2023 Benefits Guide
LIFE AND DISABILITY INSURANCE NEW YORK LIFE Life Insurance We provide Basic Life and AD&D insurance at no cost to you!
myNYLGBS.com nyl.com/disability-claim (888) 842-4462
Insurance coverage
Benefit
Basic Life and AD&D
1x annual wage or salary including commissions
If you would like additional coverage, Voluntary Life and AD&D insurance is available to you, your spouse and your dependent children. You must enroll in coverage for yourself in order to cover your spouse or children. If you don’t enroll in Voluntary Life when it’s first available to you, or elect an amount over the Guaranteed Issue, you may be required to complete an Evidence of Insurability (EOI) form.
Insurance coverage
Benefit
Voluntary employee life
1 to 2 x annual comp, rounded to nearest $1,000, not to exceed $300,000
Voluntary spouse life
Units of $10,000 to the lesser of $20,000 / 100% of employee’s vol life insurance amt
Birth to 14 days: $500; 15 days to 6 mos.: $1,000; 6 mos. to 26 years: Units of $5,000-$10,000
Voluntary child life
Disability These plans give you income protection in the event you are ill or injured in a non-work related injury, and can’t come to work. If you don’t enroll in Disability coverage when it’s first available, you may be required to complete and an Evidence of Insurability (EOI) form.
Short-term disability benefits
Long-term disability benefits
Elimination period
7 days
Elimination period
90 days
Weekly benefit
60% of weekly earnings
Monthly benefit
60% of monthly earnings
Maximum weekly benefit $2,500
Maximum monthly benefit $10,000
Social Security Normal Retirement Age (SSNRA)
Maximum benefit period 12 weeks
Maximum benefit period
If you reside in a state that provides State Disability and elect the Cigna Voluntary Short Term Disability benefit, your Cigna benefit will be offset by the amount received from the state.
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