NSPE Life Insurance Review

NSPE life insurance review

About

The National Society of Professional Engineers (NSPE) is an association representing licensed professional engineers in America.  Founded in 1934, today NSPE has over 26,000 members. According to their website, “The National Society of Professional Engineers stands today as the only national organization committed to addressing the professional concerns of licensed PEs across all disciplines.” Our National Society of Professional Engineers- NSPE Life Insurance Review will help provide you some important information in your research for selecting the right life insurance company for you.

Products

National Society of Professional Engineers (NSPE) offers the following life insurance products:

  • Group Term Life
  • Group 10-Year Level Term Life
  • Group Accidental Death & Dismemberment Insurance
National Society of Professional Engineers (NSPE) life insurance products

About- NSPE Group Term Life

  • Coverage up to $500,000
  • Rates are based on age and increase as you enter a new age category, every 5 years.
  • Approval time- coverage becomes effective within a few days of receiving your application. For others, the process is longer because of required medical underwriting procedures.
  • Eligibility- Any active member or employee of the National Society of Professional Engineers (NSPE) actively at work on a full-time basis at least 30 hours a week, is under the age of 60, and resides in an eligible state of the U.S. Ineligible states include: FL, LA, MT, NC, OH, TX, VT, WA.
  • Policy is underwritten by New York Life Insurance Company.
  • The Group insurance policy is administrated by Pearl Insurance.

NSPE Group Term Life rates

NSPE Group Term Life Rates table

Sample rates- $500k 10-year level policy rates on the open market comparison vs. NSPE

$500k 10-Year level policy rates on the open market table, Transamerica, Lincoln, Pacific Life, Principal, Protective, SBLI, etc

About- NSPE Group 10-Year Level Term Life Insurance

  • Coverage amount available from $100,000 to $1,000,000
  • Rates are fixed for 10 years
  • Spouses are dependent children are eligible- Your spouse, under age 65, and your unmarried dependent children under age 19 (26 if full-time student) are also eligible for coverage, provided you are currently insured or request coverage in the Group 10-Year Level Term Life Plan
  • Eligibility- All eligible members of the National Society of Professional Engineers (NSPE), under age 65, who are residents of eligible states in the U.S., or Canada (excluding Quebec) may apply. Ineligible states include: FL, LA, MT, NC, OH, TX, VT, WA.
  • Policy is underwritten by New York Life Insurance Company.
  • The Group 10-Year Level Term Life Insurance policy is administrated by Pearl Insurance.
  • Underwriting requirements- You may be asked to have a medical examination, submit to a blood test, and/or provide additional health information.

How Does NSPE Group 10-Year Level Term Life Insurance Rates Compare

Sample rates for a 45-year old male, D.O.B. March, 5th, 1976, in excellent health.

$1,000,000 10-Year Level Term Rates

1. Transamerica Life Insurance Company: $520.00 annual

2. Lincoln National Life Insurance Company: $549.98 annual

3. Protective Life Insurance Company: $550 annual

4. Pacific Life Insurance Company: $550.69 annual

5. Principal National Life Insurance Company: $551.25 annual

6. American General Life Insurance Company (AIG): $562.60 annual

7. NSPE Group 10-Year Level Term Life Insurance: $1,140.00 annual

NSPE Group 10-Year Level Term Life Insurance rates comparison
NSPE Group 10-Year Level Term Life Insurance rates comparison for a $1 million policy

$1 million 10-year level term rates comparison from the nations top insurers
$1 million 10-year level term rates comparison from the nations top insurers

As you can see from the sample rates above, you may be eligible to acquire the same policy on the open market for less than half the price compared to the NSPE insurance plan.

Wrap Up

If you are a member of National Society of Professional Engineers (NSPE) and are looking for life insurance to protect your family or business, we recommend that you receive rate quotes from the NSPE Member Insurance Program but also receive rate quotes from the nation’s other top life insurance companies such as: Lincoln Financial, Pacific Life, Transamerica, AIG, Principal National and others and choose the best company for you. As seen with the sample prices above, the rates available on the open market from other highly rated life insurance companies can be significantly lower than the group rates from the NSPE member insurance program. You may even qualify for a 20-year level term or secure double the coverage, for the same price or even less than the NSPE Group Term Life and NSPE Group 10-Year Level Term Life Insurance rates. Also, there are more options on the open market such as longer level term periods and larger coverage amounts.

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