Basic Life and AD&D

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.

Basic Life insurance –You receive Basic Life insurance coverage at no cost to you. Basic Life insures you for 5x times your basic annual earnings, up to a maximum of $1,000,000.

Basic AD&D mirrors your Basic Life coverage and provides you specified benefits for a covered accidental bodily injury that directly causes dismemberment (i.e., the loss of a hand, foot or eye). If death occurs from an accident, 100% of the AD&D benefit would be payable to your beneficiary(ies).

What’s Guarantee Issue?

This is the level of coverage that does not require medical information. If the Basic Life coverage you are entitled to exceeds $700,000 you will need to answer medical questions for the additional coverage up to $1,000,000. You can submit medical information anytime throughout the year.

What Happens to My Life/AD&D Benefit if My Salary Increases?

If your basic life entitlement of 5x annual base salary did not exceed the $700,000 threshold and you receive an increase to your salary which results in a benefit higher than the $700,000 threshold, you will not need to submit medical information. If your basic life entitlement of 5x annual base salary did exceed the $700,000 threshold, and you did not submit medical evidence, and you receive an increase to your salary, you will need to submit medical information for the entire amount above $700,000.

Survivor Assurance

Losing a loved one is difficult. And we understand how challenging it can be for beneficiaries to manage their loved one’s insurance benefits among other pressures during such a difficult time. NYL Survivor Assurance program offers services to support beneficiaries when it is most needed. Contact NYL at 800-570-3778 weekdays between 8:00 am and 7:00 pm (EST).

A Note About Taxes

Company-provided life insurance coverage over $50,000 is considered a taxable benefit. The value of the benefit over $50,000 will be reported as taxable income on your pay slip and annual W-2 form.