually renewable group life insurance that you can begin as early as age 18 and continue to age 90. This is term life insurance, which, because of its low cost relative to other types of life insurance, continues to be the most popular life insurance choice.*
*Insure.com, December 2020
Highlights of Core Life include:
- Lots of choices. Insurance amounts from $50,000 to $750,000.
- Quick Decision. Can provide an immediate decision on applications up to $250,000.*
- Automatic Benefit Increases (ABIs). Your insurance can increase—repeatedly—even if your health fails and you become uninsurable. This could be the most valuable feature in any life insurance you have. Through ABIs, coverage can double over 10 years (or increase by 50% for Quick Decision applicants).
- Coverage to age 90. This insurance continues to age 90 as long as premiums are paid on time.
- Automatic premium payment option. Straight from your bank account with no surcharge.
*Quick Decision is for applicants under age 50 not in AK, MT, NY, UT and VA, but other underwriting options are available.
Frequently Asked Questions
What is not covered?
Death by suicide within the first two years is the only exclusion. (One year for Missouri residents.)
What is a "Living Benefit"?
A Living Benefit enables an insured person who is diagnosed with a terminal illness, and has a life expectancy of 12 months or less, to request half of the insurance amount be paid while he or she is still living. The remainder continues as life insurance for the beneficiary’s protection.
A Living Benefit payment is not taxable under current U.S. federal law. However, receipt of Living Benefits (technically “Accelerated Death Benefits”) may affect eligibility for public assistance programs, so you should consult an advisor. While any life insurance remains in effect, full premiums are payable.
Your premium is based on your sex and age when coverage begins, and it increases as you enter each new five-year age bracket. For complete premium charts, click here.
How do I apply?
Determine how much insurance you need. CALC is one tool to help you.
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Send no money now. If your application is approved and you pay your first premium, you receive a Certificate with the details of your coverage. If you are not fully satisfied, simply return your Certificate within 30 days for a full refund.
What are my payment options?
1. Monthly automatic withdrawal from your bank. You do not write checks or worry about paying late. There is no processing fee for this convenience.
2. Semiannual bills payable by check. Semiannual premiums are six times monthly premiums. A fee of $6 ($8 starting 1/1/2023), subject to change, is added to each bill.
How is my application evaluated?
Acceptance is based on your current health, your health history, and other collected information. If more medical information is needed, it is requested from you or your medical providers.
While Quick Decision* underwriting is only available for applicants under age 50 applying for $250,000 or less, other underwriting options are available for those 50+ or seeking $250,000 or more.
*Quick Decision not available in AK, MT, NY, UT and VA, but other underwriting options are available.
Who may apply?
Alumni/ae and their eligible family members (spouses, domestic partners, siblings, and adult children) may apply—even if you do not. Each must be under 75 when insurance begins and live in an eligible state.
How much insurance is offered?
How can my insurance be increased?
You have two options:
- Automatic Benefit Increases. During each of the first 10 years, your insurance amount can automatically increase by 10% to meet mounting needs.* That allows your coverage to double gradually over 10 years, subject to the plan maximum of $750,000 – even if your health deteriorates.To receive each increase, you must be under 60 and not totally disabled. There is no extra paperwork as you need not reapply or requalify. Your total premium increases annually to reflect your increased insurance. You may decline new ABIs at any time, but once declined, they cannot be resumed.
- Request an increase. If ABIs do not provide enough total coverage to meet your needs, you may apply for more insurance at any time.
*For Quick Decision applicants, Automatic Benefit Increases are 5% during each of the first 10 years, allowing your coverage to increase by 50%.
How can my insurance be reduced?
You may reduce your coverage through a simple signed request. Your coverage and premium are then adjusted. While you receive no further Automatic Benefit Increases, other aspects of your coverage remain unchanged.
As you grow older and need less coverage, your insurance will gradually reduce.* Thus, as you reach the stage of life when mortgage balances are reduced and tuition bills paid, insurance amounts reflect your changed situation.
*See Premium Charts for the benefit reduction schedule.
When does insurance begin and end?
Coverage (and any increase) usually begins on the day your application is approved if you are not totally disabled and the premium is paid. However, after you receive approval, you may request a different effective date.
This term insurance continues to age 90 unless premiums are not paid on time. When your term insurance concludes at age 90, you may convert your coverage to an individual policy , regardless of your health. Your certificate of insurance provides full details about your conversion options.
New York Life Insurance Company, founded in 1845 and a recognized leader in the group insurance field, is one of the largest and most respected life insurance companies in the nation. New York Life has the highest financial strength ratings currently awarded to any U.S. life insurer from all four of the major credit rating agencies: A.M. Best (A++), Fitch Ratings (AAA), Standard & Poor’s (AA+) and Moody’s Investors Service (Aaa). Source: Third Party Rating Reports as of 9/30/2021.
Insurance is underwritten by New York Life Insurance Company (NAIC 66915), 51 Madison Avenue, New York, NY 10010 on Policy Form GMR FACE G-16000 issued to the Collegiate Alumni Trust. New York Life Insurance Company is domiciled in the State of New York and is licensed to do business in the 50 United States, the District of Columbia, Puerto Rico, and Canada. Information sent will include details of coverage, including exclusions and renewability. Eligibility is limited and coverage is not available in all jurisdictions. For a list of licensed agents, click here. SMRU 1761984