FAMP members, spouses, and employees under age 65 (under
age 55 for 20-year level rate) who are actively at work
are eligible for coverage. Your spouse is eligible to apply
for coverage through age 65 (age 55 for 20-year level rates)
if you are an FAMP member (participating in the plan) and
your spouse is able to conduct the normal activities of
a person of like age and gender, and is in good health.
Spouse and Employee Coverage
Spouses can apply for coverage amounts of $200,000 to $600,000
in $5,000 increments, not to exceed member's coverage amount.
Employees can apply for coverage amounts of $200,000 to
$600,000 in $5,000 increments.
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No Annual Policy Fee
With this plan, you never pay an annual policy fee.
Level Term for 10 or 20 Years
There are no investment structures, which can inflate the
cost, and because it’s a level plan, you lock premiums
at your age when you apply. Your rate may not increase durng
level term period, regardless of changes in your health,
however the insurance company reserves the right to change
premium rates, but only if rates are changed for all insureds
under the group policy and with 60 days written notice.
At the end of the level term period, evidence of insurability
is required to enter another level term period (subject
to the maximum age to begin a level term period). If evidence
of insurability is not provided or not approved by Reliastar
Life, rates will be based on the five-year age brackets
for the insured’s current age.
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Optional Accidental Death & Dismemberment Benefit
The unexpected financial “shock” of an accident
can be devastating to a family. That’s why this plan
offers a special accident safeguard. The accidental death
and dismemberment benefit (AD&D) option pays your beneficiary
the amount of coverage you select if you die in a covered
In addition, if you are dismembered or lose your sight
in a covered accident, you will receive a portion of your
coverage, depending on the accident’s severity.
AD&D coverage will cost an additional $0.30 per
month per $10,000 of coverage. To add, simply check the
box on the application.
Optional Children's Insurance Rider
This rider provides options of $5,000 or $10,000 of coverage
for your dependent children. One premium covers all eligible
unmarried dependent children, ages 6 months to 21 years,
or to age 25 if a full-time student. Children ages 14 days
to 6 months are eligible for $500 or $1,000.
Children’s coverage will cost an additional $.42
a month for $5,000 of coverage or $.83 a month for $10,000
of coverage.To add, simply check the box on the application.
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Continuous Coverage to Age 75
Your amount of insurance will not decrease due to age during
a level term rate period. Your amount of insurance decreases
to 50% on the Group Policy anniversary date on or after
your 65th birthday. On the Group Policy anniversary date
on or after your 70th birthday, your amount of insurance
decreases to the lesser of 25% or $25,000. Insurance terminates
on on the Group Policy anniversary date on or after your
Coverage is subject to renewal by the Association Insurance
Trust (with continued participation by the Florida Association
of Mortgage Professionals) and timely premium payment.
Accelerated Life Benefit
If you are diagnosed with medical condition and have a
life expectancy of six months or less, you may apply for
an accelerated life benefit of up to 50% percent of your
life benefit, up to $50,000. This payment could help you
and your loved ones in a time. All remaining insurance benefits
will be paid to your beneficiary when you die.
If an insured later becomes ineligible for this group coverage,
conversion to an individual whole life policy is allowed,
without proof of good health. Accelerated life coverage
is excluded from conversion.
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Ownership Transfer Available
The provisions of this group policy allow you to transfer ownership of coverage
to your spouse, business partner, professional corporation
or a trust. Contact your tax advisor for the potential advantages
or disadvantages related to ownership transfer.
The only death claims against your group term life insurance
to be denied will be for misrepresentation on your application,
or death by suicide within the first two years of coverage.
Please read your insurance certificate for details. For
information on termination of coverage, also consult your
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Underwriting your Application
Some applicants may be required to have a medical exam
in order to apply for coverage. Contact us for more information
on medical requirements.
The Organization Behind The Coverage
Insurance products provided by ReliaStar Life Insurance
Company, which is a wholly owned subsidiary of ING Groep
N.V., an Amsterdam-based global leader in integrated financial
services that ranks 17th on the Fortune "Global 500"
list of the world's largest corporations based on revenue
(Fortune, July 26, 2004). Each insurer is solely responsible
for the financial obligations under the policies or contracts