Coming September 1st, 10th & 14th, 2015:
New York Life Insurance Company “Commonwealth of Virginia” Voluntary payroll deduction Guaranteed Issue Employee Whole Life Plan
What has changed? For a limited time only New York Life Insurance Company is allowing any full time employee and their family members to participate in a one time offering. Each employee has the option to purchase a portable, cash value whole life insurance policy ranging from a minimum $5,000 to a maximum $200,000 death benefit on a guaranteed issue basis, No medical questions and no physical. Employees also have the ability to extend a guaranteed issue whole life policy with a minimum $5,000 and maximum $25,000 death benefit to their spouses, domestic partners, children and grandchildren with no medical questions if the employee participates.
Why is this benefit important? Many employees or family members may not be able to otherwise qualify for or be highly rated for an “individually owned” cash value whole life insurance policy due to medical or other reasons. Guaranteed issue is the ability for any employee to participate with no exclusions. Employees or family members who have suffered a heart attack, cancer, stroke, or other preexisting condition can now participate.
Where and when do these enrollments take place? At the University of Mary Washington our introduction enrollment dates are September 1, September 10 and September 14, 2015. The enrollment process takes about 15 minutes per employee and can be completed on site. Representatives of New York Life will set up in Lee Hall room 412 from 9:00am to 5:00pm. Brief presentations about the product will be given at 9:00am, 12:00pm and 3:00pm. It is important that you meet with an agent to make sure you understand what is being offered. Employees may sign up for a brief individual meeting to complete paperwork. It is important to understand that during the initial open enrollment period employees will be given the opportunity to elect or decline the benefit. Because of the guaranteed issue provision, after the open enrollment period, only new hires and those who initially elected to take at least a minimum $5,000 policy will be allowed to add to their coverage on a guaranteed issue basis.
What do you need to bring? For any family member you plan to insure, please bring their date of birth, social security number, driver’s license number and expiration date of driver’s license (if applicable).
Eligibility: The requirements for eligibility are:
- Must have been employed by Commonwealth of Virginia on a full time basis for at least six months.
- During the last three months, the employee has been actively and continuously at work on a full time basis (at least 30 hours per week) except for vacations, normal non-working days, and other absences totaling no more than 5 days.
- If an employee is working part time at multiple qualifying departments, but cumulative hours are above 30, they are eligible for this benefit.
- Employees also have the ability to extend a guaranteed issue whole life policy with a minimum $5,000 and maximum $25,000 death benefit to their spouses, children and grandchildren with no medical questions if the employee participates.
If you have questions, please contact one of these Representatives directly.
Mark P. Riley Albert R. Copland
211 McLaws Cir. Ste 1 4732 Longhill Rd. Ste 3101
Williamsburg, VA 23185 Williamsburg, VA 23188
Office: (757) 229-2900 Office: (757) 229-2054
mpriley@ft.newyorklife.com acopland@ft.newyorklife.com
Below is a link to a video that briefly explains the New York Life Employee Whole Life Insurance Plan.
*One disclaimer to the video is that Commonwealth of Virginia Employees are able to keep a portion of their group term life insurance coverage at retirement.
