Life and AD&D Insurance

Life and AD&D Insurance

Life and Accidental Death and Dismemberment (AD&D) insurance, through New York Life, provide financial security to you and your family if you become seriously injured or pass away.

Basic Life and AD&D Insurance*

As an eligible colleague, you receive Basic Life and AD&D insurance equal to your annual earnings to a maximum of $300,000. Coverage exceeding $50,000 is considered imputed income, meaning any amount over $50,000 must be included as income and will be subject to Social Security and Medicare taxes, which may be reflected in your paycheck.

Basic Life and AD&D is provided by the company at no cost to you.

Voluntary Life and AD&D Insurance*

In addition to Basic Life and AD&D, you may buy voluntary Life and AD&D coverage at discounted rates.

*Benefit reduction will apply starting at age 70. Refer to your benefit certificate for details.

How Much Voluntary Life and AD&D Insurance Should I Buy?

When deciding how much voluntary Life and AD&D coverage to buy, consider the following:

  1. How much will your dependents need to pay debts, such as a mortgage, car loan, or credit card balances?
  2. How much do your dependents need to maintain their current standard of living?
  3. What kind of future would you like to provide for your dependents or others who depend on you for financial support?

Be sure to designate a beneficiary!

What Is EOI?

Evidence of Insurability (EOI) is the process of providing health information to qualify for certain types of insurance coverage. If you elect voluntary Life and AD&D coverage above the guaranteed issue limit or after the guaranteed issue period, you will be required to submit a health questionnaire (in some cases, a physical exam may be required).

Important Documents