Basic Life and AD & D Insurance
Administered by New York Life
HRCentral provides you with a basic level of life and AD & D coverage at no cost to you . This coverage is equal to 1 times your annual eligible pay rounded to the nearest $ 1,000 , to a maximum of $ 50,000 . In addition , you can purchase additional life insurance coverage for yourself , your spouse or your dependent child ( ren ) during New Hire Enrollment , with the costs paid by you . Depending on the amount and timing of your request for additional life insurance coverage , you or your spouse may be required to provide evidence of insurability through New York Life . You will be notified if this applies to you .
Basic Life Coverage
Amount for You
Age Reductions
Coverage Paid By
Benefit
• 1 times your annual salary ( rounded to the nearest $ 1,000 ), to a maximum benefit of $ 50,000
• Basic life insurance is paid to your beneficiary at 100 % of the coverage amount if you die , unless an age reduction applies .
• Basic AD & D insurance is paid to you or your beneficiary at a percentage of your coverage amount , based on the type of injury you received . Age reductions may also apply .
Payment to you or your beneficiary may be reduced based on your age when benefits commence .
• Before age 65 : 100 %
• Between ages 65-69 : 65 %
• After age 70 : 50 %
The Company
Voluntary Life and AD & D Insurance
Administered by New York Life Supplemental Life Coverage
Amount for You
Amount for Your Spouse
Amount for Your Unmarried Legal Dependent Child ( ren ) up to 26 years old or more if incapable of self-sustaining employment due to mental or physical handicap
Age Reductions
Coverage Paid By
Benefit
• You may purchase coverage in $ 10,000 increments up to a maximum of $ 500,000 .
• For any chance to your current coverage amount , you are required complete an Evidence of Insurability ( EOI ) form and be approved for coverage .
• Guaranteed Coverage Amount for New Hires is $ 200,000
• If you select this option you must also purchase supplemental coverage for yourself
• You may purchase coverage for your spouse in $ 10,000 increments , to a maximum of your supplemental coverage amount .
• For any change to your spouse ’ s current amount , he or she will be required to complete an EOI form and be approved for coverage .
• Guaranteed Coverage Amount for New Hires is : $ 20,000
• If you select this option you must also purchase supplemental coverage for yourself .
• You may purchase $ 10,000 in coverage for each of your dependent children .
• The maximum coverage amount is $ 500 for child ( ren ) under 6 months of age .
Payment to your beneficiary may be reduced based on your age at the time of your death :
• Before age 65 : 100 %
• Between ages 65-69 : 65 %
• After age 70 : 50 %
You
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