The NYSUT Member Benefits Trust endorses a number of quality, competitive insurance programs that are available to NYSUT members. Some of these programs are also available to or cover spouses/domestic partners of members, dependent children, dependent parents, and grandparents.
These endorsed programs include:
• Term Life & Level Term Life Insurance
• WrapPlan II Universal Life Insurance
• Auto & Home Insurance
• Disability Insurance
• Long-Term Care Insurance
• Dental Plan
• Vision Plan
• Pet Insurance
In addition, the NYSUT Member Benefits Catastrophe Major Medical (CMM) Insurance Trust sponsors the CMM Plan.
Life insurance is crucial income that allows your family to pay:
1. Daily living expenses such as food, rent, gas, and utilities
2. Mortgage and property taxes
3. College tuition and/or childcare expenses for children
4. Outstanding debts such as credit cards or loans
5. Any final medical, burial or funeral expenses
You owe it to yourself and your family to re-evaluate your current life insurance policy to determine if you need more of it. What your purchased last year, five years ago or 10 years ago may not be enough to replace your income and all that you currently provide for your family.
Long-term care insurance pays for services that aren’t covered by Medicare or traditional health insurance but are important when you can’t fully take care of yourself. It helps to pay the high cost of custodial care and other long-term care expenses that a long-term illness or injury can bring.
However, this type of insurance is not for everyone. Is it a good idea for you and your family? Ask yourself the following questions before making your decision:
1. Do you lead a healthy lifestyle?
2. What does your family's health history look like?
3. Are you willing to spend your own assets down or depend on your family if you need care?
Tips for saving money on your auto insurance policy:
Tip #1: Choose a safe vehicle -- Safety ratings can dramatically affect the price of insurance, so make sure to thoroughly research the vehicle(s) that you’re considering. See if the vehicle has a high accident rate or is popular with thieves. Crash test results can be found at nhtsa.gov.
Tip #2: Increase your deductible -- If you know you can handle the out-of-pocket expense in the event of an accident, it is a good idea to increase your deductible. Increasing the deductible to $500 instead of the standard $250 will reduce the cost of your insurance.
Tip #3: Consider dropping collision coverage (if your vehicle is paid for) -- There comes a point when an aged car’s book value is less than the cost of repairing it; at this point, the most that your insurer will pay is the car's book value.
Having the right disability insurance can mean the difference between remaining financially secure or going into bankruptcy. While nobody likes to think about getting sick or injured, consider what you would do if something were to happen to you or a loved one?
This is where disability insurance comes in -- essentially protecting your income if you are unable to work due to a serious illness or injury. And chances are that you or someone you love may suffer some type of disabling injury at some point during your life.
So it’s a good idea to consider protecting your income with a disability insurance plan that’s right for you. And don’t automatically assume that an injury won’t happen to you or that you can’t afford a disability insurance plan.