Committee Announces Insurance Enhancements
AAPG’s Committee on Group Insurance has announced several significant benefit enhancements to the AAPG GeoCare Disability Income Insurance Plan.
Those include, at no additional cost:
- Benefits have been automatically increased by 25 percent for existing and new plan participants, which is actually comparable to a 20 percent rate decrease.
- The maximum monthly benefit has been increased from $7,500 to $10,000.
- A $10,000 workplace modification rehabilitation benefit has been added.
- Insured income has been expanded to include royalty income.
Also, a new optional Cost of Living Adjustment rider has been added, along with the addition of a five-year benefit plan.
The changes make AAPG’s GeoCare Benefits Disability Income Insurance Plan one of the most comprehensive and competitively priced plans offered to any of the professional association clients of New York Life, according to the committee.
Committee Chair Terry Hollrah said all members should consider participation in the plan; financial protection from disability is fundamentally important for a working professional, since the probability of a disability is actually higher than a premature death (as per the 1985 NAIC Commissioner’s Individual Disability Table A and the Statistic Abstract of the United States).
Also, the plan is personally portable throughout a member’s career, regardless of employer changes, and will pay in addition to any other disability insurance.
For more information regarding the plan, members may visit AAPG’s GeoCare Benefits website at www.geocarebenefits.com; call the GeoCare Customer Service Department toll-free at 1-800-337-3140; or e-mail.