Basic Life
Basic Life and Accidental Death and Dismemberment (AD&D) - New York Life
The Company automatically provides you with Basic Term Life Insurance with Accidental Death and Dismemberment (AD&D) at no cost to you. Employees receive benefits equal to their base annual salary up to a maximum benefit of $50,000. If you die while insured under this provision, your beneficiary will be paid a benefit. Please ensure that your beneficiary on file is up to date in KPay.
Accidental Death and Dismemberment (AD&D) insurance is also included with the basic term life. If, while covered under the AD&D insurance, you are accidentally injured, and that injury is independent of sickness and all other causes, you will be paid a benefit based on the nature of the loss. The maximum benefit is an amount equal your annual salary. Certain losses will pay the full amount of the maximum benefit; others will pay a stated portion of the maximum benefit. If you die due to an accidental death while covered under this policy, your beneficiary will be paid an additional Life insurance benefit equal to your annual salary.
*Annual salary does not include bonuses, OT, or extra compensation. Annual salary does include sales commissions.
Voluntary Life and AD&D
Voluntary Life Coverage - New York Life
As an additional value add to employees, The Company offers employees the opportunity to elect voluntary life insurance for themselves and dependents at discounted group pricing with convenient payroll deductions. Note, dependents are eligible for voluntary life and AD&D only when the employee elects coverage for self.
Voluntary Life Benefit Amount
Employees: Employee can elect $10k increments up to a $900k maximum or 10x Annual Compensation. Employees’ coverage reduces to 50% at age 70.
Spouses: Spouses can elect $5k increments up to the lesser of $375k max or 100% of employee’s election. Spouse coverage reduces to 50% at age 70. (Note, spouse rate is based upon employee’s age)
Child(ren): For Children up to age 26 years old, a $20k coverage amount can be elected.
| Age | Premiums per Paycheck per $1,000 |
|---|---|
| Under 30 | $0.031 |
| 30-34 | $0.040 |
| 35-39 | $0.046 |
| 40-44 | $0.070 |
| 45-49 | $0.116 |
| 50-54 | $0.189 |
| 55-59 | $0.293 |
| 60-64 | $0.497 |
| 65-69 | $0.851 |
| 70+ | $2.241 |
| Child(ren) | $1.80 (flat rate) |
Voluntary AD&D Coverage - New York Life
Voluntary Accidental Death & Dismemberment (AD&D) Benefit Amount
Employees may also enroll themselves, their spouse and dependent insurance in voluntary accidental death and dismemberment insurance without providing evidence of insurability.
Employees: Employee can elect $10k increments up to a $900k maximum or 10x Annual Compensation.
Spouses: Spouses can elect $5k increments up to the lesser of $375k max or 100% of employee’s election.
Child(ren): For Children up to age 26 years old, a $20k coverage amount can be elected.
| Voluntary AD&D Rate | Premiums per Paycheck per $1,000 |
|---|---|
| Per Covered Individual | $0.010 |
Life and Accidental Death Claims
Access the NY Life Death and AD&D Claim form HERE
Send the Claim form to:
New York Life Group Benefit Solutions; Life and AD&D Claim Services
PO Box 22328
Pittsburgh, PA 15222-0328
1-800-238-2125
Fax: 877.362.4462
Email scanned documents to [email protected]
Or, submit a claim online:
Fill out the claim form online using the following steps –
- Click Submit a Life or Accidental Death and Dismemberment Claim Online to begin
- Read and agree to the state fraud warnings
- Follow the steps to complete the claim form