NEW! Critical Illness Insurance Plan
Underwritten by New York Life Insurance Company
Get up to a $100,000 cash payment if you're diagnosed with a critical illness.
Although most medical plans provide coverage for hospital and medical expenses arising from critical illnesses, there are still many expenses that aren’t covered. These can include medical co-pays (which may be higher than you realize), non-covered “specialist” care, transportation to treatment centers, childcare, and much more.
Disability plans pay part of your income if you can’t work, usually a percentage of what you earned before becoming disabled. Your payments are calculated as a percentage of your after-tax income and are paid over a certain amount of time. This Critical Illness insurance plan provides a lump sum cash payment upon the diagnosis of one of the covered illnesses even if you’re still able to work.
The Critical Illness insurance plan is designed to ease the financial impact of a serious illness and provide added security at a challenging time. This plan provides a lump sum cash payment upon diagnosis of a covered critical illness. It’s yours to use however you wish.
What makes ABE-sponsored Critical Illness Insurance for lawyers different?
- Portable*: Coverage can move with you as your career changes.
- Lump sum cash payment upon diagnosis of a covered illness with no restrictions on use.
- Unique charitable giving feature: Dividends donated to ABE help support over 200 legal research, educational, and public service projects and make you eligible for a charitable contribution on your tax return. (Dividends are not guaranteed.)
*Subject to U.S. government regulation and Group Policy terms governing termination of coverage.
You can insure yourself and your spouse/domestic partner
ABA members and spouse/domestic partners, under age 70, who are residents of the U.S. (except CA, CT, FL, IN, KY, MD, MN, MO, MT, NH, NV, OH, OR, UT, VT, WA), Puerto Rico, or the U.S. Virgin Islands, are eligible to apply for benefits between $5,000 and $100,000 in coverage, in $5,000 increments. Benefits provided depend upon the plan selected and the premium will vary with the amount of benefits.
Note: If both you and your spouse/domestic partner are ABA members, you may both select the member plan. In that case, neither of you may insure the other as a spouse.
Coverage for multiple illnesses
The plan covers up to two separate and distinct critical illnesses for a maximum benefit of up to $200,000. (Maximum is dependent on coverage amount chosen.) The second is subject to a six-month waiting period after diagnosis of the first illness.
Simplified application process
Applying for this important coverage is easy, you only have to answer some medical questions after application. No medical exams or doctor visits.
|Critical Illness||Percentage Covered|
|Major Organ Transplant||100%|
|Carcinoma In Situ||25%|
When coverage become effective
Coverage for you and your spouse goes into effect on the first day of the month after your application is approved by New York Life, provided you pay your initial premium within 31 days after being billed and the proposed covered person is performing the normal activities of a person in good health of like age on the effective date (subject to 30-day waiting period). If any person proposed for insurance is not performing the normal activities of someone of like age on the date insurance is to take effect, their coverage will begin on the first day he or she is performing such normal activities, provided he or she are still insured and still eligible and this date is within three months of the date insurance would have taken effect.
When Coverage Ends
You can’t be singled out for cancellation. Coverage for you and your spouse may continue until the June 1st on or next following your 75th birthday, as long as you remain an ABA member, premiums are paid when due, and the Group Policy is not terminated by ABE or New York Life. Spouse coverage will end when yours does. If you should die, your spouse may continue coverage until he or she remarries or attains age 75 (whichever comes first).
You Have The Right To A 30-Day No-Obligation Review
This plan is backed by a full 30-day free review. Once your application is approved, you will receive your Certificate of Insurance. If for any reason after you receive it, you are not fully satisfied, simply write “cancel” and return it within 30 days without claim and coverage will be invalidated. Any premium paid will be returned promptly and you will be under no further obligation. This is just one more reason you can count on ABE for such an important purchase.
Exclusions And Limitations
While the insured is covered, whether insurance is continuous or interrupted: only one benefit is payable for any one Critical Illness; and the insured may only receive benefits for no more than two separate and distinct Critical Illnesses.
It’s Easy to Apply
Underwritten by New York Life Insurance Company, 51 Madison Avenue, New York, NY 10010, under Group Policy G-29904-0 on Policy Form GMR-FACE/G-29904-0.
New York Life Insurance Company's State of domicile is New York and its NAIC ID# is 66915.
The Critical Illness Insurance Plan is a group insurance plan, meaning coverage is issued to a member under a Certificate of Insurance; it is not under an individual policy, nor is it employer/employee insurance.
How Your Assignment of Dividends to ABE Works — Your Plan's Unique Charitable Giving Feature
Founded by the ABA in 1942, the American Bar Endowment (ABE) is a §501(c)(3) not-for-profit organization composed of members of the American Bar Association. ABE makes annual grants to the American Bar Foundation and the ABA Fund for Justice and Education to fulfill ABE’s charitable purpose of improving the administration of justice, one of our profession’s highest obligations, by funding research, public service and educational projects in the field of law. ABE also maintains the Legal Legacy Fund for the support of its grantees. By participating in ABE’s group insurance programs, designed for and available only to ABA members, members can contribute to these efforts. ABA members who enroll in ABE-sponsored insurance programs agree that their share of any dividends payable on the group policies may be retained by ABE for its charitable purposes unless reclaimed as outlined below. The Internal Revenue Service has ruled that members who donate their dividends to ABE are eligible for a charitable contribution deduction on their individual income tax returns. Contributions to ABE are tax deductible under Section 170(c) of the U.S. Internal Revenue Code, in accordance with IRS regulations and the March 1987 ruling provided to ABE by the IRS.
Members who donate dividends to ABE make a difference. These funds, after administrative expenses, are the primary source of ABE’s charitable grants and additions to the Legal Legacy Fund. Insured members who donate their dividends help meet their professional and public responsibilities, as well as obtaining valuable coverage for their families. About 85% of members donate their dividends; these members are notified each year by late January of the amount, if any, of their dividend donation for the prior year. (Dividends are not guaranteed, and in any given year, a given plan may not pay a dividend; dividends will vary from year to year.)
Members who wish to request a refund of their dividends may do so. The approximate percentage of premium available for refund (if any) on each plan will be published in each November issue of the ABA Journal. You do not need to wait for this information as refund requests are accepted beginning January 1. To request that dividends be paid to you rather than donated to ABE: After the first policy year of your participation, a written request for refund (by mail, fax, or email to firstname.lastname@example.org) must be made each year and must reach ABE by December 15. When ABE receives your refund request, it will send a confirmation. Retain this for your records as proof your request was timely received. If you do not receive a confirmation within 3 weeks, contact the ABE promptly to obtain another copy. (Special instructions for new applicants are contained in the application and apply to dividends, if any, during the first policy year only.)
Dividend checks and/or contribution notices for your tax return are mailed by late January. If you receive a contribution notice and you did not intend to make a contribution, you may request a one-time waiver of the December 15 deadline by asking for a refund, if you have not previously requested such a waiver.
Please note: Members who do not want to contribute dividends to ABE must make a written request for refund each year, using the procedures above. When members sign the application, they are agreeing to make an annual decision whether to contribute. Do not sign the application if you do not agree with these procedures.
THIS IS A SUMMARY of some of the principal provisions of the group insurance program offered through the American Bar Endowment for its members. IT IS NOT TO BE CONSIDERED A CONTRACT OF INSURANCE. The complete terms of the group program are set forth in the Group Policy G–29904-0 issued by New York Life Insurance Company.
Bonnie Czarny (ABE), is licensed in AR, Ins. Lic. #404091 and in CA Insurance License #0H99426.
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