- Social Work Malpractice Insurance
- Overview
- Social Work Professional Liability Insurance
- Student/School Social Work Liability Insurance
- Agency Liability Insurance
- Group Life & Disability Insurance
- Overview
- Term Life Insurance
- Long-Term Disablity Insurance
- Hospital Daily Cash Benefit Insurance
- Personal Accident Insurance
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Print! Group Insurance Application
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Under our Term Life Insurance, you can elect coverage in units of $11,000, up to a maximum of 37 units or $407,000 in coverage. Reduced benefits are offered between ages 66 and 70. This insurance provides benefits up to age 99. Term life insurance is also available for a member's spouse, domestic partner, and children.
Accelerated Death Benefit--Members of NASW and their dependents have an option to receive part of the policy proceeds before the insured's death in case of a terminal illness.
- What type of life insurance is this?
- How much coverage should I choose?
- Who provides the coverage?
- How much does this coverage cost?
- Who is eligible?
- Do I have to undergo an initial physical examination?
- When do the rates increase?
- Does the coverage reduce at age 65?
- How long does the coverage last?
- Is Waiver of Premium offered?
- What is the latest age I can apply for a policy?
What type of life insurance is this?
This is term insurance, which provides pure death protection without a savings element. The NASW Assurance Services term life insurance program is one-year renewable term life insurance.
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How much coverage should I choose?
It depends on many different factors and will vary by individual. The American Council of Life Insurance (ACLI) recommends that life insurance buyers consider three areas when shopping for insurance: cash for immediate family needs, readjustment money, and replacement income.
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Who provides the coverage?
Principal Life Insurance Company, which is part of the Principal Financial Group, a Fortune 500 company. Principal Life Insurance Company is rated A+ (Superior) by A.M. Best.
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How much does this coverage cost?
Premium rates are based on attained age and coverage amount. Premium rates appear in the Group Insurance Application. To inquire on individual custom quotes or to receive more information, you can call NASW Assurance Services at 1-800-355-3869 or the plan administrator, Benefit Services, at 1-800-526-0800.
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Who is eligible?
All members of NASW who are under age 70 and have satisfactory health history are eligible to apply for coverage. Dependents coverage is available for your spouse or domestic partner, as well as unmarried child(ren) older than 14 days (subject to being released from the hospital following birth) but younger than 25 years of age. Dependents in the armed forces for any country are not eligible. Please note, the NASW member must purchase life insurance coverage in order for dependents to be covered.
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Do I have to undergo an initial physical examination?
Yes, Principal will arrange a 15-minute paramedical exam when and where it is convenient for you.
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When do the rates increase?
Rates are based upon your attained age at issue and increase in 1-year brackets, until age 70, whereupon the age increase is in 5-year brackets. Dependent, Spouse and Domestic Partner rates are based upon attained age at issue and increase in 5-year brackets, until age 65, whereupon the increase is in 1-year brackets.
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Does the coverage reduce at age 65?
Yes, at age 65 the face amount of the policy reduces by 20% a year until it levels off at age 69. At age 69, the face amount will be 20% of the original face amount. Please contact the program administrator, Benefit Services at 1-800-526-0800 for more information.
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How long does the coverage last?
Our term life insurance program will cover a member to age 99, however at age 65 coverage is available at reduced level. Coverage for spouses and domestic partners also reduces at age 65 and terminates at age 70. Coverage for unmarried dependent children is from 14 days (subject to being released from a hospital following birth) until age 25. Please contact the program administrator for further information.
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Is waiver of premium offered?
Yes. If you become totally disabled before age 60, you pay no more premiums while your disability exists (subject to approval by the underwriter). Proof of disability must be submitted within one year of the date disability commences.
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What is the latest age I can apply for a policy and for how long can I keep it?
New policies can be purchased by members less than 70 years of age. Your policy can be renewed, at reduced levels, until you are age 99.
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