NYSUT WrapPlanĘ maximizes life insurance coverage

The NYSUT WrapPlanĘ Term Life Coordination Program was developed to complement term life insurance coverages available to UUP bargaining unit members.

The plan coordinates with term life insurance coverage that is provided through union affiliation and/or purchased through NYSUT Member Benefits or any other insurance provider.

The common characteristic of term life insurance is that coverage typically terminates or dramatically decreases at retirement. When this loss of coverage occurred in the past, the options were limited. Bargaining unit members could apply for an expensive conversion policy, apply for fully underwritten coverage if they were healthy or forgo the protection.

To assist members facing this situation, NYSUT Member Benefits began offering the WrapPlanĘ. This plan allows members and spouses to apply for a lesser amount of coverage (as little as 50 percent of their current term benefit) and have the protection increase when their term insurance decreases or terminates.

This benefit — which can be custom designed for a member’s individual family, financial and career needs — includes the following features:

• Enrollees must be age 65 or under to apply. Coverage may be continued to age 95.
• Premiums may be set to produce as much or as little cash value as desired.
• Up to $200,000 of coverage is available without a medical examination or blood test.
• Coverage amounts and increase dates may be adjusted to meet a member’s changing financial picture.
• Account values accumulate at competitive interest rates, on a tax-deferred basis.

NYSUT Benefit Trust has negotiated several other features that make this plan unique for bargaining unit members. To find out more, call the plan administrator, Future Planning Associates Inc., toll-free at 1-866-NYSUTWP (697-8897).