IBM Southeast Employees' Federal Credit Union

Click here to personalize this site.

* Contact Us
* FAQs
* Site Map

We Will Contact You!
Please fill out your information and we will be happy to contact you.

*Name:
*Email:
*Phone:
Comments:

*Required Field

1.) What is LifeRing TenPlus?

LifeRing TenPlus is a 10 year Level Premium Group Term Life Insurance Plan. For the first 10 years of your coverage, you'll keep the same level of protection and the same premium. After that, you may apply (up to age 64) for a new 10 year term or continue your coverage under the separate LifeRing Group Term Life Insurance Plan at the then prevailing rates up to age 75.

2.) Who is eligible to apply? / What amounts are available?

Credit Union Members and their spouses under age 65 may apply for amounts from $150,000 to $1,000,000 (in $50,000 increments). If your spouse is not a Credit Union Member, he or she may still apply for coverage provided you (the Member) are insured. Your children up to age 25 can be covered for $4,000 each. The total combined coverage for each insured person under the LifeRing TenPlus and the separate LifeRing Group Term Life Insurance Plan cannot exceed $1,000,000.

3.) Who will be my beneficiary?

You (the Member) may choose anyone as your beneficiary. That person will receive all proceeds of your coverage in the event of your death.

4.) Are there limitations?

You and your insured dependents will be covered 24 hours a day, everyday of the year, no matter where you are, for any cause of death. The only exception is that during the first two years, benefits will not be paid for death resulting from suicide.

5.) What is the LifeRing Group Term Life Insurance Plan?

LifeRing is the name of the long-standing Group Term Life Insurance plan offered through Credit Unions. The LifeRing Group Term Life Insurance Plan is made available to Members of the Credit Union for their voluntary purchase. LifeRing has been in effect for almost 25 years.

6.) What is the difference between the LifeRing and LifeRing TenPlus Plans?

Both are Group TermLife Insurance Plans. The LifeRing Plan is rated in five year age brackets (rates increase every five years) and may be continued to age 75. The LifeRing TenPlus coverage is issued for 10 years only, at level premium.

7.) Who is the underwriter and what is the Company rating?

Both the LifeRing Group Term Life Insurance Plan and the LifeRing TenPlus 10 Year Level Premium Group Term Life Insurance Plan are underwritten by New York Life Insurance Company. New York Life has consistently received the highest ratings for financial strength from the leading independent rating services: A.M. Best, Fitch, Standard & Poor's and Moody's Investors Service.

8.) Why would I want one plan over the other?
Each plan has different options and it depends on your situation. Some of the differences are:

LifeRing TenPlus is a Ten-year Level Term, while LifeRing is a 5-year level Term Plan.
Premiums for LifeRing TenPlus are not unisex, this means males and females would have different premium amounts. LifeRing uses a unisex plan.
With LifeRing you can be insured up to $500,000. With LifeRing TenPlus you can be insured up to $1,000,000 of coverage.

9.) Is one plan harder to get approved for than the other?
While both require you to fill out an application, the approval process will be decided by the Underwriter, New York Life Insurance Company.

Help? | serviceplus@ibmsecu.org • National: 800.873.5100 | Local: 561.982.4700