Life Insurance And The American Bar Association: What's Offered?

The American Bar Association (ABA) offers its members access to a range of insurance and financial products. These include life insurance, disability insurance, and supplemental insurance. The ABA has partnered with USI Affinity, a leader in insurance member benefits, to create the ABA Insurance Program, which is designed to meet the needs of lawyers. The ABA also offers group insurance from New York Life, exclusively for Bar Association Members. This includes term life insurance, with coverage amounts of up to $2 million for members and their spouses or domestic partners, and up to $25,000 for children.

Life insurance through the American Bar Endowment (ABE)

The American Bar Endowment (ABE) is a not-for-profit public charity that offers group insurance from New York Life exclusively for Bar Association Members. ABE-sponsored insurance plans are designed to generate dividends, which members can choose to donate to the ABE to help fund law-related research and public service programs.

ABE offers both 10-year and 20-year Level Term Life Insurance plans with up to $2 million in protection. These plans offer exclusive rates that are expected to remain the same for the duration of the term and are available to Bar Association Members and their spouses or domestic partners under certain age limits. Coverage is also available for unmarried children through age 26.

Key features of ABE's Level Term Life Insurance plans include:

• Your choice of a 10-year or 20-year term
• Coverage amounts up to $2 million for members and spouses/domestic partners and up to $25,000 for children
• Living Benefit – 50% of inforce coverage for terminal illness
• Volume discounts and non-smoker discounts
• Portable coverage that can be taken with you through career changes
• Waiver Premium Option available

In addition to life insurance, ABE also offers disability insurance and supplemental insurance.

For more information or to estimate your rate, you can speak with an ABE Specialist by calling 1-800-621-8981 or emailing [email protected].

ABE-sponsored insurance plans

The American Bar Endowment (ABE) is a not-for-profit public charity that offers ABE-sponsored insurance plans designed to generate dividends, which members can choose to donate to the ABE. These contributions are used to fund law-related research and public service programs.

ABE offers group insurance from New York Life, exclusively for Bar Association Members. The insurance plans include Term Life Insurance, Disability Insurance, and Supplemental Insurance.

Term Life Insurance

ABE offers 10-year and 20-year Level Term Life Insurance plans with up to $2 million in protection. These plans offer coverage to help secure your family's financial future at exclusive prices that are expected to remain the same for the duration of the term. The key features of these plans include:

• Coverage for Bar Association Members and their spouses/domestic partners under certain age requirements who reside in the U.S., District of Columbia, Puerto Rico, and U.S. Virgin Islands.
• Coverage for unmarried children through age 26.
• QuickDecisionSM available for coverage amounts of $5,000,000 or less.
• Coverage amounts up to $2 million for members and spouses/domestic partners and up to $25,000 for children.
• Living Benefit – 50% of inforce coverage for terminal illness.
• Volume and non-smoker discounts.
• Portable coverage that can be taken through career changes.
• Waiver Premium Option available.

Disability Insurance

ABE also offers disability insurance to protect members and their families in the event of an illness or injury that prevents them from working. This insurance provides income protection and ensures that members can maintain their financial security during difficult times.

Supplemental Insurance

In addition to Term Life and Disability Insurance, ABE offers supplemental insurance options to provide additional coverage for specific needs. These plans can be customized to fit the unique requirements of each member and their family.

Group 10-year and 20-year level term life insurance

The American Bar Endowment (ABE) offers group insurance exclusively for Bar Association Members. ABE-sponsored insurance plans are designed to generate dividends, which members can choose to donate to the ABE to help fund law-related research and public service programs. While it is not explicitly mentioned whether the ABE offers 10-year or 20-year level term life insurance, they do offer term life insurance plans underwritten by New York Life Insurance Company.

Now, let's focus on providing detailed information about Group 10-year and 20-year level term life insurance in general:

10-year term life insurance:

This type of policy provides coverage for a period of 10 years. It is suitable for individuals who want to protect their families or loved ones during this timeframe. For example, a person with young children may opt for a 10-year policy to ensure their children are financially protected until they reach their teens. Premiums for 10-year term life insurance are generally lower compared to longer-term policies, making it an affordable option for those on a budget.

20-year term life insurance:

A 20-year term life insurance policy offers coverage for a period of 20 years. This option is ideal for individuals who want to ensure their loved ones are financially secure for a more extended period. For instance, someone with a long-term mortgage or individuals with children may opt for a 20-year policy to cover expenses such as college tuition. While 20-year term life insurance is more expensive than a 10-year policy, it still offers affordable rates that are locked in for the duration of the term.

Both 10-year and 20-year level term life insurance policies provide peace of mind and financial security for individuals and their families. The level term structure means that premiums remain fixed for the duration of the policy, making it easier to budget and plan for the future. These policies are particularly beneficial for those with financial dependents, as they ensure that expenses such as mortgage payments, education costs, and everyday bills can be covered in the event of the insured's death.

When considering whether to choose a 10-year or 20-year level term life insurance policy, it's important to assess your financial goals, age, and the length of coverage you require. Additionally, it's worth noting that term life insurance does not have a cash value component, so there is no option to withdraw or take loans against the policy. If you're interested in a policy with a cash value component, you may want to explore permanent life insurance options.

Insurance benefits for ABA members

The American Bar Association (ABA) offers its members access to a range of insurance benefits and solutions to fit various aspects of their lives and careers. These benefits are designed to provide protection and peace of mind for ABA members and their families.

Life Insurance

ABA members have access to exclusive rates on life insurance plans through the American Bar Endowment (ABE). ABE offers group insurance from New York Life, which includes 10-year and 20-year level term life insurance plans with up to $2 million in coverage. These plans are designed to help secure the financial future of members' families, with coverage options for spouses or domestic partners and unmarried children as well.

Disability Insurance

In addition to life insurance, ABA members can also access individual disability insurance through the ABA Insurance Program. This coverage is important for protecting one's income in the event of an illness or injury that prevents them from working. ABA understands that Group Long-Term Disability (LTD) coverage may not be sufficient, and offers unique insurance coverage constructed specifically for its members.

Supplemental Insurance

ABE also offers supplemental insurance plans for ABA members, providing additional coverage options to meet their specific needs.

Member Discounts

ABA members can save money on health and life insurance, in addition to other practice-enhancing products and services. These discounts are offered through partnerships with well-known brands such as GE, Mercedes-Benz, and UPS, as well as on hotels, rental cars, and more.

Overall, the ABA is committed to providing its members with comprehensive insurance benefits and resources to help protect them, their families, and their firms. By offering access to high-quality insurance plans and exclusive rates, the ABA ensures that its members can focus on their careers and personal lives with greater peace of mind.

USI Affinity: ABA Insurance Program partner

The American Bar Association has partnered with USI Affinity, a national leader in insurance member benefits, to create the ABA Insurance Program. This program is designed specifically for lawyers in America and offers access to over 20 insurance and financial product solutions.

Through the ABA Insurance Program, members can access product solutions, member benefits, savings, and resources to protect themselves, their families, and their firms. This includes individual disability insurance and income protection insurance. The ABA Insurance Program also offers an insurance portfolio that can be customized to the needs of solo practitioners, small firms, or large firms.

In addition to the ABA Insurance Program, the American Bar Endowment (ABE) also offers life and disability insurance plans. These plans are underwritten by New York Life Insurance Company and are available exclusively to Bar Association Members and their families. ABE-sponsored insurance plans are designed to generate dividends, which members can choose to donate back to the ABE to fund law-related research and public service programs.

ABE offers group 10-year and 20-year level term life insurance plans, with coverage amounts of up to $2 million. These plans offer financial protection and are expected to remain at the same exclusive rates for the next 10 or 20 years. Bar Association Members, their spouses or domestic partners, and unmarried children up to the age of 26 are eligible for this coverage.

Overall, the ABA and its partners provide a comprehensive range of insurance options tailored to the unique needs of legal professionals, ensuring that they have the necessary protection for themselves and their loved ones.

Frequently asked questions