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.