If a life status change happens, the employee is eligible for an additional 2 times their base annual salary up to $300,000, not to exceed the plan maximum, if the coverage elections are made within 60 days of a life event itself. You can also obtain an additional guaranteed coverage amount of $40,000 for your spouse, if currently insured, not to exceed the plan maximum. A Life Status Change is defined as any of the following events.

• Change in marital status;
• Birth or adoption of a child;
• Purchase of a primary home;
• Termination of a spouse’s employment;
• Change in the benefit plan available to the employee’s spouse;
• Change in the employee’s or spouse’s employment status that affects either person’s eligibility for benefits; or
• Death of a spouse or child

Accelerated Payment Benefit

If you or your covered spouse/domestic partner becomes terminally ill and the life expectancy is a year or less, you can receive a maximum of 75% 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 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.

This benefit is only available one time, and is not available on dependent child coverage.

Your premium obligation continues on the full amount of coverage if this benefit is exercised.

The following example illustrates how this feature works:

*You may want to seek advice from your personal legal or tax advisor before exercising this option.

Actual coverage and benefit amounts will vary by policy design. Coverage is subject to all terms and conditions as specified in the policy.

You and/or your spouse’s coverage will end on whichever comes first:

• You cancel the coverage.
• You don’t pay the premiums.
• On your 99th birthday (or the January following your 99th birthday).
• You or your spouse die.

Dependent children coverage will end on whichever comes first:

• Your coverage ends (or, when your spouse’s coverage ends, if the child’s coverage is on the spouse’s certificate).
• You surrender or cancel their coverage.
• They are no longer eligible for coverage.
  

Exclusions

If an insured commits suicide, while sane or insane, within two years of their policy’s start date, a refund of premiums will be made, minus any outstanding loans or cash withdrawals.

Saving money isn’t easy, but the secret to saving is simple. 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 add a contribution amount to your premium payments or make lump-sum payments.

You must be enrolled for GUL insurance to contribute to the CAF. Contributions to the CAF are optional and determined by you.

Maximums are based on the Internal Revenue Code (IRC) limits and are subject to a 2% premium charge which represents a portion of the state and federal tax imposed on contributions made to the fund. Since contributions are subject to very specific IRC guidelines, dependent upon your age, cost of insurance, and effective date of your certificate, it is recommended that you contact the NYL GBS Customer Service Center at 1.800.231.1193 and a customer service representative will calculate the maximum contribution for you.

The charts below show how rapidly the CAF can grow at the guaranteed minimum interest rate of 4% when compared to a traditional savings account earning the same 4% interest rate. The numbers shown below are on a cumulative basis. The charts assume that the CAF contribution, cost of insurance and deposits to a traditional savings account are paid on a monthly basis.

$50 monthly Contribution Scenario

$100 monthly Contributons Scenario

The CAF contribution scenario reflects a 2% premium charge. The traditional savings account scenarios assume a 25% tax bracket. The actual CAF interest rate can adjust quarterly but will never go below 4%. Current savings account interest rates are below 4%. Actual rates can be more or less favorable than shown. Savings account interest rates are not guaranteed, fluctuate with market conditions and vary among financial institutions. A CAF is not federally insured (FDIC). As an insurance product, it must comply with each applicable state’s specific insurance reserve requirements.

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.

• When you do decide to withdraw your money, you’ll only pay taxes if the withdrawal amount exceeds the amount of your total contributions (cost of insurance plus Cash Accumulation Fund contributions).
• To take money out of your GUL account, download a Withdrawal Form from the Forms section below, and mail it to NYL GBS. Or if you prefer, you can call the NYL GBS Customer Service Center at the number located on “Contact Us”.
• If you want to take out a loan, call the NYL GBS Customer Service Center at 1.800.231.1193 and ask for the appropriate form. You’ll be assessed 8% interest annually on the outstanding loan amount, but you will continue to be credited with 6% on the loan account value. You should not owe any income tax on your loan unless you cancel your coverage or your coverage lapses.

You can designate and maintain your beneficiaries online 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.