Group Term Life Insurance pays a benefit to your beneficiary if you pass away during a specific period of time (known as a “term”). For a complete description of benefits, exclusions and limitations, refer to your certificate of insurance and any riders.
Your Group Term Life Insurance - New York includes the following benefits:
If you are diagnosed with a terminal illness with a limited life expectancy, you may receive a portion of your death benefit while still living. Receipt of the accelerated benefit may be taxable, or may adversely affect your eligibility for Medicaid or other government benefits. You should consult your personal tax advisor to assess the impact of this benefit.
Premium deductions for Supplemental coverages are taken directly from your paycheck, so you never have to worry about late payments or lapse notices.
You may apply to continue your coverage when you leave your current employer, and pay premiums to the insurance company directly.
If you become unable to work due to total disability, your Life Insurance can be continued without premium payment.
Voya Cares® is not insurance coverage. It is a service offered through the Voya family of companies.
Certificates
Review this document for a complete overview of benefits
What is Basic Group Term Life Insurance?
Basic Group Term Life Insurance is offered through your employer and pays a benefit to your beneficiary if you pass away during a specific period of time or “term”. Your employer may offer Basic Group Term Life Insurance, which is usually the amount they provide at no cost to you.
How can life insurance help?
Below are a few examples of how your life insurance benefit could be used (coverage amounts may vary):
Why should I enroll through my employer?
Can I purchase coverage for my spouse and child?
If offered, you may purchase coverage for your eligible spouse and children. Refer to your enrollment materials to learn about the available options.
Do I need to answer any health questions?
Depending on the amount of coverage you select or the offer to your group, you may need to provide evidence of insurability or answer health questions. When evidence of insurability is required, the insurance company will need to approve it before coverage becomes effective.
What is Supplemental Group Term Life Insurance?
You may also have the option to apply for additional or Supplemental Group Term Life Insurance as part of your benefits plan. Premium deductions for Supplemental Group Term Life Insurance are taken directly from your paycheck.
How much does it cost?
The monthly cost of life insurance varies based on your age and how much you want to purchase. Please refer to your enrollment materials or contact your employer.
A complete description of benefits, limitations, exclusions and termination of coverage will be provided in the certificate of insurance and riders.
This is a summary of benefits only. A complete description of benefits, limitations, exclusions and termination of coverage will be provided in the certificate of insurance and riders. All coverage is subject to the terms and conditions of the group policy. If there is any discrepancy between this document and the group policy documents, the policy documents will govern. To keep coverage in force, premiums are payable up to the date of coverage termination. Group Term Life Insurance is underwritten by ReliaStar Life Insurance Company of New York (Woodbury, NY), a member of the Voya® family of companies. Policy form #LP14GP-NY; Certificate form #LC14GP-NY; and Rider forms:Spouse Rider: #LR14GP-SPR-NY; Children's Rider: #LR14GP-CHR-NY; Continuation Rider: #LR14GP-CNT-NY; Total Disability Continuation Rider: #LR14GP-CTD-NY; Portability Rider (Select): #LR14GP-PTS-NY; Portability Rider (Advantage): #LR14GP-PTA-NY; Accidental Death Rider: #LR14GP-AD-NY; Accidental Death & Dismemberment Rider: #LR14GP-ADD-NY; and Waiver of Premium Rider: #LR14GP-WOP-NY.
Mark and Becky’s lives were busy with work, sports and three children. Mark was the breadwinner and Becky was a stay-at-home mom. Mark had been suffering from recurring headaches and was diagnosed with an inoperable brain tumor. Fortunately for their family, Mark had Group Term Life Insurance through his employer. When Mark passed away, Becky was able to use the life insurance benefit to pay for the remaining home mortgage and cover Mark’s funeral expenses. There was even enough money to support the family while she transitioned to being a single working parent.
Example Expenses
| Total Life Insurance Proceeds | $180,000 |
| Funeral Expenses | $8,000 |
| Remaining Mortgage | $75,000 |
| Remaining Benefit Amount | $97,000 |
This is provided as an example only. Actual results may vary. For a complete description of your available benefits, exclusions and limitations, see your certificate of insurance and any riders.
