Step 3: Review Your Coverage Details
Group 10-Year Level Term Life
10-year level term life insurance coverage can provide you a decade of protection, giving you peace of mind in knowing your family will have help being cared for after you're gone.
A 10-year level term life policy is often recommended to take care of longer-term financial obligations you expect to tackle within the next decade, like paying off a mortgage or seeing your children through college. And since you’re locking in your coverage for 10 years up front, your rates are expected to remain level throughout your term—meaning your premium won’t go up due to aging or health changes. Premiums will increase as you reach higher age bands upon renewal.
Here are some highlights:
- Pay one rate for the length of the policy
- Apply for up to $2,000,000 of coverage for you and your spouse
- Reapply for another 10 or 20 years when your term is up,1 or continue your coverage at conventional rates without a physical exam
- Portability, meaning you’ll retain your coverage even if you change jobs2
- Keep your coverage until age 75
How much coverage do I need?
Ideally, you should have 7–10 times your annual salary in coverage. Our recommendation errs on the conservative side as we want you to have an adequate amount of coverage at a competitive monthly rate. The specific amount of coverage you should purchase is up to you. But if you need assistance, we’re happy to help! Just call us at 1.800.752.0179, or select the option to send your portfolio to a representative and we’ll review your options with you.
1Provided you are still eligible. If not, you can continue your coverage at conventional rates without a physical exam.
2If you pay your premium when due, maintain your ACS membership, and the group policy remains in force.
Note: This monthly rate is based on your answers and a coverage amount of $250,000, which was determined based on the average of what other ACS members have in place. You can adjust your coverage amount during the application process.
The ACS Group 10-Year Level Term Life Insurance is underwritten by New York Life Insurance Company, 51 Madison Avenue, NY, NY 10010, under group policy GMR, Policy Number G-29204-0.
For more details, including features, costs, eligibility, renewability, limitations, and exclusions, see the product brochure on the New York Life application portal. A link to the brochure can be found on the product selection step per product.
Arkansas Insurance License #1322
California Insurance License #0F76076