Subject to any applicable restrictions or limitations in the Term Life policy, coverage options for you and your family are summarized as follows.

 

Coverage for You

 

If you are an Eligible Employee, you may purchase coverage in the following amounts:

• Coverage amounts available: .5-7 times your annual compensation, rounded to the next higher $1,000, if not already an even multiple of $1,000. The maximum coverage amount is 7 times your annual compensation, or $3,000,000, whichever is less.
• Guaranteed Issue amount available within 31 days of your Benefits Eligibility Date without proof of good health: 1 times your annual compensation, rounded to the next higher $1,000; or $1,000,000, whichever is less.
• If you provide proof of good health, you can:
  • Purchase more than the Guaranteed Issue amount—up to 7 times your annual compensation, rounded to the next higher $1,000, if not already an even multiple; or $3,000,000, whichever is less.
  • Increase your life insurance coverage at any time, up to the maximum allowed.

 

If you apply for coverage during a Guaranteed Issue period and your request for coverage exceeds the Guaranteed Issue levels or amounts, only the coverage amounts ABOVE the Guaranteed Issue limits will be subject to insurability requirements. Below is an example showing the amounts above Guaranteed Issue limits that would be subject to insurability requirements:

 

Annual Compensation	Annual Compensation Multiple Elected	Total Coverage Amount Requested	Coverage Amount Guaranteed	Amount Subject to Approval
$50,000	6 times	$300,000	$50,000	$250,000
$300,000	4 times	$1,200,000	$300,000	$900,000

 

Coverage for Your Spouse/Domestic Partner

 

If you elect NYL GBS voluntary term life insurance for yourself, you can purchase coverage for your eligible spouse/domestic partner in the following amounts:

• In $10,000 units, up to a maximum of $200,000
• Guaranteed issue amount available for your spouse, within 31 days of your eligibility, without proof of good health: $100,000
• If your spouse provides proof of good health, you can purchase coverage up to $200,000, in $10,000 increments

The Guaranteed Issue amount is also available for your new Spouse/Domestic Partner within 31 days of your marriage date without proof of good health.

If your Spouse/Domestic Partner provides proof of good health, you can purchase coverage up to $200,000.

 

For coverage to become effective, your Spouse/Domestic Partner must not be hospitalized, confined at home under the care of a doctor, receiving disability benefits, or unable to perform the normal daily activities of a person of the same age and sex.

 

Coverage for Dependent Children

 

If you elect Term Life for yourself, you may also purchase insurance for all your unmarried dependent children from 14 days old to 23 years of age (or dependent children 23 years of age or older who are unmarried and primarily supported by you and incapable of self-sustaining employment because of a mental or physical disability).

 

You can enroll for coverage amounts of $5,000, $10,000, $15,000, or $20,000. For just one premium, all your dependent children will be covered in the amount selected.

 

Once a child no longer qualifies as a dependent, eligibility to enroll for coverage as an adult is available. Note: Employees must notify NYL GBS when each child is no longer eligible for coverage because NYL GBS does not collect personal data on children covered under the policy.

 

A Dependent Child(ren) may be covered under the Insured Employee or the Insured Spouse/Domestic Partner, but not under both.

 

For dependent child coverage to be effective, the dependent child must not be hospitalized, confined at home under the care of a doctor, or unable to perform the normal daily activities of a person of the same age and gender.

 

Life Status Change

 

If a life status change happens, the employee is eligible to enroll for the lesser of 1 times annual salary or $1,000,000, if the coverage elections are made within 31 days of the life event itself. A Life Status Change is defined as any of the following events:

• Marriage
• Divorce, annulment, or legal separation
• Birth or adoption of a child
• Death of a spouse
• Termination of a spouse's employment
• A change in the benefit plan available to the Employee's spouse
• A change in the Employee's or his or her spouse's employment status that affects either person's eligibility for benefits
• Date of Change in the Benefit Plan Available to the Employees's Spouse/Domestic Partner

 

If you have current coverage and have experienced a Life Status Change, please contact NYL GBS at 800.231.1193 for assistance.

Use the charts below to determine the monthly cost of life insurance coverage only. To determine the cost of coverage, find your age or your spouse’s age in the left column of the chart below, then read across to find the monthly cost of insurance for each $1,000 of coverage. If you leave, retire or change employers, higher rates may apply.

 

Employee Life & Spouse Life attained age	Employee/Spouse Non-Smoker Rate per $1,000	Employee/Spouse Smoker Rate per $1,000
<25	$0.033	$0.050
25-29	$0.033	$0.050
30-34	$0.033	$0.068
35-39	$0.044	$0.077
40-44	$0.077	$0.089
45-49	$0.123	$0.134
50-54	$0.195	$0.207
55-59	$0.316	$0.393
60-64	$0.482	$0.605
65-69	$0.622	$1.072
70-74	$1.572	$1.889
75-79	$2.060	$2.060
80+	$2.060	$2.060
Child Life
All eligible Child(ren)	$0.080	Rate per $1,000

 

Attained age – Age as of the first of the month following your birthday.
NYL GBS voluntary term life insurance premiums are paid for with after-tax dollars.
Rates are subject to change.

When you enroll in NYL GBS voluntary term life insurance, you can help secure your loved ones’ lifestyle if something happens to you. The NYL GBS voluntary term life insurance program provides your family with generous amounts of life insurance.

 

Accelerated payment benefit

 

If you or your covered spouse become terminally ill and the life expectancy is a year or less, you can receive a maximum of 80% of your coverage amount, potentially tax-free. The money is paid out in a lump sum directly to you or anyone you designate to use however you wish. To qualify to receive the benefit, you must provide medical certification from two unaffiliated physicians that your life expectancy or that of your spouse is 12 months or less. NYL GBS will send payment as soon as your request, medical certification and supporting evidence are reviewed and approved. This benefit is only available one time, and is not available on dependent child coverage. Your premium obligation continues on the full amount of coverage if this benefit is exercised.

 

Automatic increase feature

With the automatic increase feature, your voluntary term life coverage will adjust automatically (not to exceed the maximum allowed) on the next April 1st following your salary increase. Your payroll deduction amount will also be increased to cover the higher amount of protection.

Voluntary coverage start and end dates

 

You and your dependent’s coverage will start on the date we receive the completed and signed application and payroll authorization form, if:

• You meet the eligibility requirements
• You enroll within 45 days of your eligibility date
• You do not apply for more than the guarantee issue amount; and
• You do not need to provide evidence of insurability

 

Otherwise, your and your dependent’s coverage will take effect on the date NYL GBS agrees in writing to cover you and your dependents.

 

You and/or your spouse’s coverage will end on whichever comes first:

• You cancel the coverage
• Your employer cancels the group policy
• You don’t pay the premiums
• You or your spouse pass away

 

Dependent children coverage will end on whichever comes first:

• Your coverage ends (or, when your spouse’s coverage ends, if the child’s coverage is on the spouse’s certificate)
• You surrender or cancel their coverage; or
• They are no longer eligible for coverage

If you leave Linde
To help you keep your life insurance coverage during the years when your family needs financial protection, the plan allows you, your spouse, and dependent children to continue coverage under portability or conversion options. At the time your coverage ends, you will receive information from NYL GBS on each of these options. You will have a limited period of time to make your election and pay the first premium. Higher premium rates will apply.

If an insured commits suicide, while sane or insane, within two years of their policy’s start date, a refund of premiums will be made.

You can designate your beneficiaries during the enrollment process and maintain your beneficiaries online once your coverage is issued by clicking on "My Account".

 

If the listed beneficiary is a trustee or a trust, you will need to enter the trustee's name, the name of the trust and the date of the trust agreement. The trust document must be presented in order for the claim to be processed.

You can apply for Term Life Insurance online by using the "Apply Now" button to the right. Or, you can complete an application and submit it to NYL GBS.

 

Important Tips for Applying for Coverage with NYL GBS Benefits Guide:

• Online applications for each voluntary benefits program will open in separate browser windows.
• Online applications for each voluntary benefits program will need to be completed, electronically signed, and submitted individually.
• Once an application has been submitted, close the application window and start the next application by clicking "Apply Now" below.
• For your protection, an online application will time out after 30 minutes of inactivity; any un-submitted applications will NOT be saved.
• Do not use the "Back" button in your browser; you will have the option to edit your application when you see the "Edit Application" button before each application is completed.

Portability:

 

To help you keep your life insurance coverage during the years when your family needs financial protection, the plan allows you to continue all your voluntary coverage if you leave your employer. Premiums may change at this time. Just make arrangements to pay your premiums directly to the insurance company after you leave your current employer. Coverage may be continued for you and your spouse until age 70. Coverage may also be continued for your children. As long as the group policy remains in force, the option of continuing this coverage is available.

 

Converting your coverage to permanent life insurance:

 

If group life insurance coverage is reduced or ends for any reason except nonpayment of premiums, you can convert to an individual policy. No medical certification is needed. To convert coverage, you must apply for the conversion policy and pay the first premium payment within 31 days after your group coverage ends. Family members may convert their coverage as well. Converted policies are subject to certain benefits and limits as outlined in the conversion brochure which may be requested as needed. Premiums may change at this time.

You only need to provide proof of good health if you are applying for coverage above the guaranteed issue amount or after your initial eligibility period has ended.

Yes. Our Voluntary Term Life insurance plan includes many value-added programs, offered at no additional cost, to help you and your family maintain your health, well-being and sense of security throughout your lifetime. To see which programs are available to you select Value-Added Programs from the menu above.