Voluntary Employee Life Insurance

Eligible active employees working 20 hours or more per week receive Basic Life and Accidental Death and Dismemberment (AD&D) coverage through NY Life at no cost. You may also purchase Voluntary Life Insurance.

Basic Life & AD&D

Basic Life provides coverage equal to 1× your annual base salary, rounded to the next highest $1,000, up to $200,000. Basic AD&D provides coverage equal to your Basic Life amount, up to $200,000, and is employer paid. Name a primary and contingent beneficiary when you enroll in Basic Life coverage. You may change your beneficiary designation at any time and should review it each year. If you name minor children as beneficiaries, it is recommended that you designate a guardian. If your Basic Life benefit exceeds $50,000, a portion of the company-paid insurance cost will be reflected on your W-2. Group Life Insurance reduces by 35% at age 65 and an additional 50% at age 70.

Voluntary Employee Life

You may purchase additional Life Insurance in $10,000 increments, up to 5× your salary or $500,000, with a $150,000 Guarantee Issue amount. You pay 100% of the cost of Voluntary Life Insurance through after-tax payroll deductions. Evidence of Insurability is required for coverage above the Guarantee Issue amount or if you enroll outside your initial eligibility period. If you retire, reduce your hours, or leave Renfrew, you may be able to convert your Basic Life, Basic AD&D, and Voluntary Life coverage to an individual NY Life policy if your application is received within 30 days.

See also Voluntary Spouse Life Insurance and Voluntary Child Life Insurance. Rates: 2026 Rates