The ISBA Insurance Agency offers 10-Year Level Term Life Insurance to ISBA members and their spouses who are under age 65. This plan provides a convenient, economical way to help give your family the insurance protection you want them to have, at competitive group rates. As a member, you may apply for a benefit of $100,000 up to $2,000,000. Your spouse may apply for up to $1,000,000, and may apply even if you don't.
Your individual premium is scheduled to remain level for the initial 10-year term of the plan, and will not increase during the initial term due to your age or health status. The insurance company does reserve the right to change premium rates, but may do so only once in a 12-month period for all insureds covered under the group policy and with 60 days written notice to the group policyholder. After the initial 10-year period, you have the option of applying for a new level premium term life plan by providing satisfactory evidence of insurability at least three months prior to the end of the initial premium period if you are under age 65.
If youâ€™ve been covered under this plan for at least 180 consecutive days, are under age 70, and you are diagnosed with a terminal illness (life expectancy of six months or less) from which you are not expected to recover, you may receive up to 60 percent of your benefit amount, with a minimum benefit of $10,000, less the discount for early payment (amount may vary by state).
No medical exam is typically required for amounts up to $200,000*.
*Issuance of a Certificate of Insurance or payment of benefits may depend upon the answers given in the application and the truthfulness of those answers.
CLICK HERE to view/download ISBA 10-Year Level Term Life Insurance Info and Application
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