Eligible Employees have the opportunity to purchase Voluntary Term Life insurance to help provide the additional financial protection they need to feel confident that their home, family, and finances can be protected in the event of a premature death.
The content in this portal is for informational purposes only and contains words and phrases that have special meanings. These words and phrases appear in the General Definitions section. The Certificate of Insurance (Certificate), provided to you once coverage has been issued, will contain the specific information on each benefit and additional information (including the eligibility rules for participation) can be found in the Insperity Welfare Benefits Plan Summary Plan Description (SPD).
Note: The information provided in this section is for voluntary (employee-paid) life insurance. If you want information for basic (employer-paid) life insurance, access Insperity PremierTM, or call the Insperity Contact Center at 866.715.3552.
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 1.800.231.1193 to speak to a NYL GBS Customer Service 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 they buy?
Subject to any applicable restrictions or limitations in the Voluntary 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:
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:
If you apply for coverage during your eligibility waiting period, coverage will be issued based on your most recent application as of your eligibility date. If you experience a change in your Covered Earnings prior to your eligibility date, your Covered Earnings verified by Insperity as of your eligibility date will be used to process your application elections.
Coverage for Your Spouse/Domestic Partner
You can purchase coverage for your eligible Spouse/Domestic Partner in the following amounts:
If your Spouse/Domestic Partner provides proof of good health, you can purchase coverage up to the lesser of $200,000 or 100% of the employee’s eligible coverage amount.
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 Voluntary Term Life for yourself or for your Spouse/Domestic Partner, you may also purchase insurance for all of your dependent children from live birth to up to 26 years of age (or dependent children 26 years of age or older who are primarily supported by you and incapable of self-sustaining employment because of a mental or physical disability).*
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 you experience a Life Status Change, you may be eligible to elect an additional 1 times your Covered Earnings (up to the maximum allowed). A Life Status Change is defined as any of the following events :
If you have current coverage and have experienced a Life Status Change, please contact NYL GBS at 800.231.1193 for assistance.
Monthly Cost of Insurance
To determine the cost of coverage, find your age or your Spouse’s/Domestic Partner’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. Rates are subject to change but will not exceed the guaranteed maximum cost of insurance shown in your Certificate. You pay your premiums through payroll deduction unless you are on an unpaid leave of absence, in which case you will be required to make payments during leave.
|Age of Employee or
Spouse/ Domestic Partner
|Monthly Cost of Insurance
(Rates per $1,000)
*Your age for calculating monthly cost of insurance will be updated on each January 1.
Voluntary Term Life insurance premiums are paid for with after-tax dollars.
Rates are subject to change.
|Dependent Child Coverage Rates|
|$5,000 of coverage for all your dependent children||$0.90 per month|
|$10,000 of coverage for all your dependent children||$1.80 per month|
Your Voluntary Term Life insurance has several options that help you maintain adequate insurance levels as your needs and circumstances change as well as save money for future retirement needs.
Automatic Increase Feature
With the Automatic Increase Feature, your Volutnary Term Life coverage will increase automatically (not to exceed the plan maximum) at the time of your salary increase. Your payroll deduction amount will also be increased to cover the higher amount of protection.
Accelerated payment benefit
If you or your covered Spouse/Domestic Partner become terminally ill and the life expectancy is a year or less, you can receive a maximum of 50% 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 that you or your Spouse/Domestic Partner’s life expectancy 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 for dependent children coverage. Your premium obligation continues on the full amount of coverage if this benefit is exercised.
When Does Coverage Begin and End?
For You (and your Dependent(s), if applicable), coverage will begin on the later of your Benefits Eligibility Date or the date we receive the completed and signed application/payroll authorization form, if:
Otherwise, coverage will start on the date NYL GBS agrees in writing to cover you (and your dependents, if applicable). Proof of good health is required if you apply more than 30 days after your Benefits Eligibility Date or you apply for more than the Guaranteed Issue amount.
If you are not actively at work on the date coverage would become effective, coverage will become effective on the first day you return to an active full-time status unless you do not return to work prior to a loss and subsequent regain of eligibility, which generates a new application opportunity as defined in the certificate of coverage.
For You (and your Spouse/Domestic Partner, if applicable), coverage will end on whichever comes first:
Dependent children coverage will end on whichever comes first:
If you leave your employer:
To help you keep your life insurance coverage during the years when your family needs financial protection, the plan allows you, your spouse/domestic partner, and dependent children to continue coverage under portability or conversion options. At the time your coverage ends, you will receive information from NYL 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.
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.
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.
Need to access or designate your beneficiaries?
Below are steps to access your beneficiary designations online:
You can also designate and/or change beneficiaries using the paper Beneficiary Designation form.
Understanding these words and phrases may be helpful as you read through the information about Voluntary Term Life insurance.
An employee is in active service on a day which is one of the employer’s scheduled work days if either of the following conditions are met.
An employee is in active service on a day which is not one of the employer’s scheduled work days only if he or she was in active service on the preceding scheduled work day.
Affordable Care Act (ACA)
The federal health care reform legislation that was enacted in 2010, as amended.
Applicable Large Employer (ALE)
An employer that employed, on average, at least 50 full-time employees (including full-time equivalent employees), as defined by the ACA, on business days during the preceding calendar year. Contact Insperity if you have questions concerning ALE determinations and whether you are an employee subject to these rules.
Benefits Eligibility Date
The first date you are eligible to become covered following satisfaction of any required waiting period (as provided in your enrollment materials).
For Full-Time employees, Covered Earnings is your base annual salary, plus actual earnings for the previous 12 months. For part-time employees, this is actual earnings for the previous 12 months. If the employee has been employed for less than 12 months, actual earnings will be annualized. Covered Earnings includes commissions, piece-work and fee based work. It does not include bonuses, overtime pay, special pay or another form of extra compensation.
Domestic Partner means any of the following:
Such person will continue to be recognized as a Domestic Partner unless and until: (1) the domestic partnership is dissolved under applicable law; or (2) either the Employee or the Domestic Partner marries another person.
Important Note: In order to file a claim for benefits, proof of the domestic partnership as indicated above must be furnished the same as proof of a marriage.
The Plan administers two sets of eligibility rules – one for employees of a non-ALE company and one for employees of an ALE company, as described below and in the SPD.
Employees of a Non-ALE Company
You are an Eligible Employee if your benefits package from Insperity includes coverage under the Plan and you are:
Employees of an ALE Client Company
You are an Eligible Employee if your benefits package from Insperity includes coverage under the Plan and if you are:
Eligibility for employees of an ALE Client Company will be determined based on hours worked during the employee’s Measurement Period. Once the employee is determined by Insperity to be eligible for benefits, eligibility will be retained during the Stability Period associated with that Measurement Period (regardless of any changes in hours worked during the Stability Period).
Certain exclusions may apply. Please see the Certificate for more information.
An amount of insurance you can buy during the application period without having to provide proof of good health.
The highest amount of Voluntary Term Life insurance that NYL GBS provides to you.
Proof of Good Health
Evidence of your good health. As an example, your responses to medical questions on an insurance application.
For the purpose of eligibility for insurance, the lawful spouse of an employee.
Apply Today - Important Tips for Applying for Coverage Online
You can apply for Voluntary Term Life Insurance Online by using the "Apply Now" button to the right. Or, you can Complete An Application and submit to NYL GBS.
Important Tips for Applying For Coverage With NYL GBS Benefits Guide
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