Employee's whole life insurance policies through work.

Your life insurance should offer you flexible options that allow you to choose the coverage that’s right for you. Learn how employee's whole life insurance offered through New York Life will help you purchase individual permanent life insurance through voluntary payroll deduction. 

What Is Employee’s Whole Life Insurance?

In cooperation with many employers, New York Life Insurance Company offers a program to help provide employees with insurance protection and financial security for themselves and their families. This program helps many people purchase individual permanent life insurance, New York Life Employee’s Whole Life, through a voluntary payroll deduction, and gain valuable protection.

The benefits of buying life insurance through work.

  • No medical exams: Because an Employee Whole Life policy is issued on a guaranteed issue basis, a completed application is all that's generally necessary for approval, with limited or no health questions.
  • Lower premiums: One of the advantages of employee life insurance is the high number of people in the group. This can make the cost lower than it would be if an employee purchased an individual policy on their own.
  • Permanent death benefit: Your coverage will never expire if you pay your premiums.
  • Cash value 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 accrue interest and will reduce the available cash surrender value and 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: 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 through riders (some at an additional cost) to enhance your coverage.
  • Family coverage: Your spouse, your children, and even your grandchildren may become eligible to obtain quality life insurance coverage through this program when they answer a few simple medical questions.
  • Reliability: New York Life has been providing for families like yours for over 175 years. We offer protection you can count on.
Two people working on a laptop together at work.

Answers to your employee life insurance questions. 

  • Who is eligible for a policy? 
    All full-time employees (ages 16–70, 30+ hours per week) of participating companies, their spouses, their children, and up to six of their grandchildren (ages 15 days–25 years) may be eligible for coverage provided the employee participates. 
  • 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 if premiums are paid on time. Dividends, which are neither guaranteed nor an estimate of future performance, may add to your policy's value. 
  • Can I purchase additional insurance later? 
    Additional policies for 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 life 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. 

Portable life insurance—protection and more. 

This portable life insurance will stay with you whether you change jobs or retire. It’s easy to apply, it’s affordable, it’s available to you and your family, and the premiums are automatically deducted from your paycheck. The application includes few or no health questions, and there are no medical exams. 

Your permanent Employee’s Whole Life policy premiums are guaranteed to never increase, your policy is guaranteed to grow cash value, and your policy will be eligible to earn dividends,1 which you can use to increase your coverage. 

Related Articles 

Want to learn more about employee whole life insurance?

A New York Life financial professional can help determine what’s right for you. 

1Dividends are not guaranteed.

All guarantees are based on the claims-paying ability of the issuer. Employee’s Whole Life Insurance is issued by New York Life Insurance Company.

In Oregon, the policy form number for Employee’s Whole Life Insurance is ICC17217-52P. 

This program is not intended to be subject to the Employee Retirement Income Security Act of 1974 (ERISA). The employer does not contribute to or endorse the program. Employee participation is completely voluntary.