Coverage for You

You are eligible for VTL insurance as long as you are a regular full-time or part-time Cornell University employee and you are actively at work at least 20 hours a week or a minimum of 17.5 hours per week for County Extension Services faculty and staff.

• Coverage amounts available: 1, 2, 3, 4, 5, 6, 7, 8, 9, or 10 times your annual base salary, rounded to the next higher $1,000. The maximum coverage amount is 10 times your base annual salary or $2,000,000, whichever is less.
• Guaranteed issue amount¹ available within 60 days of your eligibility date without proof of good health: 5 times your base annual salary, rounded to the next higher $1,000, or $1,000,000, whichever is less.

If you provide proof of good health, you can:

• Purchase more than the guaranteed issue amount–up to 10 times your base annual salary, rounded to the next higher $1,000, or $2,000,000, whichever is less.
• Increase your life insurance coverage at any time, up to the maximum allowed.

 

Coverage for Your Spouse or Domestic Partner²

You can purchase coverage for your eligible spouse in the following amounts:³

• In $10,000 units, up to the maximum of $300,000.
• Guaranteed issue amount available for your spouse during your first 60 days of eligibility without proof of good health: $50,000.
• The guaranteed issue amount is also available for your new spouse within 60 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 $300,000.

 

Effective January 1, 2024, to be eligible to enroll for new coverage, your spouse must be younger than age 70. 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.

 

Coverage for Your Children

If you elect VTL for yourself or your spouse, you may also purchase insurance for all of your unmarried, dependent children younger than 26 years old who are primarily supported by the employee, or 26 years of age or older and primarily supported by the employee because of a mental or physical handicap³.

For just one premium, you can cover all of your dependent children for the following amounts:

• You can obtain up to $20,000 in guaranteed issue amounts of term insurance coverage, in $2,000 units.
• In $2,000 units, up to the maximum of $20,000.
• All coverage amounts are guaranteed issue; no proof of good health is required.
• When your child(ren) no longer qualifies as a dependent, they are eligible to enroll for VTL coverage as an adult.
  Note: Faculty and Staff need to notify NYL GBS when their last child is no longer eligible for the coverage due to the fact that NYL GBS does not collect personal data on children covered under the policy.
• For your 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.

 

¹The face amount of coverage that an insured may purchase in certain situations without satisfying the proof of good health requirement.
²Domestic Partner is defined in the group policy. For the purpose of this brochure, whenever the term Spouse appears it shall also include Domestic Partner.
³Please note that in certain states, restrictions may apply, and ages may vary.

 

Life Status Change

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. Proof of good health is not required for these amounts. 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;
• 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

The monthly cost of insurance for you and your spouse will depend on your ages and the amount of insurance you wish to purchase. As shown in the following chart, the cost of insurance increases with the age of the insured. To determine the cost of coverage, find your age or your spouse’s age in the left column of the chart below, then read across to find the semi-monthly or bi-weekly cost of insurance for each $1,000 of coverage.
 

Age of Employee or Spouse*	Semi-Monthly (24 week) Cost of Insurance (Rates per $1,000)	Bi-weekly (26 week) Cost of Insurance (Rates per $1,000)
Under 35	$0.0220	$0.0203
35-39	$0.0315	$0.0291
40-44	$0.0385	$0.0355
45-49	$0.0615	$0.0568
50-54	$0.0910	$0.0840
55-59	$0.1600	$0.1477
60-64	$0.1760	$0.1645
65-69	$0.2290	$0.2114

 

*Rates for age 70 and over are available upon request. Spouse coverage ceases at age 70.
Your age for calculating monthly cost of insurance will be updated on each January 1.
NYL GBS VTL insurance premiums are paid for with after-tax dollars.
Rates are subject to change.

Automatic Increase Feature

With the Automatic Increase Feature, your VTL coverage will adjust automatically (not to exceed the maximum allowed) at the time of your salary increase. With this feature, you reduce your risk of becoming underinsured. Your payroll deduction amount will also be increased to cover the higher amount of protection. 

 

The following example illustrates how this feature works:

Ted is 32 years old, makes $45,000 a year and has VTL coverage equal to three times his salary, or $135,000. He gets a salary increase of $4,700. With the Automatic Increase Feature, his insurance coverage would be increased to $150,000 ($49,700 x 3 = $149,100 rounded to the next higher $1,000). Accordingly, his payroll deduction amount would be automatically increased for this additional coverage.   This is a fictitious example used for illustrative purposes only. Not an actual NYL GBS customer experience

 

Accelerated Death Benefit - Terminal Illness

If you or your spouse is diagnosed by two unaffiliated physicians as terminally ill with a life expectancy of 12 months or less, the accelerated payment benefit for terminal illness provides for up to 75% of the life insurance coverage amount in force or $1,125,000, whichever is less, to be paid to the insured. This benefit is payable only once in the insured's lifetime and will reduce the life insurance death benefit.
 

The terminal illness benefit may be taxable. As with all tax matters, an insured should consult with a personal tax advisor to assess the impact of this benefit.
 

Continuation for Disability for Employees Age 60 or over

If your active service ends due to disability, this plan provides a continuation of coverage feature. If you are disabled at age 60 or over, your coverage will continue while you are disabled. This benefit will remain in force until the earliest of the following dates: the date you are no longer disabled, the date the policy terminates, the date you are Disabled for 12 consecutive months, or the day after the last period for which premiums are paid.
 

You are considered disabled if, because of injury or sickness, you are unable to perform all the material duties of your Regular Occupation, or you are receiving disability benefits under your Employer's plan. "Regular Occupation" means your occupation, as routinely performed in the general labor market, at the time your disability begins.
 

Extended Death Benefit with Waiver of Premium

If you become Disabled - The extended death benefit ensures that if you become disabled prior to age 60, and die before you qualify for Waiver of Premium, we will pay the life insurance benefit if you remain disabled during that period. If you qualify for this benefit and have insured your spouse or children, their coverage is also extended.
 

You are considered disabled if, because of injury or sickness, you are unable to perform all the material duties of your Regular Occupation, or you are receiving disability benefits under your Employer's plan. "Regular Occupation" means your occupation, as routinely performed in the general labor market, at the time your disability begins.
 

Waiver of Premium

If you become totally disabled - To make sure you can keep the life insurance protection you need during a difficult period of your life, this plan provides a waiver of premium feature. If you are totally disabled prior to age 60 and can't work for at least 9 months, you won't need to pay premiums for your coverage while you are disabled, provided the insurance company approves you for this benefit. You are considered totally disabled when you are completely unable to engage in any occupation for wage or profit because of injury or sickness. This benefit will remain in force until age 65, subject to proof of continuing disability each year.

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

Your and your dependent’s coverage will start* on the date we receive the completed and signed application and payroll authorization form, if:

• You meet the eligibility requirements.
• You enroll within 60 days of your eligibility date.
• You do not apply for more than the guaranteed issue amount.
• You do not need to provide proof of good health.

 

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:

• You cancel the coverage.
• Your employer cancels the group policy.
• You don’t pay the premiums.
• On your 99th birthday (or the January following your 99th birthday).
• On your spouse's 70th birthday (or January following your spouse's 70th 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; or
  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 to continue all your voluntary coverage if you leave your employer. Premiums may change at this time. Just make arrangements to pay your premiums directly to the insurance company after you leave your current employer. Coverage may be continued for you and your spouse until age 99. Coverage may also be continued for your children. As long as the group policy remains in force, the option of continuing this coverage is available.

 

Converting your coverage to permanent life insurance:

If group life insurance coverage is reduced or ends for any reason except nonpayment of premiums, you can convert to an individual policy. No medical certification is needed. To convert coverage, you must apply for the conversion policy and pay the first premium payment within 31 days after your group coverage ends. Family members may convert their coverage as well. Converted policies are subject to certain benefits and limits as outlined in the conversion brochure which may be requested as needed. Premiums may change at this time.

You can Enroll For Term Life Insurance Online by using the "Enroll Online" button. Or, you can Complete An Enrollment Application and submit to NYL GBS.

You can designate your beneficiaries during the enrollment process and maintain your beneficiaries online once your coverage is issued by clicking on the My Account tab.

 

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 for the claim to be processed.

 

Need To Access Or Designate Your Beneficiaries Online?

Below are steps to Access your Beneficiary Designations:

• Click on the “My Account” link in the top right corner.
• 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.

You only need to complete proof of good health if you are applying for coverage above the guaranteed issue amount or after your eligibility period.

You can enroll for yourself, your spouse and eligible dependents.

You can designate or change your beneficiary when you enroll for Term Life Insurance online or you can complete a beneficiary designation form by going to the Forms section above, download and submit to New York Life Group Benefit Solutions. Once you have enrolled for Term Life insurance, you can view and update your beneficiary online through My Account at the top right corner of this page.

You can use our Life Insurance Needs Assessment Calculator to help you estimate your life insurance needs based on your unique personal situation and goals.

Yes. Survivor Support Services offered through New York Life. If you are coping with a loss, consider these resources. To see more information, select ‘Learn More’ in the Survivor Support Services tile on the home page.