How Your Assignment of Experience Credits to ABE Works - Your Plan's Unique Charitable Giving Feature
Founded by the ABA in 1942, the American Bar Endowment is a §501(c)(3) not-for-profit organization composed of Members of the American Bar Association. ABE makes annual grants to the American Bar Foundation and ABA Fund for Justice and Education to fulfill ABE's charitable purpose of improving the administration of justice, one of our profession's highest obligations, by funding research, public service and educational projects in the field of law. ABE also maintains a Legal Legacy Fund for the permanent support of its grantees. By participating in the Endowment's insurance programs, designed for and available only to ABA Members, Members can contribute to these efforts. Attorneys who enroll in ABE-sponsored insurance programs agree that their share of any experience credits paid on the policies may be retained by the Endowment for its charitable purposes unless reclaimed as outlined below. The Internal Revenue Service has ruled that Members who leave their experience credits with the Endowment are eligible for a charitable contribution deduction on their individual income tax returns. 20 year level term life insurance rates.
Members who donate experience credits to ABE make a difference. These funds, after administrative expenses, are the primary source of ABE's charitable grants and additions to the Legal Legacy Fund. Insured Members who donate experience credits help meet their professional and public responsibilities, as well as obtain valuable coverage for their families. About 85% of Members donate their experience credits; these Members are notified each year by late January of the amount, if any, of their experience credit donation for the prior year. (Experience credits are not guaranteed, and in any given year, a given plan may not pay experience credits; experience credits will vary from year to year.)
Members who wish to request a refund of their experience credits may do so. The approximate percentage of premium available for refund (if any) on each plan will be published in each November issue of the ABA Journal. You do not need to wait for this information as refund requests are accepted beginning January 1. To request that experience credits be paid to you rather than donated to ABE: After the first policy year of your participation, a written request for refund (by mail, fax, or e-mail to email@example.com ) must be made each year and must reach the Endowment by December 15. When ABE receives your refund request, it will send a confirmation. Retain it for your records as proof your request was timely received. If you do not receive a confirmation within 3 weeks, contact the ABE promptly to obtain another copy. (Special instructions for new applicants are contained in the application and apply to experience credits, if any, during the first policy year only.)
Experience credit checks and/or contribution notices for your tax return are mailed by late January. If you receive a contribution notice and you did not intend to make a contribution, you may request a one-time waiver of the December 15 deadline by asking for a refund, if you have not previously requested such a waiver.
Please note: Members who do not want to contribute experience credits to ABE must make a written request for refund each year, using the procedures above. When Members sign the application, they are agreeing to make an annual decision whether to contribute. Do not sign the application if you do not agree with these procedures.
Life insurance premium
Current Schedule of Benefits And Quarterly Premiums as of 2016
When comparing rates, please keep in mind that although not promised or guaranteed, this plan is designed to generate dividends that an insured is asked to donate to fund ABE’s charitable mission, or members may annually request that dividends be refunded to them. We ask that you donate these dividends to ABE. If you do so, you are eligible for a charitable contribution deduction on your individual tax return. ( See Assignment of Dividends for further details. )
Montana Residents: “Male” rates apply to all individuals regardless of sex.
Quarterly PREFERRED Premium Schedule Per $10,000 Unit
Quarterly PREFERRED Premium Rates Per $10,000 Unit with Waiver of Premium Option
Quarterly SELECT Premium Rates Per $10,000 Unit
Quarterly SELECT Premium Rates Per $10,000 Unit with Waiver of Premium Option
Quarterly STANDARD Premium Rates Per $10,000 Unit
Quarterly STANDARD Premium Rates Per $10,000 Unit with Waiver of Premium Option
Quarterly CHILD Premium Schedule
One quarterly premium covers all eligible dependent children regardless of number.
Premiums may vary due to rounding when billed.
Premiums are guaranteed to remain level for the first 20 years of coverage. Then, if still eligible, you may reapply for 20-year level rates in effect for a subsequent 20-year term; rates for the subsequent term would be determined based on the proposed insured's then current age, health and smoking status and guaranteed for 20 Years. If you're not approved for a subsequent 20-year term of guaranteed rates, or do not apply for a subsequent 20-year term, coverage will continue in force on a non-guaranteed rate basis with increasing premiums as the insured ages.
The rates shown for the 20-Year Level Term Life Insurance Plan are the rates New York Life currently charges and reflect the current benefit structure. The cost of this life insurance is based upon the member and spouse/domestic partner’s (DP) gender, amount of insurance requested, usage of tobacco/nicotine products, health status, and attained age on the date the application is postmarked. Only non-smokers meeting the highest underwriting standards may qualify for the Preferred rates. Other non-smokers may qualify for the Select rates, higher but still competitive. Approved smokers would qualify for the Standard rates only–the plan’s highest. Upon approval of your application, you will be notified of the rate classification for each approved person. Premium rates will vary depending on the option chosen.
Benefit options are not guaranteed and are subject to change by agreement between New York Life and ABE. Coverage terminates on the June 1 Group Policy anniversary on or next following the Member's 75th birthday. See When Insurance Ends.
Life insurance for family
Underwritten by New York Life Insurance Company, 51 Madison Avenue, New York, NY 10010 under Group Policy G-29168-0 on Policy Form GMR-FACE/G-29168-0.