We all have concerns about how our loved ones would fare if something happened to us. We worry about their financial security. We worry whether our spouse will be able to keep our home; we worry whether our children will be able to afford college; we worry how the bills will get paid.
Life insurance allows you to replace worry with planning… a solid financial strategy to protect your loved ones when you're no longer there to do so. With Life insurance, you can create a "safety net" for your family by selecting plans that will provide the resources for them to carry on.
Who Needs Life Insurance?
You do. Single or married. Buying your first home or preparing for retirement. Raising children or sending them off to college. No matter where you are in life, insurance should be part of your financial strategy. By purchasing life insurance through your employer, you benefit from:
What You Get From Group Universal Life Insurance
Please read the Plan Information for a full disclosure of plan provisions, benefits, exclusions, limitations, and effective dates of coverage prior to making your selections.
You can Enroll for Group Universal Life Insurance online by using the "Enroll Online" button. Or, you can Complete An Enrollment Application and submit to NYL GBS.
Complete, sign and date the enrollment application and return to NYL GBS at the address shown on the form or via email at DSM_NYLGBSCustomerSupport@infymccservices.com
If you have questions, please call 1.800.828.3485 to speak to a NYL GBS representative (Monday through Friday, 8 AM to 5 PM CST or 9 AM to 6 PM EST).
Who is Eligible for Coverage and How Much Can You Buy?
It’s a family matter. Subject to any applicable restrictions or limitations in the GUL policy, coverage options for you and your family are summarized as follows.
Coverage for You
You are eligible for GUL insurance if you are an active, full-time employee of Genesys who has met the employee’s eligibility requirements and you are actively at work at least 20 hours a week.
*In certain situations, you may purchase the face amount of coverage without answering any health questions or taking any medical tests.
Coverage for Your Spouse*/Domestic Partner
If you elect GUL for yourself, you can purchase coverage for your eligible spouse in the following amounts.
If your spouse provides proof of good health, you can purchase:
To be eligible for coverage, your spouse must be younger than age 65. For coverage to become effective, you must be actively at work and your spouse 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.
*For purposes of this overview, wherever the term spouse appears it shall also include Domestic Partner. Additional information is available from your Benefit Services Representative.
**In certain situations, you may purchase the face amount of coverage for your spouse without answering any health questions or taking any medical tests.
Coverage for Your Children
If you elect GUL for yourself, you may also purchase insurance for all of your unmarried, dependent children who are at least 15 days old and younger than 19 years old; or through age 24 if the child is an unmarried full-time student who is supported by the employee; or 19 years of age or older and incapable of self-sustaining employment by reason of mental or physical handicap.
For just one premium, you can cover all of your dependent children for the following amounts:
For your dependent children’s coverage to be effective, they 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.
*Please note that in certain states, restrictions may apply and ages may vary.
What Is Not Covered?
When Does Coverage Begin and End?
Coverage start and end dates.
Your and your dependent’s coverage will start* on the date we receive the completed and signed application and payroll authorization form, if:
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:
Dependent children coverage will end on whichever comes first:
* This is the date your coverage actually begins. You are fully covered from this date.
** If your employer cancels the group policy, you can continue your coverage on an individual policy. Higher rates will apply.
Other Benefit Features
How much life insurance do you need today? How much will you need in two years? Five years? What if you can’t afford to continue paying your premiums due to a terminal illness? At NYL GBS, we’ve thought about these questions and have developed options that can help you maintain adequate insurance levels as your needs—and your circumstances—change.
Automatic Increase Option
With the Automatic Increase Option, your GUL coverage will increase automatically (not to exceed the maximum allowed) on each April 1st if you have qualifying salary increases. With this option, you reduce your risk of becoming underinsured. Your payroll deduction amount will also be increased to cover the higher amount of protection. (If you don’t want your coverage increased, you must decline this option by contacting the NYL GBS Customer Service Center.) Here’s an example of how this feature works:
Ted is a 32-year-old nonsmoker, makes $26,000 a year and has GUL coverage equal to three times his salary. He gets a salary increase of $5,000. With the Automatic Increase Option, his insurance coverage would be increased to $93,000, rounded up to the next $1,000. Accordingly, his payroll deduction amount would be automatically increased for this additional coverage.
Accelerated Payment Benefit
If you or your covered spouse becomes terminally ill and aren’t expected to live more than 12 months, you can receive up to 50% of your coverage amount in force—potentially tax free.* The money is paid out in a lump sum, directly to you, to use for whatever 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. Your premium obligation continues on the full amount of coverage if this benefit is exercised. The following example illustrates how a 50% benefit would pay out on $100,000 of coverage:
|Payment of Benefit||Monthly Premium|
$100,000 of GUL coverage
- $50,000 (50% potentially tax-free, lump-sum payment)
$50,000 remaining death benefit amount
*You may want to seek advice from your personal legal or tax advisor before exercising this option.
How Much Will the Coverage Cost?
Use these charts 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 Monthly Cost of Insurance chart below, then read across to find the monthly cost of insurance for each $1,000 of coverage. These costs do not reflect any money going into the Cash Accumulation Fund. Rates are subject to change but will not exceed the guaranteed maximum cost of insurance shown in your certificate. If you terminate active employment, higher rates may apply. To get a free, no-obligation online quote, click the "Enroll Online" button.
|Attained Age of
Employee or Spouse*
*Rates for age 70 and over, and guaranteed maximum cost of insurance rates are available upon request. Your age for calculating monthly cost of insurance will be updated each January 1.
GUL insurance premiums and Cash Accumulation Fund contributions are paid for with after-tax dollars.
|Dependent Child Coverage Rates||Monthly Cost of Insurance|
|$5,000 of coverage for all your dependent children||
$1.00 per month
|$10,000 of coverage for all your dependent children||
$2.00 per month
The Cash Accumulation Fund (CAF)
Saving money isn’t easy, but the secret to saving is simple. All you have to do is set aside a certain amount out of each paycheck—before you receive it. Even a small amount set aside on a regular basis can add up to significant savings over time. And you can do it painlessly with your Group Universal Life Insurance Cash Accumulation Fund. You can contribute through convenient payroll deductions or lump-sum payments.
Contributions to the Cash Accumulation Fund are optional and determined by you. Maximums are based on the Internal Revenue Code (IRC) limits and are subject to a 2% charge to cover premium tax and other taxes.
What Are Your Goals?
Easy Access to Your Money
The money in your Cash Accumulation Fund is yours to use as financial needs arise. You can borrow against your Cash Accumulation Fund or make an outright withdrawal. The minimum loan or withdrawal amount is $250. You will be charged a $25 transaction fee for each withdrawal.
Designating Your Beneficiary
You can designate your beneficiaries during the enrollment process and maintain your beneficiaries online once your coverage is issued by clicking on "My Account" at the top right corner of your screen.
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.
How Do I Pay My Premium?
How Your Claims Are Paid
Enroll online by clicking on the “Enroll Online” link under Option 1 above; this will speed up your enrollment process.
These form(s) are in Adobe Acrobat Reader (PDF) format and are available for downloading and printing. Click here to download a free copy of Adobe Acrobat Reader.
If you submit your enrollment application via a paper form, we will enter it into the NYL GBS Benefits Guide website so you can view it online through My Account.
If you submit your beneficiary designation via a paper form, we will enter it into the NYL GBS Benefits Guide website so you can view it online through My Account.
Use this form to make changes to the features and benefits of your plan, including reducing your coverage or cancelling coverage for your children.
Use this form to make cancel/surrender your or your spouse’s coverage.
Use this form to withdraw funds from your Cash Accumulation Fund or to cancel your contributions.
Can I keep this insurance if I leave my employer?
Do I have to complete proof of good health?
Who can enroll for life insurance?
How do I designate a beneficiary?
Are there any other programs I should know about?