Life and AD&D

As a benefits eligible employee, you are eligible for company-paid basic Life and Accidental Death & Dismemberment (AD&D) insurance coverage. All employees have coverage in the amount of two times your annual base salary up to a maximum of $500,000. You may choose a lower amount of $50,000 to avoid imputed income taxes applied to coverage above $50,000. There is an age reduction with this plan. At age 65, the benefit reduces to 65% and at age 70, the benefit reduces to 50%.

This coverage doubles if you die as a result of an accident.

Remember to designate your life insurance beneficiaries when first eligible and review them annually.

Group Life Insurance Certificate

Group Life Insurance Policy

Group AD&D Certificate

Group AD&D Policy

You can elect additional Life and AD&D coverage for yourself above the basic coverage. This is known as voluntary life and AD&D insurance. Your premium cost is based on the amount of coverage and your age as of 12/31 of the plan year.

In your initial enrollment, you may purchase 1, 2 or 3 times your base salary (rounded to the next higher $1,000), up to a maximum of $500,000 without Evidence of Insurability (EOI). In following years, you may increase your coverage by one level each enrollment period without EOI. If waived initially, EOI will need to be completed for any future enrollments.

There is an age reduction with this plan. At age 65, the benefit reduces to 65% and at age 70, the benefit reduces to 50%.

You can also elect to provide life insurance coverage for your spouse and/or your dependent children up to age 26.

Voluntary dependent options are:

• Spouse: you can elect $10,000; $20,000; $30,000; $40,000 or $50,000 of coverage, up to the lesser of $50,000 or 100% of employee’s total life insurance amount.
• Dependent Children: you can elect $5,000; $10,000; $15,000 or $20,000 of coverage.

There is an age reduction with the spouse plan. At the spouse’s age of 65, the benefit reduces to 65% and at the spouse’s age of 70, the benefit reduces to 50%.

In your initial enrollment, you may elect up to $50,000 of life insurance for your spouse without the need to complete Evidence of Insurability (EOI) for your spouse. Once enrolled, in future year enrollment periods, you may increase spousal coverage by $10,000 each year, up to a maximum of $50,000, without EOI. If spousal coverage is waived initially, EOI would need to be completed by your spouse to elect $10,000 of coverage during the annual enrollment period. Once enrolled in the plan, spousal coverage may be increased by $10,000 each year up to a maximum of $50,000, without EOI.

To determine what your life insurance costs will be, log into the enrollment website. The costs will be listed for each available benefit. Remember, too, that the costs are based on 5-year age bands, so it’s always a good idea to review the costs annually.

When Evidence of Insurability (EOI) is required, after you’ve completed your enrollment, you will be taken to the life insurance website to respond to a few brief questions regarding your health and/or your spouse’s health. Coverage will be accepted immediately or pended. New York Life will contact you for additional information, if needed.

• New coverage will not go into effect until New York Life has approved your request. You will be notified in writing as to whether coverage is approved or denied.
• If you did not complete the online questions following enrollment, you still have another opportunity to complete the questions. Log onto the enrollment website and click on “View All Benefits” located at the bottom of the My Benefits section. A link to the New York Life website will appear under the requested life insurance benefits. If no response is received after 30 days, your coverage request will be closed and you will need to wait for the next annual enrollment or if you have a qualifying life status event.