Term Life (TL) - Voluntary - Employee Paid

Term Life (TL) - Voluntary - Employee Paid  

Voluntary Term Life (VTL) Insurance

You can worry, or you can plan. Planning’s better.

Help preserve your family’s lifestyle.

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.

Option 1


Apply
Now


Option 2


Download A Paper Application

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).

MY BENEFITS

  • 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:

    • Coverage amounts available: 1-6 times your Covered Earnings (as paid by Insperity), rounded to the next higher $1,000, if not already an even multiple of $1,000. The maximum coverage amount is 6 times your Covered Earnings, or $2,500,000, whichever is less.
    • Guaranteed Issue* amount available within 30 days of your Benefits Eligibility Date without proof of good health: 3 times your Covered Earnings, rounded to the next higher $1,000; or $500,000, whichever is less.
    • If you provide proof of good health, you can:
      • Purchase more than the Guaranteed Issue amount—up to 6 times your Covered Earnings, rounded to the next higher $1,000, if not already an even multiple; or $2,500,000, 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:

     

    Covered
    Earnings
    Covered Earnings
    Multiple Elected
    Total Coverage
    Requested
    Amount
    Guaranteed
    Amount Subject
    to Approval
    $50,000 6 times $300,000 $150,000 $150,000
    $300,000 2 times $600,000 $500,000 $100,000

     

    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:

    • $10,000, $20,000, $30,000, $40,000, $50,000, $100,000, $150,000, or $200,000. Coverage for a Spouse/Domestic Partner cannot exceed 100% of the employee’s eligible coverage amount.
    • Guaranteed Issue amount available for your Spouse/Domestic Partner within 30 days of your Benefits Eligibility Date without proof of good health: $10,000 or $20,000.
    • The Guaranteed Issue amount is also available for your new Spouse/Domestic Partner within 30 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 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).*

     

    • You can enroll for coverage amounts of $5,000 or $10,000. For just one premium, all of 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 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 :

    1. Marriage
    2. Divorce, annulment or legal separation
    3. Birth or adoption of a child
    4. Death of your spouse
    5. Termination of your spouse's employment
    6. A change in the benefit plan available to your spouse
    7. A change in employment status for your spouse that affects your eligibility for benefits
    8. An Employer benefits package change which causes you to lose eligibility for basic (100% employer paid) life insurance.

     

    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)
    Under 25 $0.035
    25-29 $0.043
    30-34 $0.056
    35-39 $0.071
    40-44 $0.099
    45-49 $0.155
    50-54 $0.281
    55-59 $0.457
    60-64 $0.689
    65-69 $1.153
    70-74 $1.449
    75-79 $1.449
    80+ $1.449

     

    *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
  • Plan Features

    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:

    • You meet the eligibility requirements.
    • You apply within 30 days of your Benefits Eligibility Date.
    • You do not apply for more than the Guaranteed Issue amount.

    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:

    • You no longer satisfy the eligibility requirements for coverage.
    • You cancel the coverage.
    • Insperity cancels the group policy.
    • You don't pay the premiums.
    • On your 99th birthday (or the January following your 99th birthday).
    • You or your Spouse/Domestic Partner die.

     

    Dependent children coverage will end on whichever comes first:

    • Your coverage ends (or, when your Spouse's/Domestic Partner's coverage ends, if the child's coverage is attached to the Spouse/Domestic Partner's certificate).
    • You surrender or cancel their coverage.
    • They are no longer eligible for coverage.

     

    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.

  • Exclusions

    A refund of premiums will be made if insured commits sucide (while with sane or insane ) , within two years of coverage effective date, or within two years of the effective date of an increase in coverage, unless limited by applicable state law
  • 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:

    • Click on the My Account tab.
    • Click on one of the coverages from the list displayed.
    • Click on "Beneficiary Information" link.
    • Click on “Edit” for whichever coverage you want to designate a beneficiary.
    • Read the agreement, check the box and click “Continue” to the Beneficiary Designation page.
    • Complete the information on the Beneficiary Designation page.
    • Print the confirmation for your records.

     

    You can also designate and/or change beneficiaries using the paper Beneficiary Designation form.

  • General Definitions

    Understanding these words and phrases may be helpful as you read through the information about Voluntary Term Life insurance.

     

    Active Service

    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.

    • The employee is performing his or her regular occupation for the employer on a full-time basis at one of the employer’s usual places of business or at some location to which the employer’s business requires an employee to travel.
    • The day is a scheduled holiday or vacation day and the employee was performing his or her regular occupation on the preceding scheduled work day.

     

    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).

     

    Covered Earnings

    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

    Domestic Partner means any of the following:

    1. A person with whom the Employee has a registered civil union or domestic partnership under state law which imposes legal obligations on the parties substantially similar to marriage.

    2. A person meeting all of the following requirements, with respect to a/an Employee:
      1. Is no less than 18 years of age.
      2. Has not been legally married to any other person within the previous 12 months, and has no Domestic Partner other than the Employee during the previous 12 months, and is the Employee’s sole Domestic Partner;
      3. Is not so closely related by blood to the Employee as to prohibit legal marriage in their state of residence.
      4. Shares a permanent residence with the Employee;
      5. Has resided with the Employee for at least 12 months.
      6. Is interdependent with the Employee in two of the following ways:
        1. Both partners are registered under any municipal ordinance as domestic partners.
        2. Both partners are jointly parties to a lease, mortgage or deed.
        3. Both partners jointly own one or more motor vehicles.
        4. Both partners jointly own one or more bank or credit accounts.
        5. The Employee has named the Domestic Partner as attorney-in-fact under a durable power of attorney with authority over health care decisions.
        6. The Employee has designated the Domestic Partner as a beneficiary under a retirement plan or a life insurance policy.
        7. The Employee has designated the Domestic Partner as a beneficiary of the Employee’s will.


    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.

     

    Eligible Employees

    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:

    • A Full-Time Employee. A full-time employee of Insperity who is working 30 hours or more per week (20 hours in Hawaii) on average.
    • A Full-Time Employee on a Leave of Absence. A full-time employee of Insperity who meets the requirements for continuing eligibility during an approved leave of absence.

     

    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:

    • A Full-Time Employee. A full-time employee of Insperity who is working 30 hours or more per week (20 hours in Hawaii) on average.
    • A Part-Time or Seasonal Benefits Eligible Employee. A part-time or seasonal employee of Insperity who is also employed by an ALE Client Company and has been determined to be eligible for benefits as described below.
    • An Employee on a Leave of Absence. An employee in either of the two categories described above, who meets the requirements for continuing eligibility during an approved leave of absence.

     

    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.

     

    Guaranteed Issue

    An amount of insurance you can buy during the application period without having to provide proof of good health.

     

    Maximum Coverage

    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.

     

    Spouse

    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

    • 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.
    • In the event you need to access Insperity PremierTM, it will remain open in a separate Internet browser window (you may be asked to log in again, depending upon the length of inactivity).

FAQs

  • Do I have to provide proof of good health?

    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.
  • Are there any other programs I should know about?

    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.