For Association Members, Their Families and Their Employees
Issued by ReliaStar Life Insurance Company, a member of the ING family
ABOUT LIFE INSURANCE Life insurance provides basic protection for your loved ones if something happens to you. The loss of your income could create immediate financial hardship and lifestyle changes for your family. Life insurance helps assure your family can maintain financial security and meet financial obligations.
While a large percentage of U.S. households have life insurance, the average amount of coverage is often inadequate to meet family needs or pay off debt.
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Life insurance can help you:
- Protect your family: Your family depends on your income. Life Insurance helps replace that income when they need it most.
- Protect your home: For most families, their home is the largest asset. Life insurance can enable your family to remain in their home, pay the mortgage and avoid the trauma of relocation.
- Protect children's education: Covering the soaring cost of education becomes even more difficult when there is a loss of income. Life insurance helps secure your children's future.
- Settle expenses: Life insurance can also help cover financial expenses, such as medical bills and funeral costs, as well as unplanned expenses and unforeseen financial crises.
HELP PROVIDE SECURITY AT AFFORDABLE RATES The plan provides members with term life insurance protection in the amount you select, from $200,000 to $1,000,000, in $5,000 increments.
Your premium may stay level for up to 10 years. With our plan, the initial premium may not change for the first 10 years. However the insurance company does reserve the right to change premium rates, but may only do so for all insureds covered under the group policy and with 60 days written notice.
This group coverage is available to you as a member of the Ohio State Bar Association. Administrative costs for group coverage are low, so you can save on premium costs and enjoy the benefits of the plan.
Spouse, Child and Employee Coverage Spouses and employees can apply for coverage amounts of $200,000 to $1,000,000 in $5,000 increments.
Coverage of $5,000 or $10,000 is also available for your children, at a semi-annual rate of $6.00 or $12.00, respectively. One premium covers all eligible children, ages six months to 25 years. Children ages 14 days to six months are covered for $500 or $1,000.
Eligibility for this Plan OSBA members and employees through age 65 who are actively at work are eligible for coverage. Your spouse is eligible to apply for coverage through age 65 if able to conduct the normal activities of a person of like age gender, and is in good health.
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Level term for 10 Years 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.
Pay No Premiums if You're Disabled If you become totally disabled before age 60, you may keep your coverage, subject to policy provisions, without paying premiums.
Continuous Coverage to Age 75 Coverage will not reduce during your level term period. For members and spouses who are under age 65 at the end of a level term period, coverage will not reduce until age 65. Coverage will reduce to 65% at age 65, to 25% at age 70, and terminate at age 75.
For members and spouses who are 65 to 70 at the end of a level term period, coverage will reduce to 65%, and thereafter to 25% at age 70. For members and spouses who are age 70 to 75 at the end of a level term period, coverage will reduce to 25%, and terminate at age 75.
Coverage for employees will reduce and terminate in accordance with age discrimination laws.
Upon termination, the insured may convert to an individual whole life policy, without proof of good health.
Coverage is subject to renewal of the group policy by the Ohio State Bar Association and timely premium payment.
Individual Policy Conversion Option If an insured later becomes ineligible for this group coverage, conversion to an individual whole life policy is allowed without proof of good health.
Additional Benefits Protection for Accidental Death and Dismemberment (AD&D)
The unexpected financial "shock" of an accident can be devastating to a family. That's why this plan offers a special accident safeguard. The AD&D benefit pays your beneficiary the value of your life coverage to a maximum of $750,000, if you die in a covered accident.
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 costs $1.80 per $10,000 semi-annually. To take advantage of this offer, simply check the box on the application.
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. Transfer of ownership could result in a tax advantage for you. Contact your tax advisor for details.
A Pay-out Option During Your Lifetime
If you are terminally ill and have a life expectancy of six months or less, you can receive a portion of your death benefit before dying. You can receive a payment of 50 percent of your coverage, to a maximum of $100,000. All remaining insurance benefits will be paid to your beneficiary when you die.
10-Year Semi-Annual Level Premium Rates Member, Spouse and Employee (Rates per $1,000) Volume Band: $200,000 through $1,000,000
Rates shown are guaranteed for first year of coverage only.
|Issue Age||"Non-Tobacco User"||"Tobacco User"|
|18 - 26||0.289||0.606|
HOW TO APPLY
Complete the entire application form
Simply complete the application form. spouse and employees.
Submit the completed application
Send your application to OSBA Insurance upon approval of your application.
Underwriting Your Application
Some applicants may be required to have a medical exam in order to apply for coverage. For more information on medical requirements, please consult your plan administrator.
Please read your insurance certificate for details. For information on termination of coverage, also consult your certificate.
OSBA Insurance Agency
Columbus, OH 43216-6562
(800) 282-6556 or (614) 487-2050
The ING Organization Products that span the financial spectrum. Distribution through customers' channel of choice. Services to help manage financial, benefits, and retirement programs.
ING Association Sales offers a broad array of traditional group insurance products, voluntary benefits and value-added services to meet the financial needs of association members and their employees. It offers insurance programs to more than 250 professional associations and their members nationwide.
Insurance products provided by ReliaStar Life Insurance Company which is a wholly-owned indirect subsidiary of ING Groep N.V., an Amsterdam-based global leader in integrated financial services, providing banking, insurance and asset management businesses in more than 50 countries worldwide. Each insurer is solely responsible for the financial obligations under the policies or contracts it issues.
This brochure is for summary purposes only. For a complete description of benefits limitations, please read your Certificate of Insurance. Policy Form LP00GP.
© 2005 ING North America Insurance Corporation