Plan Details

ELIGIBILITY  All active customers of the bank, their lawful spouses and the members' unmarried dependent children are eligible for coverage. Dependent children are defined as those up to age 19 or 25 if full-time students and primarily dependent upon the customer for support. (On joint accounts, the Primary Insured Customer must sign the Enrollment Form.)

GUARANTEED ACCEPTANCE  Every eligible customer will be accepted for this coverage regardless of health or occupation. No physical examination is necessary and there are no health questions to answer.

HOW TO ENROLL  If eligible, simply complete and submit the Activation form. Be sure to indicate the amount of principal sum you want, the type of plan (Customer Only or Family) and the name of your beneficiary. You must complete and submit the Activation form to receive the $3,000 coverage at no cost to you for one year. NOTE: Each account holder may only enroll once for the $3,000 no-cost benefit.

If you already have this coverage, you may increase your existing voluntary coverage or add dependent coverage by completing a New York Life Change Form found on www.nbfsa.com or calling the Plan Administrator toll-free at 888.200.5106, weekdays between 9 a.m. and 7 p.m. Eastern Time.

ADDITIONAL COVERAGEAdditional Coverage up to $300,000 is available at affordable rates. Choose the plan that is closest to your family's needs, keeping in mind that a reasonable minimum should be 1-1/2 times your annual salary; more if your obligations are greater. Premiums will be deducted monthly from your checking account.

Additional Coverage Available Customer Only Cost per Month Family Plan Cost per Month
$10,000 to $300,000 $1.27 per $10,000 $1.92 per $10,000

*All coverage amounts reduce to 50% when the insured reaches age 70 and to 25% at age 75. If you are curerntly age 70 or older, the coverage amount is 50% of the amount shown; if age 75 or older, the coverage amount is 25% of the amount shown. Premiums remain the same. Premiums are current and may be changed on any due date and on any date on which benefits are changed. However, your rates may only be changed if they are changed for all others in the same class of insureds. For example a class of insureds would be a group with the same benefit or plan type.

BENEFITS   The following benefits are payable in the event of a covered loss occuring as a direct result of an accidental bodily injury while insured under this plan, provided that the loss occurs within one year of the date of the accident.

  • Basic $3,000 plus the additional Principal Sum of Additional Coverage selected will be paid for loss of: Life, Two limbs, Sight of both eyes, Speech and hearing, One limb and sight of one eye, Loss of movement of both upper and lower limbs.
  • Basic $2,250 plus three-quarters of the additional Principal Sum of Additional Coverage selected will be paid for loss of movement of both lower limbs.
  • Basic $1,500 plus one-half of the additional Principal Sum of Additional Coverage selected will be paid for loss of: Sight of one eye, One limb, Speech or Hearing in both ears, Loss of movement in both upper and lower limbs on one side of the body.
  • Basic $750 plus 25% of the additional Principal Sum of Additional Coverage selected will be paid for loss of: Thumb and index finger of the same hand Loss of limb means severance through or above the wrist or ankle.
  • Loss of sight, speech or hearing means total and permanent loss. Loss of movement of limbs means total and permanent paralysis of such limbs. Loss of thumb and index finger means that all of the thumb and index finger are cut off at or above the joint closest to the wrist.

ADDED BENEFITS - (Additional Coverage Only)

  1. Escalator Benefit- The insured person's benefit will automatically increase 5% for every 24 months of continuous coverage, to a maximum increase of 25% of the original Principal Sum - with no increase in premium.
  2. Seat Belt Benefit- If an Insured suffers loss of life from injuries sustained within 365 days of an accident occurring while traveling in a Private Passenger Car, the beneficiary will be paid an additional benefit equal to the lesser of (a) 10% of the Principal Sum of the Additional AD&D benefit or (b) $10,000. The seatbelt must be in proper use by the insured at the time of the accident as certified by in the accident report or by the investigating officer. The driver of the Private Passenger Car must not be under the influence of alcohol or drugs. 
  3. Common Carrier - The plan will automatically double the Covered Person's principal sum of additional insurance if death is a result of an accident while the insured was a fare-paying passenger in a public conveyance operated by a licensed Common Carrier.
  4. Rehabilitation Benefit- If you suffer a loss other than loss of life and Additional Coverage is payable, the plan will pay the lesser of the expenses incurred for rehabilitative training or $5,000.
  5. Education Benefit- If the Family Plan is selected and an insured or the insured's spouse suffers a covered loss of life, an education benefit will be paid equal to the lesser of (a) 5% of the insured's principal sum of additional insurance AD&D benefit, (b) $5,000, or (c) the actual  amount of the tuition charge for one school year, to any covered dependent who is eligible for this benefit. This benefit is payable up to four consecutive years.
  6. Spouse Retraining Benefit- If you suffer Loss of Life, we will pay a benefit to your covered spouse if they enroll in an institution of higher learning. Please see certificate for full details. The amount of this benefit will be equal to the lesser of 1% of the Principal Sum inforce on the date of your death or $3,000. If you do not have a spouse eligible for this benefit, we will pay an additional benefit of.15% of your Principal Sum to your beneficiary.

FAMILY PLAN If you select the Family Plan:

  • Your spouse is automatically insured for 50% of your Additional Coverage (increases to 60% if no dependent children).
  • Your children are automatically insured for 20% of your Additional Coverage (increases to 25% if no spouse).

                 EXAMPLE:
                      Customer Only Coverage = $50,000 + $3,000 basic coverage
                      Spouse Coverage = $25,000 ($30,000 if no children)
                      Child Coverage = $10,000 per child ($12,500 per child if no spouse)

TERMINATION  Your coverage will end on the earliest of the next premium due date if you are 1) no longer an eligible customer of a bank participating in the plan; 2) the premium due date, if the required premium is not paid by the end of the 31 day grace period; 3) the date the insured person enters full-time active duty in the Armed Forces; 4) the date the group policy is terminated or modified to end coverage for the class of eligible persons to which the Insured Person belongs; or 5) the date that the plan of benefits under which the Insured Person is covered is terminated. Termination will not affect a claim for a covered loss due to an accident that occurred while coverage was in effect. Coverage for your insured spouse or child will end when your coverage ends or when the dependent eligibility requirements are no longer being met.

CERTIFICATE OF INSURANCE  Once insured, each customer enrolled in the plan will receive a Certificate of Insurance.

EFFECTIVE DATE  Your insurance will become effective on the first regular billing date following receipt and acceptance of your application by the Plan Administrator, provided your first months's premium has been paid.  Basic coverage will be active for 12 months.

30 DAY FREE LOOK  When you receive your Certificate of Insurance, read it carefully. If you are not completely satisfied with the terms of your new insurance, simply return your Certificate, without claim, within 30 days and your premium will be promptly refunded. Your insurance will then be invalidated.

BENEFICIARY Any person or persons you choose may be the beneficiary of your policy. You may change your beneficiary at any time by written request to the Plan Administrator. If no beneficiary is on record, benefits will be paid per the Beneficiary of the Insured provision as outlined in your Certificate of Insurance.

EXCLUSIONS  The plan will not pay benefits if the loss is caused by: Intentionally self-inflicted injuries while sane, or self-inflicted injury while sane or insane; Suicide or any attempt at suicide; War, or any act of war, declared or undeclared; Service or full-time active duty in the armed forces of any country or international authority, Disease of the body, bodily or mental infirmity, or any bacterial infection other than bacterial infection due directly to an accidental cut or wound; Active participation in a riot; Air travel unless traveling solely as a passenger; Medical,surgical or dental treatment that is unrelated to the accident; Use of drugs unless prescribed by a doctor or accidentally administered; Legal intoxification.

Underwritten by:
New York Life Insurance Company -A Mutual Company Founded in 1845-
51 Madison Avenue, New York, NY 10010
Group Policy G-29282-0/FACE (Policy Form GMR)

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

Licensed Appointed Agent of New York Life:
Edward Klayman,
Licensed in all Jurisdictions

AR INS. LIC.#166052     CA INSURANCE LICENSE #0B75061

Administered by:
NBFSA
customerservice@nbfsa.com
P.O. Box 24279, Winston Salem, NC 27114-4279

If you have any questions, call the Plan Administrator TOLL-FREE at 888-200-5106, weekdays between 9 a.m. and 7 p.m. Eastern Standard Time.

This Plan Summary is a brief description of the features of the plan. It is not a contract. Complete terms and conditions of coverage are set forth in Group Policy G-29282-0 issued by New York Life to the American Advantage Association. The sponsoring Bank incurs costs in connection with providing oversight and administrative support for this sponsored plan. To provide and maintain this valuable membership benefit, it is reimbursed for these costs.  The sponsoring Bank, or its affiliate, also receives a fee in connection with the plan.
  
This insurance product is not a deposit or other obligation of, or guaranteed by, the Bank or its affiliates and is not insured by the federal Deposit Insurance Corporation (FDIC) or any other agency of the United States or by the Bank or its affiliates.