Life and AD&D Insurance
New York Life administers the Life and AD&D life insurance benefits. This benefit is available to you date of hire. All premiums are deducted on an after-tax basis. Life and AD&D coverage helps protect your loved ones in the event of your death or serious injury. Even if you’re single, your beneficiary can use your life insurance benefits to pay off your debts, such as credit cards, mortgages, and other final expenses.
Life Insurance Beneficiaries
It is important to name one or more beneficiaries so that your life insurance can be paid according to your wishes if you pass away.
The beneficiaries you designate for life and AD&D coverage can be different than those you designate for voluntary life. You are always the beneficiary for any dependent child life insurance.
You can update your beneficiaries anytime in ADP.
Basic Life Insurance – Benefits Eligible Employees
The Firm provides benefits-eligible employees, at no cost to you, $75,000 in group life and accidental death and dismemberment (AD&D) insurance.
Officers receive one times annual salary up to $500,000 in group life and accidental death and dismemberment (AD&D) insurance.
Basic Life will be reduced starting at age 65.
Basic Life Insurance – Advisors
The Firm provides Financial Advisors, at no cost to you, one times your annual salary, up to $500,000 in group life and accidental death and dismemberment (AD&D) insurance.
Basic Life will be reduced starting at age 65.
Voluntary Life and AD&D – Benefits Eligible Employees and Advisors
You may want to purchase additional life insurance and/or AD&D coverage. With voluntary life insurance, you are responsible for paying the total cost of coverage through post-tax payroll deductions. You can purchase coverage for yourself in $10,000 increments up to the lesser of five times annual salary or $1,000,000. Future increases in coverage are limited to two levels and can only be elected during Open Enrollment.
Premiums for voluntary life are based on your age and annual pay and may change annually. Please review your premiums during open enrollment when making your elections.
The Guaranteed Issue amount for employees is up to the lesser of three times annual compensation or $350,000.
Voluntary Life and AD&D will be reduced starting at age 75.
For assistance in selecting an amount for Voluntary Life Insurance, visit newyorklife.com/group-benefit-solutions/employees/group-insurance/life.
Spouse Life
You may purchase life insurance for your spouse in $5,000 increments up to $500,000 but not to exceed your elected amount. You may elect up to $50,000 for your spouse without Evidence of Insurability (EOI). Any coverage that exceeds $50,000 will require EOI. You will receive information from ADP if you elect this amount with the form to complete and submit to New York Life.
If spouse life is waived at initial eligibility, future plan entry may be limited and/or Evidence of Insurability may be required.
Dependent Child Life
You may purchase dependent child life coverage up to $20,000. Your dependent child(ren) are eligible through the end of the month in which they turn age 26.