Voluntary life insurance gives you the chance to buy a greater amount of coverage through your company—it’s usually offered in addition to a basic plan that may be company-paid.
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.
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Benefit
Optional. Offers your beneficiaries additional financial protection if you should die.
5x annual salary up to $500k. Elections must be made in $1k increments
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Guaranteed issue amount
The maximum amount of coverage you can choose without providing a statement of health (called Evidence of Insurability or EOI).
$200,000 as a new hire when you first become eligible.
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Is EOI required?
Evidence of Insurability (EOI) is a statement of health, sometimes required by an insurance company before they will insure you.
If you elect an amount above $200,000 when enrolling as a new hire, or for any amount if you enroll outside of your new hire eligibility window.
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Who pays for coverage?
You, if you choose to enroll
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Click To Download Plan Documents:
Voluntary Employee Life
Provider: NY Life Insurance Company
Phone: 888-842-4462
https://www.newyorklife.com/
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Benefit
Pays you a benefit if your spouse should die.
Elect in increments of $1,000, up to a maximum of 50% of employee’s coverage or $250,000 (whichever is less)
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Guaranteed issue amount
The maximum amount of coverage you can choose without providing a statement of health (called Evidence of Insurability or EOI).
$20,000 when you first become eligible.
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Is EOI required?
Evidence of Insurability (EOI) is a statement of health, sometimes required by an insurance company before they will insure you.
If you elect an amount above $20,000 when enrolling as a new hire, or for any amount if you enroll outside of your new hire eligibility window.
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Who pays for coverage?
You, if you choose to enroll
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Click To Download Plan Documents:
Voluntary Spouse Life
Provider: NY Life Insurance Company
Phone: 888-842-4462
https://www.newyorklife.com/
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Benefit
Offers you and your spouse financial protection if your child should die. Available to dependents 14 days to 24 years (26 if full-time students).
Birth to age 6 months: $1,000
Over 6 months of age: $2,500; $5,000; $7,500; $10,000
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Guaranteed issue amount
The maximum amount of coverage you can choose without providing a statement of health (called Evidence of Insurability or EOI).
$10,000
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Who pays for coverage?
You, if you choose to enroll
Voluntary Child Life
Provider: NY Life Insurance Company
Phone: 888-842-4462
https://www.newyorklife.com/