Senior Term Life Insurance Plan

Senior Term Life Insurance Plan  

Overview

As an FRA member in good standing, you can now qualify for this FRA Member coverage. The FRA-endorsed Senior Term Life Insurance Plan is designed for Members ages 50-74. The Senior Term Life plan offers coverage amounts between $15,000* and $25,000* ($5,000 or $10,000* for ages 65-74). With no medical exam required, the FRA Senior Term Life plan may be right for you.
 

Benefit Features:

  • Coverage available from $15,000* to $25,000*
  • Choice of Coverage Amounts
  • Economical Group Rates
  • Spouse Coverage Available
     

* At age 80, coverage, if greater than $5,000, will reduce to $5,000 with an appropriate adjustment in premium.

 

Coverage may vary and may not be available in all states.

These form(s) are in Adobe Acrobat Reader (PDF) format and are available for downloading and printing.

 

Print a Free Information Packet

 

Countrywide
(This plan is not available in all states)

 

For residents of NY

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Senior Term Life benefits:

  • No-medical-exam required.
  • Select $15,000*, $20,000* or $25,000* ($5,000 or $10,000* for ages 65-74) in coverage.


*At age 80, coverage, if greater than $5,000, will reduce to $5,000 with an appropriate adjustment in premium.
 

Monthly Group Rates

Attained Age – Member & Spouse $25,000** $20,000** $15,000** $10,000** $5,000
50-54 $21.44 $17.15 $12.86 $8.58 $4.29
55-59 $32.50 $26.00 $19.50 $13.00 $6.50
60-64 $50.79 $40.63 $30.48 $20.32 $10.16
65-69 $82.60* $66.08* $49.56* $33.04 $16.52
70-74 $131.13* $104.90* $78.68* $52.45 $26.23
75-79 $209.77* $167.82* $125.86* $83.91* $41.95*
80-84 n/a n/a n/a n/a $69.28*
85-89 n/a n/a n/a n/a $120.87*

 

*Renewal premiums only. Members ages 65-74 can only apply for $10,000 or $5,000. Members ages 50-64 can apply for up to $25,000 (in $5,000 increments).

**At age 80, coverage, if greater than $5,000, will reduce to $5,000 with an appropriate adjustment in premium.

Rates and/or benefits may be changed on a class basis. Rates are based on the attained age of the Insured Person and increase as you enter each new age category. 

You will be billed four times a year. If applicable, an additional $2.00 billing fee will be included on your billing notice payable to the administrator. To save the fee, select Electronic Funds Transfer (EFT) as a safe and secure payment option. Coverage begins on the first day of the month following approval by the Insurer and payment of first premium. Coverage continues with no decrease in coverage until you reach age 80. At age 80, coverage, if greater than $5,000, will reduce to $5,000 with an appropriate adjustment in premium. Coverage cannot be canceled as long as you remain a member of the Fleet Reserve Association, pay your premiums on time and the Master Policy remains in force. Coverage for your spouse or domestic partner will continue for as long as your coverage is in force and he/she remains eligible due to age and marital status. Full details are contained in the Certificate of Insurance, which will be issued to persons who become insured under the Plan. The Plan may not be available to residents of all states. This Plan terminates at age 90.

 

Eligibility: As an active FRA member, between the ages of 50 and 74, and a resident of the U.S., you and your Spouse or domestic partner are eligible for coverage. Your Spouse may not be legally separated or divorced from you. When a Member and Spouse/Domestic Partner are both Eligible Members, coverage may not be duplicated by applying as dependents of each other.
 

Termination: Coverage will end on the earliest to occur of: the date the Master Policy terminates; or the Premium Due Date on or next following the date You: a) cease to be an active member of FRA; b) attain age 90; the date You are no longer in a class eligible for coverage, or the class is canceled; or the Premium Due Date that You fail to pay any required premium, subject to the Individual Grace Period. Your dependent’s coverage will remain in effect as long as your coverage is active, premiums are paid, and they meet the eligibility requirements.
 

Exclusions: If a Covered Person commits suicide, while sane or insane, during his or her first two years of coverage under the policy, we will only pay an amount equal to the premium paid for coverage to the date of death. The two-year suicide exclusion will also apply if a covered person commits suicide during the two years immediately following an increase in coverage. In that event, the amount of insurance payable will equal the amount of insurance in force prior to the increase plus an amount equal to the premium paid for the increase to the date of death.
 

Effective Date: Your coverage will become effective upon receipt of the Enrollment form and your first premium payment.
 

Limitations: GRADED DEATH BENEFIT - During a person’s first two years of coverage, benefits for loss of life due to Injury are covered. Loss of life due to sickness is not covered during the first two years. In the case of loss of life for sickness, premiums plus interest will be refunded. Since coverage is issued without medical underwriting, the premium rate being charged includes an extra mortality risk charge.
 

Accelerated Death Benefit Description:

If a Covered Person:

  1. is under age 80;
  2. is covered for a term life insurance benefit amount under the policy of at least $5,000;
  3. is diagnosed as terminally ill while covered under the policy, with a life expectancy of 12 months or less, and gives us satisfactory proof of such Terminal Illness; and
  4. requests in writing a portion of the amount of his or her life insurance benefit be paid as an accelerated benefit; we will pay an Accelerated Death Benefit up to 50% (maximum $12,500) of the Covered Person’s Life Insurance Benefit.

 

Upon satisfactory proof of the Covered Person’s Terminal Illness, we will continue his or her life insurance amount.

 

However, continued insurance will be subject to any reductions in amounts of insurance provision under the policy.
 

The Covered Person’s Amount of Life Insurance payable upon his or her death will be reduced by any Accelerated Benefit Amount already received under the benefit. Receipt of accelerated benefits may be taxable. Seek assistance from your personal tax advisor for more information.¹
 

¹This written information is for promotion or marketing of the matter(s) addressed in this material. These materials are not intended to provide tax, accounting or legal advice and cannot be relied upon for any such purpose. You should consult your own tax or legal counsel for advice.
 

Important Definition: Injury means bodily injury resulting directly from an accident, and independently of all other causes, which occurs while covered under the policy. Loss resulting from sickness or disease, except a pus-forming infection which occurs through an accidental wound, or medical or surgical treatment of a sickness or disease, is not considered as resulting from Injury.

 

Important Notes:

This website explains the general purpose of the insurance described, but in no way changes or affects the policy as actually issued. In the event of a discrepancy between this website and the policy, the terms of the policy apply. All benefits are subject to the terms and conditions of the policy. Policies underwritten by Hartford Life and Accident Insurance Company detail exclusions, limitations, reduction of benefits and terms under which the policies may be continued in full or discontinued. Complete details are in the Certificate of Insurance issued to each insured individual and the Master Policy issued to the policyholder. This program may vary and may not be available to residents of all states.

Contact Us

We're here to help! Please contact us in whatever manner is most convenient for you.

 Address
Mercer Consumer
12421 Meredith Drive
Urbandale, IA 50398
 Phone
1-800-424-1120
 Hours
M-F 7:30a-5p CT
 Email
fra.service@mercer.com
 Underwritten by:
Hartford Life and Accident Insurance Company
One Hartford Plaza
Hartford, CT 06155

FAQs

Answers about the program, including eligibility, options, customer service and more.
  • What if I have second thoughts after I enroll?

    You will have 30 days from the date of receipt to review the insurance certificate. If you are not satisfied with the terms of the certificate, simply return it to the Program Administrator and any premiums paid will be refunded in full, minus any claims paid.

  • Do I have to meet with an insurance agent?

    Issuance of this policy is handled over the Internet and the mail. You can review the materials in the privacy of your home and purchase your policy directly through the mail without meeting with an agent. You can, of course, talk to a licensed representative if you’d like by calling 1-800-424-1120

AGL–1931

89513 Web                                                                          Life Form Series includes GBD-1000, GBD-1100, or state equivalent.

Mercer's Role & Compensation

Details of Mercer disclosure of the compensation.