Voluntary Employee Life/AD&D Insurance

Employees have the opportunity to purchase additional Life/AD&D insurance protection.

It is very important that you choose a beneficiary when you sign up for voluntary life insurance. If you can purchase voluntary coverage for your spouse or children, you will automatically be the beneficiary—but if you are purchasing coverage for yourself, you must name a beneficiary to be sure your benefit goes where you want it to.

Some plans require you to name your spouse as your beneficiary if you are married.

If you waive voluntary life/ad&d coverage at the time of your new hire enrollment, you can request to enroll later; however, you may be required to go through medical underwriting and approval by New York Life for any amount of coverage.

Benefit

Optional. Offers your beneficiaries additional financial protection if you should die.

Elect in increments of $5,000, up to a maximum of lesser of 5x salary or $500,000 Accidental Death & Dismemberment (AD&D) coverage is part of your election of voluntary life coverage. Accidental death and dismemberment (AD&D) insurance can help protect your family’s finances in the event of the loss of your life or limb(s). It can be an affordable way to supplement your life insurance or medical coverage if you’re seriously injured or die as a result of an accident.

Guaranteed Issue Amount

The maximum amount of coverage you can choose without providing a statement of health (called Evidence of Insurability or EOI).

Flat $100,000

Is EOI Required?

Evidence of Insurability (EOI) is a statement of health, sometimes required by an insurance company before they will insure you.

Yes, for amounts over $100,000.

Any amount elected after original eligibility will require EOI.

Who Pays for Coverage?

You, if you choose to enroll.

Disclaimer

Please be aware that there is no Open Enrollment period applicable for Voluntary Life/AD&D insurance.
If you choose to enroll yourself, a spouse or child in NY Life Voluntary Life /AD&D insurance after your initial eligibility as a new hire, you may be required to go through medical underwriting and approval by New York Life for all Life/AD&D insurance amounts you apply for unless certain circumstances apply. Application for enrollment outside of life events may only occur on a quarterly basis during the months of November, February, May & August. Dependents will not be allowed to enroll unless you also enroll and are approved by NY Life.

Click To Download Plan Documents: