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Group Annual Term Life Insurance is Vital Protection Your Family Needs

You certainly understand the importance of having sufficient life insurance. Now, you have an opportunity to make sure that you have the amount of coverage needed. Your loved ones will appreciate the peace of mind this Plan provides, with benefits up to $1,000,000 that will let them go on with their lives with fewer financial concerns.

  • Life Insurance You and Your Family Can Count On: Term coverage is the purest kind of life insurance with no costly savings features. Here’s an annual term life insurance plan you can use to help start or supplement an existing life insurance plan. You can renew coverage up to age 80, subject to policy provisions.
  • Available to IMA Members And Spouses Under Age 72: With the IMA Group Annual Term Life Insurance Plan, you can help protect your family from the unnecessary financial burdens of your or your spouse’s premature death.
  • Renewable Until Age 80: You can renew your life insurance under this Plan until age 80, subject to all policy provisions. Coverage will reduce to 80% at age 70 and to 55% at age 75. Coverage terminates at age 80.
  • High Amounts of Member and Spouse Coverage: Build a plan to meet your needs, from $20,000 up to $1,000,000 (in $5,000 increments).
  • Economical Group Rates: Compare the premiums for the IMA Group Annual Term Life Insurance Plan to similar term life plans on the market today. You may  be surprised at how much life insurance you can afford.
  • Take Advantage of Premium Discounts: The Plan features a premium discount due to the good claim experience of the plan. Currently your contributions include a 15% premium discount that is guaranteed until June 30, 2018. (Rate credits are not guaranteed but depend on group experience).
  • Send No Money Until You’re Approved by the Insurer
  • Convenient Monthly Payment Option: A Preauthorized Check Payment Plan option offers a time–saving convenience.
  • Portable Coverage: The Plan offers portable coverage that can follow you throughout your career. Make all the career changes you want and still be able to maintain this coverage. As long as you remain an active member of the IMA, pay your premium when due, and the group policy remains in force, you can keep your coverage until age 80.
  • Living Benefit ("Accelerated Life Benefit"): Enables you to apply for a portion of your life insurance benefits if you qualify as being terminally ill, subject to certain policy restrictions and limitations. These benefits are paid directly to you, and you may spend them any way you wish. You must have at least $20,000 of coverage in force to exercise this option. Receipt of accelerated benefit payments may be taxable. Assistance should be sought from a personal tax advisor.
  • Travel Assistance: You will be covered under the Voya Travel Assistance program at no cost to you. When traveling more than 100 miles from home, Voya Travel Assistance offers you and your dependents four types of services: Pre-Trip Information, Emergency Personal Services, Medical Assistance Services, and Emergency Transportation Services. Voya Travel Assistance Services provided by Europ Assistance USA, Bethesda, MD.
  • Waiver of Premium: Your Coverage will continue premium–free if you are totally disabled, as defined in the certificate, for 180 days prior to age 60.
  • Accidental Death & Dismemberment Benefit (Optional Coverage): You can purchase an amount of coverage up to the amount of life insurance coverage you select.

Life insurance coverage is provided under the terms of a group life insurance policy, Group Policy 65972-0 issued and delivered in the state of Missouri to the Institute of Management Accountants Life Insurance Trust as the policyholder. The group life insurance policy is issued by ReliaStar Life Insurance Company, Minneapolis, Minnesota. The policy is administered on behalf of ReliaStar Life Insurance Company by Mercer Consumer, an insurance administrator licensed in the state of Missouri. Policy Form LP08GPMO. This is a Paid Endorsement. The Institute of Management Accountants receives a fee from the insurance broker and/or the insurer for its endorsement of this plan.

*In Oregon, spouse includes domestic partner.

Forms Library

ELIGIBILITY

Available exclusively to IMA members under age 72 who may apply for coverage for themselves and their lawful spouses* under age 72.

A person may be insured as a member or spouse*, but not both.

Unmarried, dependent children ages 14 days to under 19 years (25 if full–time student) are eligible for $5,000 or $10,000 of coverage.

This coverage is available only to residents of the United States and may not be available in all states. Please contact the administrator for details.

APPLY FOR UP TO $1,000,000 OF COVERAGE

Choose the amount of Group Annual Term Life insurance you need to help protect you and your family.

Amounts of Insurance:
Members–$20,000 to $1,000,000 in $5,000 increments.
Spouses*$20,000 to $1,000,000 in $5,000 increments.
Children–$5,000 or $10,000.

PLAN FEATURES

Premium Discount

A money–saving feature of the IMA Group Annual Term Life Insurance Plan is the opportunity to receive a premium discount due to the good claim experience of the plan. Currently your contributions include a 15% premium discount that is guaranteed until June 30, 2018. (Rate credits are not guaranteed but depend on group experience).

Accelerated Life Benefit

This important plan option gives you the ability to collect part of your IMA Term Life benefits before your death if you are diagnosed with a terminal illness. If your doctor diagnoses you with a life expectancy of 12 months or less, you can collect up to 25 percent or up to 75 percent of your benefits (or $50,000, whichever is less) before you die–to use however you wish.

(Note: A doctor–certified terminal illness means an illness from which no recovery is expected, that results in a life expectancy of 12 months or less. You must have at least $20,000 of coverage in force to exercise this option.)

This money can be used to help cover high prescription drug costs…medical bills…outstanding debts…to help pay for experimental treatments…the cost of modifications to your home…or for a family vacation – the choice is yours.

Please note that receipt of Accelerated Life Benefits may affect your eligibility for public assistance programs and may be taxable. Prior to applying to receive such benefits, you should seek the advice of a qualified tax advisor.

Waiver of Premium

If you become totally disabled, as defined in the certificate, for 180 days or longer before age 60, your coverage and benefits will continue at no cost to you until the earliest of the end of your disability or until you reach age 80.

Accidental Death & Dismemberment Benefit (Optional Coverage)

You can purchase Group Accidental Death & Dismemberment (AD&D) up to the same level of death benefit for which you are applying. In addition, if you are seriously injured in a covered accident and sustain loss of limb, eyesight or other injuries, a partial benefit may be payable. (Please note: Semi-annual rates are $.60 per $5,000 of coverage if under age 65; $.90 per $5,000 if ages 65-80.)

Keep Your Cost Manageable

Rates have been provided on an annual basis per $5,000 of coverage to make it easier for you to compare this Plan to other insurance plans on the market today. Four modes of payment are available to suit your budget: quarterly billing, semiannual billing or annual billing; and our Monthly Pre–Authorized Check Payment Plan.

Send No Money Now!

All you need to do is return the completed application. You will be billed for the appropriate premium upon approval of your application by the insurer.

OTHER IMPORTANT INFORMATION

Exclusions
You’re covered 365 days a year, wherever you are. (The only exclusion for life insurance is suicide within the first year of the date your insurance or increase in insurance starts. The AD&D and Accelerated Life Benefits are subject to additional exclusions.)

You Name Your Beneficiary
You may name anyone you wish as the beneficiary of this plan, and you may change the beneficiary by contacting the Insurance Administrator in writing and advising them of the change.

You may also choose to name a beneficiary that you cannot change without his or her consent. This is an irrevocable beneficiary.

ADDITIONAL PLAN PROVISIONS

Effective Date
Your or your spouse’s* insurance will become effective on the later of the following dates:

  • ReliaStar Life approves your or your spouse’s* proof of good health;
  • Your or your spouse’s* premium is received;
  • You or your spouse* become eligible for insurance; or
  • You or your spouse* apply for insurance, if proof of good health is not required.

When Coverage Ends
As long as you remain an active member of the IMA, pay your premium when due, and the group policy remains in force, you can keep your coverage until age 80.

Your insurance stops on the earliest of the following dates:

  • The last day of the month during which you are no longer eligible for insurance under the Group Policy.
  • The end of the period for which you paid premiums, if you do not make the next required premium contribution when due.
  • The date the Group Policy terminates.
  • The premium due date on or after your 80th birthday.
  • The date the Trust agreement establishing the Institute of Management Accountants Life Insurance Trust terminates.
  • For Accelerated Life Benefit, the date your Life Insurance stops.
  • For AD&D Insurance, the date your Life Insurance stops or the date Life Insurance premiums are waived under the Waiver of Life Insurance Premium Disability Benefit.

Renewal Payments And Claims
Once you are approved into the Plan, you will have a 60–day grace period for your payment of renewal premium contributions. When you want to submit a claim, call or write the Administrator for claim forms.

Certificate Of Insurance
This is a summary of benefits only. A complete description of benefits, limitations, exclusions and termination of coverage will be provided in the certificate of coverage. All coverage is subject to the terms of the group policy. If there is any discrepancy between this document and the group policy documents, the policy documents will govern.
When you become insured, you will be sent a Certificate of Insurance summarizing your benefits under the Group Policy.

When you become insured, you will be sent a Certificate of Insurance summarizing your benefits under the Group Policy.

30–Day Free Look
If you are not completely satisfied with the terms of your Certificate of Insurance, you may return it within 30 days provided no claims have been submitted and paid. Your coverage will be invalidated and you will be sent a full refund – no questions asked!

PLEASE KEEP FOR YOUR RECORDS
All members and spouses* must complete an application form for any new coverage or to increase coverage (including dependent coverage.) Proof of good health is required. Some applicants may be required to have a medical exam in order to apply for coverage. For more information on medical requirements, please contact your plan administrator. If there is an increase in the amount of your insurance, the increase will take effect on the first day of the month on or next following the date of the increase. Your IMA Annual Term Life Plan will start on the first day of the month after your application has been approved by the insurer and your first premium has been paid.

Life insurance coverage is provided under the terms of a group life insurance policy, Group Policy 65972-0 issued and delivered in the state of Missouri, and governed by its laws, to the Institute of Management Accountants Life Insurance Trust as the policyholder. The group life insurance policy is issued by ReliaStar Life Insurance Company, Minneapolis, Minnesota. The policy is administered on behalf of ReliaStar Life Insurance Company by Mercer Consumer, an insurance administrator licensed in the state of Missouri. Policy Form LP08GPMO.

This is a Paid Endorsement. The Institute of Management Accountants receives a fee from the insurance broker and/or the insurer for its endorsement of this plan.

Answers about the plan, including eligibility, options, enrollment, customer service and more.

This plan is underwritten by ReliaStar Life Insurance Company, under Group Policy No. 65972–0.

If you are not completely satisfied with the terms of your Certificate of Insurance, you may return it within 30 days provided no claims have been submitted or paid.

Your or your spouse’s* insurance will become effective on the first of the month following:

  • ReliaStar Life approves your or your spouse’s* proof of good health;
  • Your or your spouse’s* premium is received;
  • You or your spouse* become eligible for insurance; or
  • You or your spouse* apply for insurance, if proof of good health is not required.
Members – $20,000 to $1,000,000 in $5,000 increments
Spouses* – $20,000 to $1,000,000 in $5,000 increments.
Children– $5,000 or $10,000.

As long as you remain an active member of the IMA, pay your premium when due, and the group policy remains in force, you can keep your coverage up to age 80. For members or spouses* who reach age 70, your benefit amount reduces to 80%. From your 75th birthday, your benefit reduces to 55% of the original face amount. Coverage terminates at age 80. Your insurance stops on the earliest of the following dates:

  • The last day of the month during which you are no longer eligible for insurance under the Group Policy.
  • The end of the period for which you paid premiums, if you do not make the next required premium contribution when due.
  • The date the Group Policy terminates.
  • The premium due date on or after your 80th birthday.
  • The date the Trust agreement establishing the Institute of Management Accountants Life Insurance Trust terminates.
  • For Accelerated Life Benefit, the date your Life Insurance stops.
  • For AD&D Insurance, the date your Life Insurance stops or the date Life Insurance premiums are waived under the waiver of Life Insurance Premium Disability Benefit.

The Plan features a premium discount due to the good claim experience of the plan. Currently your contributions include a 15% premium discount that is guaranteed until June 30, 2018. (Rate credits are not guaranteed but depend on group experience).

Available exclusively to IMA members under age 72 who may apply for coverage for themselves and their lawful spouses* under age 72. In order to become insured, evidence of insurability, satisfactory to the insurer, must be provided and the required premium must be paid.

This coverage is available only to residents of the United States and may not be available in all states. Please contact the administrator for details.

The Accelerated Life Benefit option is available to help terminally ill insureds during a difficult and often financially challenging time. Under this provision you may request an advance payment equal to 25% up to 75% (or $50,000, whichever is less) of your (or your insured spouse’s*) current life insurance coverage.

This money can be used to help cover high prescription drug costs … medical bills … outstanding debts … to help pay for experimental treatments … the cost of modifications to your home … or for a family vacation – the choice is yours.

(Note: A doctor–certified terminal illness means an illness from which no recovery is expected, that results in a life expectancy of 12 months or less. You must have at least $20,000 of coverage in force to exercise this option.)

Please note that receipt of Accelerated Life Benefits may affect your eligibility for public assistance programs and may be taxable. Prior to applying to receive such benefits, you should seek the advice of a qualified tax advisor.

You’re covered 365 days a year, wherever you are. (The only exclusion for life insurance is suicide within the first year of the date your insurance or increase in insurance starts. The AD&D and Accelerated Life Benefits are subject to additional exclusions.)

Issuance of this insurance is handled over the internet and the mail. You can review the materials in the privacy of your home and purchase your insurance directly through the mail without meeting with a salesperson. You can, of course, talk to a licensed insurance producer if you’d like. Please click the Contacts section for the Program Administrator’s toll–free number.

*In Oregon, spouse includes domestic partner.

We're here to help! Please contact us in whatever manner is most convenient for you.

Program Administrator:

Mercer Consumer
12421 Meredith Drive
Urbandale, IA 50398
1-800-448-3436
ima.service@mercer.com
7:30 am to 4:30 pm M-F (Central)

Application Mailing Address:

IMA Group Insurance Program
P.O. Box 10374
Des Moines, IA 50306

Insurance Company:

ReliaStar Life Insurance Company
20 Washington Avenue South
Minneapolis, MN 55401-1900

Insurance Application and Brochure

Mercer's Role & Compensation

Details of Mercer disclosure of the compensation.

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