AAPG’s GeoCare Benefits Insurance Program, a program designed and offered to add value to your AAPG membership, provides 12 months of term life and six months of disability income insurance coverage new U.S. members under age 50 in most states.
There is no cost to the member or to AAPG for these benefits.
The term life coverage of $30,000 is issued for one year to members regardless of whether they are employed or students.
For the disability income coverage, a monthly benefit of $600 is provided for six months to members who are employed. At the end of these no-cost periods, the new members have the opportunity to continue the coverage by paying the premium with no underwriting required.
Members also have the opportunity to increase their coverage by completing an application and going through underwriting.
Over the years, AAPG’s Term Life New Member Program has paid $360,000 in benefits for the deaths of 12 members due to both injuries and illnesses. Since 2006, three death claims have been filed where the new member’s family was unaware that the coverage existed.
These deaths were brought to the attention of the insurance company during an audit of unclaimed property. One claim was for a death that had occurred seven years previously, and a second for one five years previously. Those two claims have been paid.
There is one claim pending for a death that occurred in 2013.
The disability income coverage was instituted in 2009. This also is an enhancement to AAPG’s member benefit package and a complement to the term life coverage.
This program is designed to add value to the new members for their AAPG membership.
If you are a new AAPG member, please keep your welcome letters and Certificates of Insurance when they arrive – and as a favor to your loved ones, make sure they know that these benefits are part of your membership package.
Most importantly, when the time comes to retain the term life and disability income insurance by paying the premium, take advantage of the opportunity to continue your valuable coverage.