Life Insurance Protection for You and Your Family
In cooperation with your employer, New York Life is offering a program to help provide you with insurance protection and financial security for yourself and your family. This program will help you purchase individual permanent life insurance through Voluntary Payroll Deduction (VPD), and gain valuable protection (your participation in the payroll deduction life insurance program is completely voluntary. Since this program is not intended to be subject to the Employee retirement Income Security Act of 1974 (ERISA), your employer cannot contribute to or endorse any policy offered under this program).
VPD Program Highlights
- Easy Participation: A completed application is all that's generally necessary for approval. Physical exams usually are not necessary.
- Competitive Rates: Since many employees can take advantage of this offer at once, you're able to benefit from the more affordable premiums VPD arrangements can offer.
- Cash Accumulation: With time, your life insurance policy will provide increasing cash value in addition to valuable coverage. This cash value can be borrowed against for education, retirement, emergencies, or to help you meet other financial needs (policy loans will reduce the death benefit).
- Convenience: Premiums are deducted directly from your paycheck, which means there are no checks for you to write and no payments to mail.
- Portability: You own the policy. Should you leave your present company or retire, your policy goes with you. New York Life has several payment options to help you maintain your policy while still addressing your changing needs and/or budget.
- Flexibility: You determine how much insurance you need, and for whom. We also offer additional, affordable options to enhance your coverage. Policy riders can be added to waive premiums should you become unemployed or disabled, and should you become terminally ill, funds from your policy may be available to help you in a time of financial need with the Living Benefits rider.
- Family coverage: Even if you choose not to obtain coverage on yourself, your spouse, children, and even grandchildren may be eligible to obtain quality life insurance coverage through this program by answering a few simple medical questions.
- Reliability: New York Life has been providing for families like yours for over 150 years. We offer protection you can count on.
Your Questions Answered
Who is eligible for a policy?
All full-time employees (30+ hours per week), ages 16 - 70, with at least six months with the company, may apply for coverage. Also, your spouse, children, or grandchildren (aged 15 days - 25 years) may be eligible for coverage.
- When does the insurance begin?
Your insurance coverage begins once you sign the application and the Payroll Deduction Authorization form under a temporary coverage agreement. Your permanent policy will be issued after that.
- How does the cash value of my policy grow?
This policy has a guaranteed cash value that will increase annually as long as premiums are paid on time. Dividends, which are not guaranteed or an estimate of future performance, may add to your policy's value.
- Can I purchase additional insurance at a later date?
Additional policies to provide more coverage can be purchased during the annual re-enrollment period.
- What happens if I leave the company?
Your life insurance policy is portable you own it. Should you leave your employer or retire, you will be billed directly, in a manner that is convenient to you. The amount of your premium will change to reflect the billing option you choose.
- Does this replace my employer-provided group life insurance?
This insurance does not replace or affect your employer-provided group insurance. Your employer is not permitted to endorse or contribute to this plan and, unlike with many group insurance plans, your policy coverage is not reduced or eliminated when you retire or leave the company.
The Company You Keep
Any insurance policy is only as strong as the company behind it. Since 1845, New York Life and its subsidiaries have been helping families secure their financial futures. From the Civil War to the Great Depression and beyond, New York Life has been there, providing for policyholders. With our long history of financial strength, you can be sure we'll be there for you and your family. Contact a local New York Life agent for more detailed information about payroll deduction life insurance.
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Consult an Agent
At no charge to you, a New York Life agent — professionally trained and experienced — can help you analyze your needs and recommend appropriate solutions through insurance and financial products and concepts. Request a no obligation review with a New York Life agent.
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