Life & AD&D Insurance
Protect your loved ones with Basic Life and AD&D coverage at no cost, plus optional supplemental coverage.
Overview
| Feature | Detail |
|---|---|
| Carrier | New York Life |
| Beneficiary Platform | Designated through New York Life enrollment |
Basic Life and AD&D
| Feature | Detail |
|---|---|
| Coverage Amount | 2x basic annual salary, up to $500,000 maximum |
| Add Benefit Amount | Included: AD&D matches Basic Life amount. If death results from accident, additional AD&D benefit paid. If limb or eyesight lost in accident, AD&D plan pays a percentage of benefit amount. |
| Employee Cost | 100% employer paid |
| Age Reduction Schedule | Age 65: 65% / Age 70: 50% |
| Guarantee Issue | No (for basic coverage). Note: if Basic Life and AD&D coverage exceeds $50,000, imputed tax applies. |
Notes
- Basic Life and AD&D is for employees only
- If coverage exceeds $50,000, imputed tax (Group Term Life) appears on paycheck as taxable benefit: not a deduction
Voluntary Employee Life
| Feature | Detail |
|---|---|
| Available | Yes |
| Increments | $10,000 increments |
| Maximum | 5x salary up to $500,000 |
| Employee Paid | Yes |
| Guarantee Issue | $250,000 guaranteed issue without medical questions |
Voluntary Spouse Life
| Feature | Detail |
|---|---|
| Available | Yes |
| Increments | $5,000 increments |
| Maximum | 50% of employee amount up to $250,000 |
| Employee Paid | Yes |
| Guarantee Issue | $30,000 guaranteed issue without medical questions |
Voluntary Child Life
| Feature | Detail |
|---|---|
| Available | Yes |
| Increments | $5,000 increments |
| Maximum | $10,000 per child ($10,000 in increments of $5,000) |
| Age Limit | 6 months to age 26 |
| Employee Paid | Yes |
| Guarantee Issue | $10,000 guaranteed issue |
Notes
- Employee must purchase coverage for themselves before enrolling family members.
- You can increase coverage for yourself and spouse up to Guarantee Issue amount if currently enrolled or newly enrolling - no EOI required.
- Future elections above Guarantee Issue are subject to EOI.
- Spouse rate is based on employee age. Child rate: $0.228 per unit for supplemental life.
Contacts
New York Life (Life & AD&D)