Financial Advantage Program Offers Improved Insurance Plans

IEEE Financial Advantage Program is cuts rates for its popular group term life insurance

8 January 2010

The IEEE Financial Advantage Program is cutting rates for its popular group term life insurance, adding more features to its dental plan and long-term care coverage, and rolling out several new plans.

On 1 March, New York Life will cut its rates for the IEEE Member Group Term Life Insurance Plan—by 5 percent for nonsmokers, 2.5 percent for smokers. In addition, the company will continue to issue a premium credit of 30 percent for policies renewing in March. More than 50 000 members in Canada, Puerto Rico, and the United States participate in the group plan, making it the most-used FAP benefit.

IMPROVEMENTS, MORE OPTIONS
Also in March, a new dental insurance plan for IEEE members in the United States, underwritten by MetLife, will be made available. The MetLife insurance, comparable to top-notch corporate plans, is available at negotiated group rates. In February, IEEE’s group insurance administrator, Marsh Consumer, plans to deliver information to members currently enrolled in US Life dental programs about converting to the MetLife plan.

To provide more options for U.S. members shopping for long-term-care insurance, two Prudential plans have been added to IEEE’s Long-Term-Care Portfolio. The new plans join those already offered by Genworth, MetLife, and John Hancock.

NEW PRODUCT
A Life with Living benefits program, which deals with long-term care and illness, also is scheduled to be launched in March. It is designed to protect against a critical illness, or when a person can no longer perform “activities of daily living” such as bathing on their own, as well as to protect those who are diagnosed with a terminal illness. From New York Life, the program pays cash benefits to the insured, and can pay a death benefit. It is available to members in Canada, Puerto Rico, and the United States.

More information about those and supplemental health products can be found on the redesigned insurance site. It includes a new Life Rate Calculator feature, which lets members do a side-by-side comparison of life insurance rates among the different group plans IEEE offers. The new MyAccount feature lets participants of the IEEE Member Group Insurance Program access their account information, download forms, change beneficiary designation, and conduct other self-service options.

For more information, visit the Financial Advantage Program site or e-mail: fap-benefits@ieee.org.

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