ELIGIBILITY
Who is eligible to participate?
Definition of Eligibility:
An active registered member of the Financial Planning Association Regularly working at least 20 hours each week in the financial services industry.
a. CFP® Professional Members (Introductory, 2nd Year, 3rd Year+)
b. CFP® Candidate
c. CFP® Certificated Student
d. Allied Professional (Financial or Non-Financial Services)
e. Faculty
FPA membership must be maintained to continue to participate in this plan. Note: Should you be declined for coverage, you will no longer be eligible for the one year guaranteed acceptance offer and you will not be accepted in any and all future Term Life
open enrollments. New Members - You must be an eligible member of FPA for one full year before you apply. On your one year anniversary date you have 60 days to apply, guaranteed acceptance. New Members who Apply Before One Year Anniversary- New members can waive the one year membership period and can apply for Term Life coverage immediately after becoming a member but they must go through medical underwriting.
Members Longer Than One Year and 60 Days- Eligible members longer than one year can enroll anytime, but must go through medical underwriting.
FPA GROUP TERM LIFE INSURANCE FAQs
1. What type of life insurance is this? Is it a guaranteed level term?
No, these rates are not guaranteed but are expected only to increase as you enter a new five year age bands. The calculator in the application will allow you to project future premiums at older age bands.
3. What is required to apply?
All that will be required is the online life application and a separate Beneficiary Designation form which is linked into the application. If you meet the eligibility requirements, you will receive an email outlining your coverage, premium and policy effective date.
4. Will I need to answer medical questions or have a medical exam to enroll?
New FPA members are eligible on the first day of the calendar month following 12 consecutive months as a Member (you have a 60-day window from becoming eligible to enroll guarantee issue). Members longer than one year and 60 days must go through medical underwriting.
5. Will I be able to increase my benefits?
If you purchase at least $50,000 of member life coverage now, you will have the option to add an additional $10,000 of coverage on each policy anniversary without medical evidence until you reach the maximum Guarantee Issue amount for your age group. (see #7 below).
6. Will I be required to provide any financial evidence?
No, you will not be asked any financial questions nor be required to provide any financial information.
7. How much coverage is available?
Members under age 65 can enroll for up to $500,000 ($250,000 base life plus $250,000 AD&D) $250,000. If you are interested in higher face amounts, contact us at (800)796-0909 x101.
8. Are there age based benefit reductions?
Yes, benefits will reduce to 65% at age 65; to 50% at age 70, and to 35% at age 75. Using $250,000.00 elected coverage as the benchmark for the below example:
At age 65-69 your benefit decreases to $162,500
At age 70-74 your benefit will decreases to $125,000,
At age 75 and above your benefit decreases to $87,500.
If you are age 65 or older, apply for the amount of coverage you would have wanted prior to age 65; when we process your application, we will reduce your coverage and premiums to the appropriate amount for your age. (The same percentage reductions will apply to your spouse and will be based on your age.)
9. When will my coverage begin?
If approved your coverage will become effective the first of the following month.
10. How will premiums be collected?
Premiums are paid by monthly bank draft. Debits will occur on the 1st of each month or nearest banking day thereafter. Your bank statement line item will read, "Association DI Plans, LLC FPA Life" NOTE: Premiums are in 5 year age brackets. Your premiums will be adjusted as your DOB moves you into the next bracket.
11. Is coverage available for my spouse?
Yes, you can purchase either $20,000 or $25,000 of coverage for your spouse Guarantee Issue when you enroll for your coverage. Spouse premiums are the same as member premiums and are based on the member's age. Partners in a Civil Union are eligible for spouse coverage. Note that the age based reductions (see #7 and 8 above). Spouse reductions are also based on the member's age.
12. Is coverage available for my children?
Yes, you can purchase $2,000 or $10,000 of child (dependents) coverage. Coverage
includes unmarried children from live birth through age 20, or through age 24 if the child
is a full-time registered student. Children of partners in a Civil Union are eligible for
dependent coverage.
13. Is there a Waiver of Premium benefit?
Yes, Waiver of Premium is included for those disabled prior to age 60. The schedule of age reductions will not apply while a member is on Waiver. Waiver ends at age 65.
14. Is there a Travel Assistance benefit?
Yes, Travel Assistance is included. This service provides plan participants with access to appropriate medical care and other emergency services whenever traveling at least 100 miles from home or in a foreign country for trips lasting up to 180 days. Travel Assistance offers a range of professional, 24-hour medical and legal assistance and coordination services.
15. Is there an Accelerated Benefit?
Yes, an Accelerated Benefit is included. Terminally ill members may withdraw up to 75% of their Life benefit.
16. Is there a Repatriation Benefit?
Yes, a Repatriation Benefit, which provides an additional benefit to help pay for the expenses of transporting a member's body when the member dies more than 200 miles from home, is included.
17. Are there Accidental Death and Dismemberment (AD&D) benefits?
Yes, AD&D equal to the amount(s) of Member, Spouse, and Dependent Coverage is included in the rates. A Family Benefits package is also included. It provides extra AD&D benefits to help families transition due to the loss of an insured member. The package includes a Child Care Benefit (child care expense reimbursement for children under age 13); a Career Adjustment Benefit (education expense reimbursement for spouses); and a Higher
Education Benefit (college expense reimbursement for children). A Seat Belt and an Air Bag Benefit are included. These provide additional benefits (100% of AD&D benefit up to $10,000 and 100% of AD&D benefit up to $5,000, respectively) if a member dies as a result of an automobile accident while using a seat
belt system and where the automobile's air bag deployed at the time of the accident.
18. Can this coverage be ported or converted if I become ineligible to remain in the group?
Yes, if you become ineligible because you are no longer an FPA member or because you no longer meet the 20 hour per week work requirements you can Port (you must be in good health) or Convert (guaranteed conversion) your coverage. Rates for Porting or Converting will be higher than the Group premium rates. It is your responsibility to inform us (Ryan Insurance Strategy Consultants) if you become ineligible. To Port, you must be
on the plan at least 12 months; for Conversion at least one day. You must apply to Port or Convert within 31 days of terminating from the group plan.
19. Can the policy be cancelled?
Yes. either the insurer or FPA can cancel this coverage with a 30 day notice.
Who is eligible to participate?
Definition of Eligibility:
An active registered member of the Financial Planning Association Regularly working at least 20 hours each week in the financial services industry.
a. CFP® Professional Members (Introductory, 2nd Year, 3rd Year+)
b. CFP® Candidate
c. CFP® Certificated Student
d. Allied Professional (Financial or Non-Financial Services)
e. Faculty
FPA membership must be maintained to continue to participate in this plan. Note: Should you be declined for coverage, you will no longer be eligible for the one year guaranteed acceptance offer and you will not be accepted in any and all future Term Life
open enrollments. New Members - You must be an eligible member of FPA for one full year before you apply. On your one year anniversary date you have 60 days to apply, guaranteed acceptance. New Members who Apply Before One Year Anniversary- New members can waive the one year membership period and can apply for Term Life coverage immediately after becoming a member but they must go through medical underwriting.
Members Longer Than One Year and 60 Days- Eligible members longer than one year can enroll anytime, but must go through medical underwriting.
FPA GROUP TERM LIFE INSURANCE FAQs
1. What type of life insurance is this? Is it a guaranteed level term?
No, these rates are not guaranteed but are expected only to increase as you enter a new five year age bands. The calculator in the application will allow you to project future premiums at older age bands.
3. What is required to apply?
All that will be required is the online life application and a separate Beneficiary Designation form which is linked into the application. If you meet the eligibility requirements, you will receive an email outlining your coverage, premium and policy effective date.
4. Will I need to answer medical questions or have a medical exam to enroll?
New FPA members are eligible on the first day of the calendar month following 12 consecutive months as a Member (you have a 60-day window from becoming eligible to enroll guarantee issue). Members longer than one year and 60 days must go through medical underwriting.
5. Will I be able to increase my benefits?
If you purchase at least $50,000 of member life coverage now, you will have the option to add an additional $10,000 of coverage on each policy anniversary without medical evidence until you reach the maximum Guarantee Issue amount for your age group. (see #7 below).
6. Will I be required to provide any financial evidence?
No, you will not be asked any financial questions nor be required to provide any financial information.
7. How much coverage is available?
Members under age 65 can enroll for up to $500,000 ($250,000 base life plus $250,000 AD&D) $250,000. If you are interested in higher face amounts, contact us at (800)796-0909 x101.
8. Are there age based benefit reductions?
Yes, benefits will reduce to 65% at age 65; to 50% at age 70, and to 35% at age 75. Using $250,000.00 elected coverage as the benchmark for the below example:
At age 65-69 your benefit decreases to $162,500
At age 70-74 your benefit will decreases to $125,000,
At age 75 and above your benefit decreases to $87,500.
If you are age 65 or older, apply for the amount of coverage you would have wanted prior to age 65; when we process your application, we will reduce your coverage and premiums to the appropriate amount for your age. (The same percentage reductions will apply to your spouse and will be based on your age.)
9. When will my coverage begin?
If approved your coverage will become effective the first of the following month.
10. How will premiums be collected?
Premiums are paid by monthly bank draft. Debits will occur on the 1st of each month or nearest banking day thereafter. Your bank statement line item will read, "Association DI Plans, LLC FPA Life" NOTE: Premiums are in 5 year age brackets. Your premiums will be adjusted as your DOB moves you into the next bracket.
11. Is coverage available for my spouse?
Yes, you can purchase either $20,000 or $25,000 of coverage for your spouse Guarantee Issue when you enroll for your coverage. Spouse premiums are the same as member premiums and are based on the member's age. Partners in a Civil Union are eligible for spouse coverage. Note that the age based reductions (see #7 and 8 above). Spouse reductions are also based on the member's age.
12. Is coverage available for my children?
Yes, you can purchase $2,000 or $10,000 of child (dependents) coverage. Coverage
includes unmarried children from live birth through age 20, or through age 24 if the child
is a full-time registered student. Children of partners in a Civil Union are eligible for
dependent coverage.
13. Is there a Waiver of Premium benefit?
Yes, Waiver of Premium is included for those disabled prior to age 60. The schedule of age reductions will not apply while a member is on Waiver. Waiver ends at age 65.
14. Is there a Travel Assistance benefit?
Yes, Travel Assistance is included. This service provides plan participants with access to appropriate medical care and other emergency services whenever traveling at least 100 miles from home or in a foreign country for trips lasting up to 180 days. Travel Assistance offers a range of professional, 24-hour medical and legal assistance and coordination services.
15. Is there an Accelerated Benefit?
Yes, an Accelerated Benefit is included. Terminally ill members may withdraw up to 75% of their Life benefit.
16. Is there a Repatriation Benefit?
Yes, a Repatriation Benefit, which provides an additional benefit to help pay for the expenses of transporting a member's body when the member dies more than 200 miles from home, is included.
17. Are there Accidental Death and Dismemberment (AD&D) benefits?
Yes, AD&D equal to the amount(s) of Member, Spouse, and Dependent Coverage is included in the rates. A Family Benefits package is also included. It provides extra AD&D benefits to help families transition due to the loss of an insured member. The package includes a Child Care Benefit (child care expense reimbursement for children under age 13); a Career Adjustment Benefit (education expense reimbursement for spouses); and a Higher
Education Benefit (college expense reimbursement for children). A Seat Belt and an Air Bag Benefit are included. These provide additional benefits (100% of AD&D benefit up to $10,000 and 100% of AD&D benefit up to $5,000, respectively) if a member dies as a result of an automobile accident while using a seat
belt system and where the automobile's air bag deployed at the time of the accident.
18. Can this coverage be ported or converted if I become ineligible to remain in the group?
Yes, if you become ineligible because you are no longer an FPA member or because you no longer meet the 20 hour per week work requirements you can Port (you must be in good health) or Convert (guaranteed conversion) your coverage. Rates for Porting or Converting will be higher than the Group premium rates. It is your responsibility to inform us (Ryan Insurance Strategy Consultants) if you become ineligible. To Port, you must be
on the plan at least 12 months; for Conversion at least one day. You must apply to Port or Convert within 31 days of terminating from the group plan.
19. Can the policy be cancelled?
Yes. either the insurer or FPA can cancel this coverage with a 30 day notice.