Overview brochure

Insurance plans offered by the MBA
are designed to give NALC members and their families
the best possible protection for the lowest cost. 

Summary	Summary	Summary	Summary

Summary	Summary	Summary

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Paid Up at Age 90 MBA Whole Life Insurance is a whole life insurance plan that lets you choose from $10,000, $15,000, $25,000, $50,000, or $100,000 worth of coverage. Premiums are based on the amount of the policy benefit and your age at the time of purchase. With this plan, premiums remain the same throughout the life of your policy. You may pay premiums once a year, 12 times a year or biweekly under the payroll deduction plan.*

Policy is paid up the anniversary after the insured’s 90th birthday. You can borrow against your cash buildup and still keep your plan in force, or you may trade in your policy for the cash value (which you can take as a lump sum, or a regular income).

Should you decide to borrow against your policy, the interest rate will be 8%, or the rate determined by the state in which your policy is issued (whichever is lower).

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Paid Up at Age 65 MBA Whole Life Insurance is a limited payment whole-life insurance policy. It is ideal for all letter carriers and their family members. Paid Up at Age 65 offers lifelong insurance protection without lifelong payments. This plan allows the insured to reduce their financial obligations upon retirement while maintaining their insurance coverage. You can purchase life insurance coverage worth $10,000, $15,000, $25,000, $50,000, or $100,000.

Premium payments are required up to the policy’s anniversary date after the insured’s 65th birthday. At that time the policy is fully paid up, yet coverage stays in force throughout the insured’s lifetime. This coverage continues in full, unless you decide to surrender the policy for its cash value. You may borrow against or surrender your plan any time.

You may pay your premiums once a year, 12 times a year, or biweekly under MBA’s automatic payroll deduction plan.

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Paid Up in 20 Years MBA Whole Life Insurance is a limited-payment life insurance policy specially suited to letter carriers who want to insure their young children. It lets you build up cash for your children’s future. Whether you choose $10,000, $15,000, $25,000, $50,000, or $100,000 worth of coverage, you pay premiums for 20 years. In the event of the insured’s death, MBA20 Pay Whole Life will pay survivors the full amount of the policy.

After the 20 years, you may keep the coverage at no cost, or surrender your policy for its cash value. If you choose to keep the policy in force, your cash value will continue to build up at current dividend rates. You may borrow against or surrender your plan any time.

Premiums may be paid once a year, 12 times a year or biweekly under the payroll deduction agreement.*

* Retirees may choose to pay premiums monthly or annually. Sorry, retirees are not eligible to use payroll deductions.

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10-Year Renewable and Convertible MBA Term Life Insurance is a 10-year renewable and convertible term policy. In the event of your death, the policy will pay your beneficiaries the full amount of your policy for as long as it’s in force. This plan lets you choose coverage of $10,000, $15,000, $25,000, $50,000, or $100,000.

Your premium will remain the same until the 10-year term has ended. You can renew for another 10 years of coverage without a medical exam. At each renewal period, your premium increases according to your age. You may continue Prime Protection coverage until age 80.

You can also convert your term life policy to a whole life policy, such as MBA Life Paid Up at Age 90, without taking a medical exam, if the insured is under the age of 65.* Term Life is available for your spouse at the same benefit amounts open to you. Premiums can be paid annually, 12 times a year, or biweekly through payroll deductions.** You may choose to have your dividends paid in cash or left on interest-bearing deposit.

* This feature does not apply if you have been a victim of a permanent and total disability. If you convert to Whole Life, the premiums are specified according to your age on the date of conversion.

** Retirees may choose to pay premiums monthly or annually. Sorry, retirees are not eligible to use payroll deductions.

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Group Policy

This Group Accidental Death Benefit Contract provides $5,000 of accidental death benefit coverage for every active and retired member of the NALC. The NALC pays the entire premium for the basic coverage; each branch has the option to purchase additional accidental death benefits and level-term life insurance coverage.

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Independence—Single Payment is one of the most convenient whole life plans available. For a single, once-in-a-lifetime premium payment you, or any eligible member of your family, can have life insurance coverage of $5,000, $10,000, $20,000, $100,000, or any amount you choose (subject to MBA’s maximum face value limitations).

With this plan you not only get immediate real-cash value, but also investment advantages like favorable tax-free interest earnings, easy low-interest loan availability, an instant cash-value option, a no cancellation guarantee, and of course, full death benefits.

Single Payment also lets you decide whether to leave your dividends on deposit to increase your cash value, or to use them to increase your death benefit or receive a dividend check.

It’s the most convenient way to give your loved ones added financial security.

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If you are hospitalized for illness or injury, the MBA can help your financial health with cash payments of $30, $50, $75 or $100 a day. With Hospital Plus, cash benefits start on the first day you are hospitalized, and continue for up to 365 days.

Hospital Plus also lets you cover your spouse and children. The spouse benefit is the same as yours—$30, $50, $75 or $100 a day. Children's benefits are $18, $30, $45 or $60 a day.

Benefits are paid in full regardless of other health insurance benefits you receive. Cash benefits are paid directly to you and may be used for any purpose. This is extra cash protection to help you meet the financial burdens of accidents and illnesses.

All applying members, regardless of age, and their eligible dependents may be covered. As long as you pay your premium, you may keep your policy, regardless of prior benefits received or future health conditions. Rates will not be individually raised.

Repeat claims for the same or related causes will be treated as claims for the same cause (and included in a single 365-day limit), if recurring hospital stays are not separated by six months. Such claims will be covered only if the policy is then in force.

The policy contains a benefit restriction for pre-existing conditions—a condition for which medical advice or treatment was received during the 12 months before the effective date of our policy. Also, a pre-existing condition will not be covered until 12 consecutive months have passed in which no medical advice or treatment is received for such condition, or until your policy has been in effect for 1 year, whichever occurs first.

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Maturity Income is a retirement income plan designed to supplement your pension. You make small payments to the plan while you're young, so you can receive a lifetime of monthly payments after you retire—even if you live to be 200!

Under the Maturity Income plan, you can also request a guaranteed number of monthly payments.

You choose the amount you want to contribute to your Maturity Income Plan. It can be as little as $15 per pay period (the minimum amount allowed). You may also select your method of payment: MBA can deduct payments automatically from your paycheck, or bill you monthly or annually.*

As your Maturity Income plan grows, you can expect to earn competitive interest rates. The plan is tax-deferred, which means you do not pay taxes on any of your interest until you draw on it, further improving your yield.

When you're ready to retire, MBA offers a choice of four ways to collect monthly benefits:

Life Annuity With Period Certain. Receive a lifetime of monthly payments. You're guaranteed this income for as long as you live. If you die during a specified period (5, 10, 15 or 20 years), payments go to your beneficiary until the end of the period.

Life Annuity. Receive monthly payments through your lifetime. No further benefits will be paid after your death.

Joint Life Annuity. You or your beneficiary receive monthly payments as long as either of you live.

Full Cash Refund. Receive monthly payments as long as you are alive. When you die, the MBA will pay any money in your account to your beneficiary.

*Retirees may choose to pay premiums monthly or annually. Sorry, retirees are not eligible to use payroll deductions.

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