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UNDERSTANDING HOW YOUR PREMIUM IS DETERMINED

Life insurance is a safeguard that can help individuals and loved ones in times of financial need.

But cost can be a critical factor when deciding which life insurance option to go with. We want to help you understand how your rate is determined so you can have all the information you need when weighing which coverage option is right for you.



I'M READY TO APPLY



HOW YOUR PREMIUM IS DETERMINED

ACS Group Life Insurance premiums are determined based on several factors. Here's a breakdown:


  • Gross Rate: These are established by the insurance company using actuarial tables for mortality rates, various benefits included in the policy, and other math algorithms.
  • Premium Credits: Regularly reviewed by our insurance program's Board of Trustees, premium credits provide a percentage discount, which is paid by a trust fund straight to the insurance carrier.1 There is a 20% premium credit for our life insurance products in 2024.
  • Coverage Amount: The amount of coverage you purchase influences how much you'll pay for premiums. In addition, ACS Group 10- and 20-Year Level Term Life insurance rates decrease at benefit levels of $200,000 or more thanks to our volume discount.
  • Age: The age you turned on your last birthdate is factored in when a new policy is being written. Premiums tend to go up as you get older.
  • Health: Factors like medical history, current prescriptions, pre-existing conditions, and tobacco use all play a role in determining your premium.
  • Categories: There are three general rate tiers a person can be classified under for level term life products: Standard, Select, and Preferred. Smokers are only allowed Standard rates, while Select and Preferred rates are obtainable based on factors like health history, age, and sex.

Insurance Brochures and Rate Sheets:

Group Term Life

Group 10-Year Level Term Life

Group 20-Year Level Term Life

READY TO APPLY? HERE'S HOW.


Visit our online application portal and select your choice of life insurance when presented with product options.

Choose your
benefit amount.

Finish answering the
questions and submit.




I'M READY TO APPLY

ACS Group Life Insurance is backed by a society you trust and an insurance carrier with over 150 years of experience and rated A++ for financial strength by A.M. Best.2

QUESTIONS? LET US HELP.

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1Premium credits are not guaranteed and vary from year to year, depending on claims experience.

2New York Life Insurance Company financial strength rating current as of 10/19/23

New York Life Insurance Company is licensed/authorized to transact business in all of the 50 United States, the District of Columbia, Puerto Rico, and Canada. However, not all group policies it underwrites are available in all jurisdictions. Please check the benefit details sections for current availability. New York Life Insurance Company's state of domicile is New York, and NAIC ID# is 66915.

The complete descriptions of the ACS Group Term Life Insurance Plans are contained in the Certificates of Insurance, including features, costs, eligibility, renewability, limitations, and exclusions. Underwritten by New York Life Insurance Company, 51 Madison Avenue, New York, NY 10010, under Group Policy GMR-G-29204/FACE, GMR-G-29200/FACE and GMR-G-20205 FACE. Brokered and serviced by Pearl Insurance Group, LLC, Peoria, IL.