Supplemental Life and AD&D Insurance
You have the option to purchase additional Life and AD&D insurance through convenient payroll deduction. You can also elect coverage for your spouse and for your eligible child(ren).
Supplemental Life insurance
| You (Team Member) | Your spouse | Your eligible child(ren) | |
|---|---|---|---|
| Supplemental life insurance–options | $20,000 increments to $1,000,000 maximum* | $10,000 increments to 100% of your coverage up to $500,000* | Flat amount $10,000 per child (coverage is reduced under 14 days old and under 6 months old) |
| Maximum available without Evidence of Insurability (also called the Guaranteed Issue amount) |
| $50,000 | Not applicable |
| Rates based on... | Your age (as of January 1 of the current plan year) | Team Member's age (as of January 1 of the current plan year) | Flat rate, regardless of the number of eligible children insured |
| Coverage ends... | At age 80 | The earlier of age 70 or when Team Member attains age 80** | On the 26th birthday |
*If you are age 65 or older, you and your spouse’s coverage will be reduced to 65%, 40%, or 25% of your original coverage amount, depending on your age.
**You may not enroll your spouse if your spouse has already reached age 70.
Tip
Use the Life Insurance Needs Calculator to help determine if you should elect supplemental coverage.
Supplemental AD&D insurance options
You
$20,000 increments to $1,000,000 maximum
Your spouse
$10,000 increments to 100% of your coverage up to $500,000
How to enroll in supplemental coverage
If you choose to enroll when you first become eligible, or upon promotion or transfer to a salaried position, Sous Chef, MIT, GEDM, or Flex Manager, you may elect coverage up to the guaranteed issue amount without Evidence of Insurability.
See New Enrollment for instructions on how to enroll.
Coverage over the guaranteed issue amount, increases in coverage, and coverage elected after you were first eligible will require you to complete and submit an Evidence of Insurability Form to New York Life Insurance Group Benefits Services (New York Life).
Evidence of Insurability
When you elect coverage under one of the three situations above, New York Life will mail and email you instructions on how to complete an online Evidence of Insurability (EOI) Form. Your coverage will begin once New York Life Medical Underwriting approves.
If you lose coverage under this plan following termination or if you lose benefits eligibility, you may have the option to port your coverage to an individual policy. For more information, please review the Portability Form.
