New York Life Group Benefit Solutions Life Insurance

Learn how to plan for your family's financial future.

 

It’s not an easy subject to think about, but if something were to happen to you, would your family be able to make ends meet? For how long?

New York Life Group Benefit Solutions (NYL GBS) helps provide your family with additional financial resources should you pass away prematurely.

Buying coverage through an employer generally offers a level of guaranteed coverage, so there are no medical exams and no medical questions to answer. You may also qualify for additional coverage if you decide to provide proof of good health.

And buying coverage through work means you can pay your life insurance premiums through convenient payroll deductions, so there are no checks to write, and there is no forgetting that you authorized a monthly debit of your banking account.

P L A N N I N G   R E S O U R C E S

 

Life Insurance Assessment and Calculator

 

Find out how much life insurance you may need to protect your family's financial future.


New York Life Group Benefit Solutions offers two different life insurance policies to meet your needs: voluntary term life insurance and universal life

 

Voluntary Term Life Insurance

How it works

  • Select a coverage amount and enroll (pending approval for any amounts over the guaranteed issue amount).1
  • Once you’ve enrolled, you’re covered for a specific period of time, or “term,” as long as you continue to make premium payments.
  • Pay your group insurance premiums through convenient payroll deductions.
  • If you pass away during the term, the beneficiary or beneficiaries you designate will receive a payment for a covered claim.

 

How it helps your family

Payment can be used to:

  • Help pay off a mortgage, cover your family’s ongoing living expenses, or transfer wealth.
  • Cover final arrangements or set aside money for a life celebration (through a will).

Why enroll through your employer?

Guaranteed issue

Plans generally offer a guaranteed amount of coverage without the need to answer any medical questions or submit to any medical exams.

Convenient payroll deductions

With easy deductions from your paycheck, there’s no need to write a monthly check.


Universal Life Insurance


How it works

  • As you would with Voluntary Term Life, select a coverage amount and enroll (pending approval for any amounts over the guaranteed issue amount).1
  • Choose whether or not you want to contribute to the cash accumulation fund and how much you wish to contribute.
  • Once you’ve enrolled, you’re covered until age 100, as long as you continue to make premium payments.
  • Pay your group insurance premiums through convenient payroll deductions.
  • If you pass away while you are covered under the policy, the beneficiary you designate will receive a payment for a covered claim.


How it helps your family

  • Life insurance proceeds offer the same value as Voluntary Term Life.
  • You can also save with a cash accumulation fund (CAF) that offers a guaranteed interest rate of at least 4%.
  • If you build enough value in the CAF, it can become paid-up life insurance once the CAF equals the cost of insurance.

Why enroll through your employer?

With our portability option, you can keep your coverage if you switch employers.

Your Universal Life comes with a cash accumulation fund (CAF) that allows you to set aside money on a regular basis.

This account can earn even more interest than most savings accounts, as the minimum rate will never be less than 4%.

With our portability option, you can keep your coverage if you switch employers.

Your Universal Life comes with a cash accumulation fund (CAF) that allows you to set aside money on a regular basis.

This account can earn more interest than most savings accounts; the minimum rate will never be less than 4%.


Watch to learn more about NYL GBS Voluntary Term Life Insurance


Our value-added programs offer everyday help and support. When you enroll in life insurance, they're included at no additional cost to you. These include:2

NYL GBS Life Assistance Program (LAP)


NYL GBS Life Assistance Program (LAP) offers phone consultations, counseling referrals, online work/life support, and community services for many of life’s challenges. LAP is available to you, your household members, and beneficiaries receiving claim payments under NYL GBS Survivor Assurance.

My Secure Advantage™ (MSA)


My Secure Advantage™ (MSA) is a full-service financial wellness program that offers help with all types of personal financial needs. The program includes access to "money coaching" from experienced financial experts; identity theft resolution and protection; online will preparation; legal consultation referrals and discounts; educational webinars; access to a library of articles, tools, forms and tips; and more. MSA is available to you, your household members, and beneficiaries receiving claim payments under NYL GBS Survivor Assurance.

NYL GBS Health Advocacy Services


NYL GBS Health Advocacy Services provides you and your family (including spouse/domestic partner, dependent children, parents, and parents-in-law) access to expert assistance with a wide range of healthcare and health insurance issues. Includes Medical Bill Saver™—a service to help participants negotiate discounts on out-of-pocket medical expenses over $400. Check with your employer to find out if this program is available to you.

NYL GBS Life Assistance Program (LAP)


NYL GBS Life Assistance Program (LAP) offers phone consultations, counseling referrals, online work/life support, and community services for many of life’s challenges. LAP is available to you, your household members, and beneficiaries receiving claim payments under NYL GBS Survivor Assurance.

My Secure Advantage™ (MSA)


My Secure Advantage™ (MSA) is a full-service financial wellness program that offers help with all types of personal financial needs. The program includes access to "money coaching" from experienced financial experts; identity theft resolution and protection; online will preparation; legal consultation referrals and discounts; educational webinars; access to a library of articles, tools, forms and tips; and more. MSA is available to you, your household members, and beneficiaries receiving claim payments under NYL GBS Survivor Assurance.

NYL GBS Health Advocacy Services


NYL GBS Health Advocacy Services provides you and your family (including spouse/domestic partner, dependent children, parents, and parents-in-law) access to expert assistance with a wide range of healthcare and health insurance issues. Includes Medical Bill Saver™—a service to help participants negotiate discounts on out-of-pocket medical expenses over $400. Check with your employer to find out if this program is available to you.

NYL GBS Survivor Assurance

NYL GBS Survivor Assurance offers an interest-bearing account at no charge for beneficiary payments of $5,000 or more through NYL GBS life and accident insurance policies. Beneficiaries also have access to NYL GBS Life Assistance Program and My Secure Advantage.

1 The guaranteed issue amount is established at the policy level and will vary from case to case.

2 These programs are NOT insurance and do not provide reimbursement for financial losses. Customers are required to pay the entire discounted charge for any discounted products or services available through these programs. Programs are provided through third-party vendors who are solely responsible for their products and services. Presented here are only the highlights of these programs. Full terms, conditions, and exclusions are contained in the applicable offering descriptions. Program availability may vary by plan type and location, and is subject to change. These programs are not available under policies insured by New York Life Group Insurance Company of New York.

Products are available through one or more carriers not affiliated with New York Life Insurance Company, dependent on carrier authorization and product availability in your state or locality.

New York Life Group Benefit Solutions products and services are provided by Life Insurance Company of North America and New York Life Group Insurance Company of NY, subsidiaries of New York Life Insurance Company.